the control of technology alliances an empirical analysis of the biotechnology industry we examine the determinants of control rights in biotechnology alliances through three case studies and a quantitative analysis aghion and tirole 1994 argue that control rights will be assigned so as to maximize the value of the final output as long as the r d firm has sufficient financial resources consistent with this framework the allocation of control rights to the r d firm increases with the firm s financial resources the empirical evidence regarding the relationship between control rights and the stage of the project at the time the alliance is signed is more ambiguous

sense and no n sense of energy security indicators energy security ranks high on the policy agenda of many countries to improve on energy security governments undertake regulatory measures for promoting renewable energy increasing energy efficiency or curbing carbon dioxide emissions the impacts of such measures on energy security are typically monitored by means of so called energy security indicators in this paper we show that the common use of wide spread energy security indicators falls short of providing a meaningful metric regulatory measures to improve on energy security trigger ambiguous effects across energy security indicators we conclude that a major pitfall of energy security indicators is the lack of a rigorous microeconomic foundation

contractibility and the design of research agreements we analyze how contractibility affects contract design a major concern when designing research agreements is that researchers may use their funding to subsidize other projects we show that when research activities are not contractible an option contract is optimal the financing firm obtains the option to terminate the agreement and in case of termination broad property rights the threat of termination deters researchers from cross subsidization and the cost of exercising the termination option deters the financing firm from opportunistic termination we test this prediction using 580 biotechnology research agreements contracts with termination options are more common when research is non contractible

how and when should companies retain their human capital contracts incentives and human resource implications the increasing competition in the labor market for human capital pushes firms to create better incentives to manage talented individuals in this article we model the optimal employment contract when two features of human capital are present i private information of the employee about his skills and ii the inability to contract on the output of the employment activity our model shows how firms can use delegation i e the employee s job autonomy to provide the incentives to a privately informed employee the model novelty resides in turning a classic source of potential inefficiency like asymmetric information into a factor that firms can use to design incentives our model provides a new explanation of why in technologically dynamic environments one observes more intense formations of start ups and a greater inter firm mobility of human capital our setting also suggests how established companies can use their complementary assets to provide better incentives to their skilled employees copyright 2010 the author 2009 published by oxford university press on behalf of associazione icc all rights reserved oxford university press

carbon dioxide emissions allocation a review carbon dioxide co2 emissions allocation plays a fundamental role in determining reduction responsibility at economy level or emission permits at firm level past decades have seen the development and applications of various methods for co2 emissions allocation this paper provides a literature review of co2 emissions allocation with emphasis on the evolution of allocation methods used it begins with a summary of the most popular allocation principles and criteria that lay a foundation for the development of allocation methods we then classify the existing allocation methods into four groups namely indicator optimization game theoretic and hybrid approaches the main features and findings of past studies are identified and summarized while the fairness principle prevails in earlier studies the efficiency principle has been found to receive increasing attention recently we also present a comparison of the empirical results based on ten popular indicator methods to show how indicator choice affects the allocation results issues related to selecting appropriate methods in co2 emissions allocation are finally discussed further research may be carried out to strike a balance between fairness and efficiency so that the allocation results become more widely acceptable and economically feasible

standard ecological footprint method for small highly specialized economies abstract the negative impact of human endeavour on the biosphere has becoming increasingly clear in recent decades this has spurred a surge in the creation of sustainability indicators one of the most used sustainability indicators of recent years is the ecological footprint ef the ef uses trade flows to estimate environmental impacts of consumption the purpose of this study was to test ef s ability to deal with a small but highly specialized economy for this we used iceland as a case study but the icelandic economy is dominated by strong specialization with fisheries dwarfing all other sectors global footprint network s standard methodology was utilized with only the addition of local data being used where these data proved more robust than international databases the results from the two editions of the gfn calculation models 2008 and 2014 yielded a footprint of 56 59 and 25 26 gha per capita respectively for iceland three main reasons were identified for the drop in the footprint between the two editions all within the fishing grounds footprint a much improved coverage of extraction rates changes in fish species trophic levels and changes to aggregate errors for traded cod and halibut a correction of co2 intensities for exports also had a big impact but resulted in a rise in the ef for the latter edition the study highlighted the rapid development of the methodology as a major strength while the method s main weakness was revealed as the uncertainties associated with the marine footprint local consumption figures from the icelandic directorate of health indicated that a further drop in the marine footprint is in store with increased accuracy of the method mainly to do with accurate allocation between export and consumption footprints although the indicator s accuracy has been much improved in recent years additional improvements are thus still needed the extremes of the icelandic economy highlight errors to the extent that the huge footprint the calculations yielded make the country an outlier in a global context the indicator seems in this respect not accurate enough yet to be able to deal with such a degree of specialization especially where the main sectors are very large in relation to the population at least not when the sector in question is the marine sector the upside of this is that highly specialized economies may in this way be very useful for identifying and correcting inaccuracies within the methodology for their sector of specialization

