integrated regressors and tests of the permanent income hypothesis abstract we use recent research on estimation and testing in the presence of unit roots to argue that hall s 1978 t and f tests of whether consumption is predicted by lagged income or by lags of consumption beyond the first are asymptotically valid a monte carlo experiment suggests that the asymptotic t and f distributions provide a good approximation to the actual finite sample distribution

the generalized multinomial logit model accounting for scale and coefficient heterogeneity the mixed or heterogeneous multinomial logit mixl model has become popular in a number of fields especially marketing health economics and industrial organization in most applications of the model the vector of consumer utility weights on product attributes is assumed to have a multivariate normal mvn distribution in the population thus some consumers care more about some attributes than others and the iia property of multinomial logit mnl is avoided i e segments of consumers will tend to switch among the subset of brands that possess their most valued attributes the mixl model is also appealing because it is relatively easy to estimate recently however some researchers have argued that the mvn is a poor choice for modelling taste heterogeneity they argue that much of the heterogeneity in attribute weights is accounted for by a pure scale effect i e across consumers all attribute weights are scaled up or down in tandem this implies that choice behaviour is simply more random for some consumers than others i e holding attribute coefficients fixed the scale of their error term is greater this leads to a scale heterogeneity mnl model s mnl here we develop a generalized multinomial logit model g mnl that nests s mnl and mixl by estimating the s mnl mixl and g mnl models on 10 data sets we provide evidence on their relative performance we find that models that account for scale heterogeneity i e g mnl or s mnl are preferred to mixl by the bayes and consistent akaike information criteria in all 10 data sets accounting for scale heterogeneity enables one to account for extreme consumers who exhibit nearly lexicographic preferences as well as consumers who exhibit very random behaviour in a sense we formalize below

retirement behaviour of dutch elderly households we specify and estimate retirement models for singles and married couples and estimate these on data from the dutch socio economic panel we perform some simulations and find strong effects of retirement options in determining the retirement behaviour within different household types model estimates are used to simulate the effect of relevant retirement policies across subgroups we find that the disadvantageous treatment of the old age pension in the netherlands for married households with two earners has unintended perverse effects on the labour market behaviour of couples copyright 2004 john wiley sons ltd

chile the unbearable burden of inequality summary chile has been cited as a successful case of development relatively fast economic growth over almost two decades has been accompanied by a significant reduction in absolute poverty however persistent economic growth and a mostly pro poor structure of public expenditures have not been sufficient to reduce inequality in one of the most unequal countries in the world we show that the key factors explaining this persistent inequality have been a low level of fiscal expenditures caused by low tax revenues that have not permitted enough public investment in human capital and knowledge generation and diffusion

consumption in developing countries tests for liquidity constraints and finite horizons adjustment programs in developing countries emphasize the importance of reducing fiscal deficits in order to improve aggregate saving and investment performance recent theoretical analyses associated with the ricardian equivalence proposition however suggest that changes in the level of public sector saving may be offset by a change in private saving the empirical relevance of this proposition depends among other things on the length of consumers horizons and on the extent to which households are liquidity constrained empirical tests of a consumption model for a sample of developing economies do not support the equivalence propositions owing to the prevalence of liquidity constraints copyright 1989 by mit press

how sensitive are retirement decisions to financial incentives a stated preference analysis we study the effects of financial incentives on retirement decisions using stated preference data dutch survey respondents were given hypothetical retirement scenarios describing age s of partial and full retirement and replacement rate s a stylized model is estimated in which utility is the discounted sum of within period utilities that depend on employment status and income parameters of the utility function vary with observed and unobserved characteristics simulations show that the income and substitution effects of pensions as a function of the retirement age are substantial and larger than according to studies using data on actual retirement decisions in the netherlands

the democracy deficit of corporate social responsibility in post neoliberal times an analysis of the argentinian and ecuadorian experiences several evaluations of contemporary left of center governments in south america suggest that natural resource governance in the region has become post neoliberal only in the sense that states augmented the appropriation and distribution of rent motivated by sustained international demand for commodities the political ecologies of mining remain characterized by increasing demands for more democratic decision making as occurred in the 1990s in order to explain this continuity most studies focus on the interactions between states and civil societies they state that a pragmatic stance on resource governance regards rent capture and distribution over the development of mechanisms for inclusion in decision making these assessments give only a partial account of the interactions involved in such dynamic they underestimate corporate behavior as a central component of emerging forms of governance we argue that companies were central actors of the production of mining conflicts during the 1990s and still exert an important degree of influence in resource governance through corporate social responsibility csr strategies our findings show that since the neoliberal legal and administrative reforms of the early 1990s argentinian and ecuadorian governments have supported a system of mining governance that regards the economic interests over the demands for more democratic decision making nevertheless even after recognizing the deleterious effects of neoliberal csr practiced by companies left of center governments have not been able to steer corporate behavior in a new direction