the genuine progress indicator methodological developments and results from australia abstract this paper is a contribution to the continuing development of the methods and results for the index of sustainable economic welfare also known as the genuine progress indicator gpi it attempts a more systematic approach to some of the components of the gpi it includes a more careful specification of types of capital and more plausible methods of estimating the costs of depletion of non renewable resources and environmental damage due to ozone depletion in addition the paper attempts a more comprehensive treatment of the value of time including the costs of unemployment and overwork results of the gpi calculations for australia over the period 1950 1996 are presented and analysed

homeownership community interactions and segregation the authors consider a multi community city where community quality is linked to residents civic efforts such as being proactive in preventing crime and ensuring the quality of publicly provided goods homeownership increases incentives for such efforts but credit market imperfections force the poor to rent within community externalities can lead to segregated cities with the rich living with the rich in healthy homeowner communities and the poor living with the poor in dysfunctional renter communities the pattern of tenure segregation across communities in the united states accords well with the study s prediction the authors analyze alternative tax subsidy policies to alleviate inefficiencies in the housing market and identify the winners and losers under such policies

the impact of violence surges on neighbourhood business activity theoretical and empirical arguments suggest that fear of violence will cause consumers employees and entrepreneurs to alter their routine activities in areas that experience a surge in violent activity this paper argues that understanding how businesses respond to violence has important implications for understanding community crime cycles and offers further evidence of how crime impacts the choices individuals make with regard to where they live shop and work using newly available longitudinal business data and homicide data disaggregated to the zip code level an examination is made of the impact of violence surges on the creation destruction and growth of business establishments in five large us cities between 1987 and 1994 controlling for pre existing levels of violence it is found that increased violence has the greatest consequences for service related establishments in low crime neighbourhoods this finding is consistent with the notion that the fear of victimisation imposes additional indir

ranking farms with a composite indicator of sustainability the assessment of sustainability at farm level has been growing in popularity over the last few years this article contributes to this line of research by building up composite indicators for different facets social economic environmental and global of farm sustainability using a methodological approach that combines data envelopment analysis dea and multicriteria decision making mcdm methods and assigns common weights to each individual sustainability indicator this approach is applied to a database of 163 farms located in the campos county a region belonging to the dry lands of the spanish northern plateau using 12 individual indicators of sustainability our findings show that both economic and environmental composite sustainability indicators are positively correlated but that this is not the case for the social indicator we also check the influence of a set of variables on farm sustainability using bootstrapping statistical techniques and showing that increasing farm size membership in agricultural cooperatives and farmers medium and upper agricultural specific technical education all exert a significant positive influence on sustainability these results provide clues for policy makers that intend to design sustainability increasing structural agricultural policies

comparing the sustainability of local and global food products in europe in the debate surrounding the sustainable future of food claims like buy local are widespread in publications and the media supported by the discourse that buying local food provides ecological health and socio economic benefits recognising the lack of scientific evidence for this claim this paper aims to compare the results of sustainability assessments for 14 local and global food products in four sectors within four european countries each sector has been analysed independently using sustainability indicators across five dimensions of sustainability environmental economic social health and ethics in order to determine if local products generally perform better an outranking analysis was conducted to rank the products relative to their sustainability performance outranking is a multi criteria decision aid method that allows comparison of alternatives based on quantitative and qualitative indicators at different scales each product is also characterized by a degree of localness in order to relate sustainability and localness the results are given in the form of phi flows which are relative preference scores of one product compared to other ones in the same sector the rankings showed that global products consistently come last in terms of sustainability even when the preference functions and weighting of the indicators were varied the first positions of the rankings were taken either by the most local or an intermediary product moreover detailed rankings at the attribute level showed the relative strengths and weaknesses of each food product along the local global continuum it appeared that the strength of local and intermediary products was mainly in health and socio economic dimensions particularly aspects of care and links to the territory such as biodiversity animal welfare governance or resilience in relation to global food products they presented substantial advantages in terms of climate change mitigation and affordability to consumers this contrasts with the food miles ecological claim thus we conclude that distance is not the most critical factor in improving sustainability of food products and that other criteria of localness identity governance or size play a more critical role

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

information and control in ventures and alliances this paper develops a theory of control as a signal of congruence of objectives and applies it to nancial contracting between an investor and a privately informed entrepreneur we show that formal investor control is i increasing in the information asymmetries ex ante ii increasing in the uncertainty surrounding the venture ex post iii decreasing in the entrepreneur s resources and iv increasing in the entrepreneur s incentive consict in contrast real investor control that is actual investor interference is decreasing in information asymmetries control rights are further such that control shifts to the investor in bad states of nature

power in a theory of the firm transactions take place in the firm rather than in the market because the firm offers power to agents who make specific investments past literature emphasizes the allocation of ownership as the primary mechanism by which the firm does this within the contractibility assumptions of this literature we identify a potentially superior mechanism the regulation of access to critical resources access can be better than ownership because i the power agents get from access is more contingent on their making the right investment and ii ownership has adverse effects on the incentive to specialize the theory explains the importance of internal organization and third party ownership

a von thunen model of crime casinos and property values in new jersey urban economic models suggest that ceteris paribus land values diminish with distance from a central business district cbd which produces employment income and other amenities a new industry like casino gaming may have jobs and increased income associated with it these amenities will induce an increase in property values the size of that increase diminishes with distance from the city centre the new industry may have the negative by product of crime which is hypothesised to have a reversed although systematic effect upon land values that is it pays to live in the hinterlands far from the source of crime thus theoretically the net effect of amenities as a function of distance from the central city is ambiguous applying the model to atlantic city shows that the casinos have brought jobs additional income and greater real estate values to the region but the positive impact diminishes with distance from the city centre however crime has increased at a rate greater than that which exist

the role of the business model in capturing value from innovation evidence from xerox corporation s technology spin off companies this paper explores the role of the business model in capturing value from early stage technology a successful business model creates a heuristic logic that connects technical potential with the realization of economic value the business model unlocks latent value from a technology but its logic constrains the subsequent search for new alternative models for other technologies later on an implicit cognitive dimension overlooked in most discourse on the topic we explore the intellectual roots of the concept offer a working definition and show how the xerox corporation arose by employing an effective business model to commercialize a technology rejected by other leading companies of the day we then show the long shadow that this model cast upon xerox s later management of selected spin off companies from xerox parc xerox evaluated the technical potential of these spin offs through its own business model while those spin offs that became successful did so through evolving business models that came to differ substantially from that of xerox the search and learning for an effective business model in failed ventures by contrast were quite limited

casino tourism economic inequality and housing bubbles abstract potential linkages among tourism inequality and housing are addressed for an integrated analysis in this paper with macao treated as a typical case casino tourism albeit performing as a major key to local economic growth is ultimately vulnerable to external shocks to gambling demand as evidenced by the current sharp downturn in macao we find that faster gaming growth leads to higher income inequality while at the same time both factors are responsible for soaring housing bubbles which constitute the very source of social tensions as in macao casino tourism if not well managed may not be a panacea for all development goals the implication for policy derived from this study is that macao must deal with underlying issues rather than apply palliative measures its market failures may necessitate government interventions to ensure social equity and sustainable tourism

capital theory and the measurement of sustainable development an indicator of weak sustainability the measurement of sustainable development is not without considerable difficulties yet this should not detract from the positive advances that can be made in this direction in this paper we present one form that a weak sustainability indicator can take derived from a simple but intuitive savings rule it incorporates the idea that the level of overall capital stock should be non decreasing although subject to qualification at this stage some interesting results emerge from the application of the rule to 18 countries

on the contractual governance of research collaborations allocating control and intellectual property rights in the shadow of potential termination abstract this paper investigates the governance design problem of a large company that wants to engage a small and cashless firm into a research collaboration this analysis reflects the frequently observed collaborations between pharma companies and biotechs and an actual research contract is assessed to link theory to practice the governance form refers to the allocation of control rights over the research process and property rights over research output s as determined by the initial contract yet this contract is incomplete the parties negotiate at a later stage from bargaining positions that depend on the initial choice of the governance but they also contemplate the possibility that the collaboration will be terminated by means of a simple model that captures the core aspects of the contractual environment i answer a key research question how should governance be designed in the shadow of potential termination to provide the research firm with the incentives to invest in the collaboration first it is in the company s interest to choose a governance form that eliminates the possibility of termination and stabilizes the collaboration whenever possible second if the collaboration cannot be stabilized the company faces a trade off between reducing the probability of termination and providing incentives which is ultimately resolved by making the collaboration highly unstable third property rights and control are substitutes in the governance design if the company collects more property rights it must relinquish more control rights

control and contract design in research collaborations a complete contract perspective abstract incumbent firms especially in high tech industries often contract and collaborate with small research units on single projects a delicate resulting contracting decision thus is how to allocate control this paper considers the incumbent s problem to design a research contract that specifies the allocation of control the unit s research input and its monetary compensation contracting is complicated by the unit s private information about its technological skills research outputs also are not verifiable control affects the distribution of the private benefits from research and can be shared from a complete contract perspective an allocation of control that is contingent on the unit s reported information provides the incumbent an additional instrument for designing the incentives control can generate countervailing incentives and mitigate the limitations of contracts in research environments to the point of extracting the full surplus the analysis further clarifies when control is centralized by the incumbent when it is shared between the parties and when it is delegated to the unit

can branding and price of pharmaceuticals guide informed choices towards improved pollution control during manufacturing abstract pharmaceutical manufacturing can lead to substantial discharges of active pharmaceutical ingredients into the environment with local consequences to the environment and in the case of antibiotics potentially global implications in terms of increasing risks for resistance development in this study we used swedish sales data for pharmaceuticals combined with data on the origin of the active ingredients to determine if price pressure and generic substitution are related to the estimated general environmental performance and the perceived corruption levels of the production countries in line with the general perception india was the largest producer of generics while europe and the usa dominated for branded products we found that the price and environmental performance index of the production countries were linked but that this relationship was largely explained by whether the product was original or generic although this relationship would allow buyers to select products that are more likely to originate from countries that in general terms have better pollution control it lacks resolution we conclude that to better allow consumers hospitals and pharmacies to influence the environmental impact of their product choices there is need for regulation as well as transparency in the production chain to this end emissions from manufacturing need to be measured allowing for control and follow up on industry commitments towards sustainable manufacturing of pharmaceuticals

between ostrom and nordhaus the research landscape of sustainability economics abstract we survey the emerging research area of sustainability economics through a quantitative full text analysis of peer reviewed journal publications from 1987 to 2013 to identify relevant contributions we draw on existing definitions of sustainability economics for a keyword based identification strategy a combined focus on a the human nature relationship b the long term uncertain future c normative orientation towards sustainability and d economic analysis our analysis of a random subsample of 343 relevant papers reveals that i sustainability economics is a rapidly developing research area ii while theoretical contributions shaped the area in earlier years applied work now constitutes the largest share of contributions iii the research landscape can be clustered into eleven research clusters these range from participatory governance of social ecological systems associated with the work of elinor ostrom to questions of intertemporal allocation and distribution applied to climate economics associated with the work of william nordhaus iv the research area is broad in scope and heterogeneous and there is relatively little interaction between important clusters v relevant contributions are published in more than 100 journals ten journals publish half of all contributions led by ecological economics and 40 appear in non economics journals underscoring the importance of interdisciplinary dialogue

what does corporate strong sustainability actually mean in the real market world a response to bjorn and ropke abstract in a recent issue of the journal of cleaner production bjorn and ropke 2018 publish an article titled what does it really mean to be a strongly sustainable company a response to nikolaou and tsalis through which they express their concerns over the methodological framework developed by nikolaou and tsalis 2018 bjorn and ropke point out some weaknesses of this methodology suggesting some possible amendments to improve it specifically they raise doubts over the selection of environmental indicators and the definition of thresholds taking into consideration the points discussed by bjorn and ropke this paper aims to analyze the relevant theoretical background on which our framework was built by clarifying the concepts of corporate strong sustainability it also underlines some misconceptions of bjorn and ropke in relation to our framework and their proposed approach as well as making some suggestions for a possible new framework for corporate strong sustainability business oriented approach which encompasses the united nation un 2030 agenda for sustainable development and the corporate strong sustainability principles

is india specialising in polluting industries evidence from us india bilateral trade recently the apex environmental agency of india observed that domestic industrial pollution has been increasing at an alarming rate over the last two decades and the need to rein in traditional polluting industries this raises the pertinent question of whether the poor domestic pollution regime has affected the pattern of india s trade in dirty manufactured products in the post liberalisation era since 1991 we find that on the whole india has remained a net importer of pollution intensive manufactured goods however there is a distinct trend of increasing specialisation in specific dirty industries especially in the bilateral trade with high income countries and to a lesser degree with low income countries the usa being india s single largest country trading partner in the post liberalisation era we test for pollution offshoring at the finer industry level in us india bilateral trade while we find that the pollution haven effect is not significant india s specialisation in certain dirty manufacturing industries through the last decade remains a disturbing trend india needs to integrate environmental sustainability within industrial growth urgently and it is pertinent to implement policies which would reflect the true pollution costs in an industry that is increasingly competing in the international market

comparing national environmental and economic performances through emergy sustainability indicators moving environmental ethics beyond anthropocentrism toward ecocentrism abstract many sustainable indicators have been developed to assess performances of systems at all scales however a careful testing is needed to determine if these indicators are actually coherent with the study assumptions and real case sustainability firstly we reviewed the evolutionary history of the sustainable indicators in both socio economic and thermodynamic perspectives then we analyzed the contribution of several key indicators to the sustainable performance of nations with a critical eye results show that 1 emsi emergy sustainability index is negatively correlated with ef bc total ecological footprint total biocapacity 2 a country with a good economy in terms of monetary indicators tends to have a low emsi as well as a relatively high ef ecological footprint 3 a country with a relatively high r indigenous renewable fraction of emergy use would possibly have relatively low hdi human development index gsi genuine savings index and ef after analyzing the essence of these indicators we concluded that clearly the use of nonrenewable resources minerals fossil energy topsoil forestry and fishery extraction speeds up the wealth and welfare of a country and at the present rates of withdrawal undermines its long term sustainability priority focus should be given to preservation of natural environment rather than resource appropriation by a minority of the human being indicators capable to highlight such aspects should be developed and used in policy the apparent inconsistency of emsi with other indicators stems from their different environmental ethics placed on ecocentrism rather than anthropocentrism

case study evidence that direct regulation remains the main driver of industrial pollution avoidance and may benefit operational efficiency abstract environmental regulation is required to reduce industrial pollution to levels that are socially acceptable and economically efficient but there is debate over the most efficient form of such regulation typically a limited range of environmental and economic parameters are accounted for in the econometric studies that inform that debate this paper integrates evidence from two separate studies to assess a broad range of parameters related to the efficiency of industrial environmental regulation questionnaire responses from 25 italian manufacturers of building chemicals and 28 irish pharmaceutical manufacturers provided evidence on the environmental effectiveness and operational impacts of different regulatory instruments combined with extensive emissions data from irish pharmaceutical manufacturers survey results enabled a quantitative estimation of pollution avoidance specifically attributable to direct regulation the monetised social benefit of avoided pollution was found to be equal to direct compliance costs chemical manufacturers in italy and ireland stated that direct regulation is a more important driver of industrial environmental performance than economic or voluntary regulation and their responses indicated that direct compliance costs may be countered somewhat by stimulated operational improvements it was concluded that direct regulation is an effective approach for multi pollutant control in an industrial context and that the efficiency of such regulation may be underestimated in studies that do not consider the full range of pollutants and operational effects

on the management of open innovation abstract in an open innovation relationship the party that owns a key asset enjoys bargaining power that discourages the investments of the other party in the collaboration we show that these incentives can be restored by conferring on the weak party the power to take decisions during the research process e g a pharmaceutical firm with manufacturing and commercialization assets offers the direction of a joint research project to a biotech partner however on many occasions the strong party still captures more value from the collaboration by retaining the power to take decisions during research even if it produces less innovation value and fewer aggregate profits we conclude that the potential of open innovation is underexploited in particular owners may not release enough power to take decisions on the use of their assets

sustainability performance for brazilian electricity power industry an assessment integrating social economic and environmental issues the increased pressure on companies to address sustainability issues has resulted in the development of several voluntary corporate sustainability integration approaches the array of existing approaches is large and overwhelming resulting in companies not understanding what corporate sustainability really means for their businesses considering environmental economic and social issues this paper aims at assessing the performance of the brazilian electricity power industry in terms of its sustainability performance an analysis of global reporting initiative gri indicators for the energy sector lead to an assessment of its sustainability performance by applying data envelopment analysis dea specified with a directional distance function ddf five scenarios were created i flexible weights ii triple bottom line iii social issues iv economic issues and v environmental issues with considering i flexibility weights almost all companies are efficient we also found a significant difference when we compared i with the other four scenarios ii iii iv and v taking into account the triple bottom line scenario ii the results indicate that companies were less efficient when compared with the flexible weights scenario i taking into account the last three scenarios iii iv and v only four companies were considered as providing top benchmarks in sustainability performance

a non simplistic approach to composite indicators and rankings an illustration by comparing the sustainability of the eu countries composite indicators are very popular despite being affected by several problems that often result in lack of robustness of the rankings involved the aim of this paper is to show that composite indicators can be safely used provided that rankings are built via uncertainty analysis rather than using a single composite for this purpose the approach we follow first combines different normalisation aggregation rules and weighting systems to calculate many different composites and then derives the rankings from the frequency distribution of the rankings of each competitor according to each composite such an approach appears to be a good compromise between the need for a more concise overview when looking at many variables and the loss of relevant information occurring when indicators are aggregated into a single composite indicator to illustrate the approach we rank eu countries in terms of their sustainability

macroeconomic measures of sustainability this paper reviews the policy need for indicators of sustainable development and the impetus behind recent moves to establish official indicators the range of indicators available from current economic theory is then examined these measures may be divided into those based on flows and those based on stocks flow based measures are essentially attempts to adjust net national product to transform it into an indicator of sustainability stock based measures revolve around the concept of the natural and man made capital stocks we also consider the idea of safe minimum standards as a sustainability indicator the paper concludes that no currently available single measure of sustainability is likely to be adequate

an empirical study of the impact of corruption on environmental performance evidence from panel data this paper extends the empirical debate on the effects of corruption on environmental degradation by considering a recently available measure of environmental quality the environmental performance index this indicator is more comprehensive than the measures of air pollutant emissions commonly used in the literature and in particular can also capture the impact of pollution on human health this allows for a better understanding of the actual effects of a wide range of human activities on the ecosystem from a panel data analysis two regularities emerge first corruption deteriorates the overall environmental quality this effect is robust and persistent second our findings highlight the improvement of environmental quality as income rises even at an initial level of development this is not in contradiction with the ekc hypothesis because an increase in income levels provides positive externalities on the whole environmental quality by compensating the mere negative effects induced by industrialization on the emission levels as a consequence in emerging economies policies fighting corruption and enhancing development are very likely to improve the environmental performances

empirical testing of genuine savings as an indicator of weak sustainability a three country analysis of long run trends genuine savings has emerged as a widely used indicator of sustainable development this approach to conceptualising what sustainability is about has strong links to work published by anil markandya and colleagues over 20 years ago in this paper we use long term data stretching back to 1870 to undertake empirical tests of the relationship between genuine savings gs and future well being for three countries britain the usa and germany our tests are based on an underlying theoretical relationship between gs and changes in the present value of future consumption based on both single country and panel results we find evidence supporting the existence of a cointegrating long run equilibrium relationship between gs and future well being and fail to reject the basic theoretical result on the relationship between these two macroeconomic variables this provides some support for the gs measure of weak sustainability

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

the hartwick rule myths and facts we shed light on the hartwick rule for capital accumulation and resource depletion by providing semantic clarifications and investigating the implications and relevance of this rule we extend earlier results by establishing that the hartwick rule does not indicate sustainability and does not require substitutability between man made and naturalcapital we use a new class of simple counterexamples i to obtain the novel finding that a negative value of net investments need not entail that utility is unsustainable and ii to point out deficiencies in the literature