the impact of legitimacy pressure and corporate profitability on green innovation evidence from china top 100 abstract green innovation is an important approach for achieving sustainable development most research on determinants of corporate green innovation has focused on either external or internal drivers combining institutional theory and resource based view the scientific value of this study lies in simultaneously exploring the influence of external legitimacy pressure and internal corporate profitability and their interaction on green innovation samples of the top 100 listed companies in china from 2008 to 2012 were used and the results demonstrated that legitimacy pressure from stakeholders has a significantly positive influence on both corporate green product innovation and process innovation the results also revealed that corporate profitability positively affects green product innovation while there was found to be no significant influence on green process innovation moreover corporate profitability positively moderates the relationship between legitimacy pressure and green product innovation the results show that not only the single factor of external legitimacy pressure and internal profitability but also their interaction affects corporate green innovation practices this offers an integrating perspective on how corporations can be more innovative in sustainability

inflation and growth impatience and a qualitative equivalence this paper studies the role of an endogenous time preference on the relationship between inflation and growth in the long run in both the money in utility function miuf and transactions costs tc models we establish a qualitative equivalence between the two models in a setup without a labor leisure tradeoff when the time preference is decreasing or increasing in consumption and real balances both the miuf and tc models are qualitatively equivalent in terms of predicting a negative or positive relationship between inflation and growth in a steady state both a decreasing and an increasing time preference in consumption are consistent with the arguments found within the literature while a decreasing time preference in real balances corroborates with empirical evidence there is no evidence in support of an increasing time preference in real balances

does financial reform raise or reduce saving the effect of financial liberalization on private saving is theoretically ambiguous not only because the link between interest rate levels and saving is itself ambiguous but also because financial liberalization is a multidimensional and phased process sometimes involving reversals using principal components we construct 25 year time series indices of financial liberalization for each of eight developing countries chile ghana indonesia korea malaysia mexico turkey and zimbabwe these are employed in an econometric analysis of private saving in these countries our results cannot offer support for the hypothesis that financial liberalization will increase saving on the contrary the indications are that liberalization overall and in particular those elements that relax liquidity constraints may be associated with a fall in saving

assessment of environmental responsibility of oil and gas companies in russia the rating method abstract the article analyzes preconditions specifics and results of the first russian environmental rating of oil and gas companies the russian oil and gas industry strategically important for the national economy is also environmentally unfriendly and opaque companies lack adequate motivation to follow best international environmental standards and practices for disclosure of information about their environmental performance and impacts environmental responsibility of the oil and gas sector has been subject to both public scrutiny and scientific discussions for many decades however these issues have been rarely if ever explored using a reliable and equitable tool which would provide for comparison between different companies this article attempts to analyze the application of such a tool environmental responsibility rating of oil and gas companies in russia the idea behind launching the rating was to provide end consumers and financial institutions an opportunity to compare the companies products and services and to evaluate corporate risks including reputation on the basis of unbiased comparison and evaluation of the companies environmental responsibility and their management s commitment the rating s rationale is premised on the assumption that an environmental rating based on publicly available data and information could be accepted by companies top management as a competitive advantage or disadvantage in obtaining access to better cheaper and long term financial resources and in improving market demand for their final value added products this study offers a complex analysis of qualitative and quantitative indicators of companies activities in three fields environmental management environmental impact and disclosure transparency the rating s results demonstrate that there are big differences among russian oil and gas companies in their levels of environmental responsibility and transparency large publicly traded companies with a strategic focus on gas have received top ratings privately held smaller oil companies are at the bottom along with the subsidiaries of major russian and international corporations transparency of subsidiary companies tends to be lower than that of parent corporations in some cases a close relationship between the company s management and population of the surrounding region plays a positive role in promoting environmental responsibility assumptions for this environmental rating have been at least partially confirmed by the positive dynamics of the associated petroleum gas apg utilization level by oil and gas companies in russia this rating is based on novel and creative approach and has already contributed to forming average quantitative impact indicators in the industry the assumptions and conclusions of this study can also be tested by comparing the first environmental rating of oil and gas companies data with the data produced in the next rating

tough love and intergenerational altruism tough love and intergenerational altruism this article develops and studies a tough love model of intergenerational altruism we model tough love by modifying the barro becker standard altruism model in two ways first the child s discount factor is endogenously determined so lower childhood consumption leads to a higher discount factor later in life second the parent evaluates the child s lifetime utility with a constant high discount factor our model predicts that parental transfers will fall when the child s discount factor falls this is in contrast with the standard altruism model which predicts that parental transfers are independent of exogenous changes in the child s discount factor

social security and retirement an international comparison this article concerns the following items 1 decline in labour force participation 2 social security benefit accrual and the implicit tax on work 3 the importance of the early retirement age 4 the implicit tax on work and labour force participation etc

climate change accounting and the australian mining industry exploring the links between corporate disclosure and the generation of legitimacy abstract this paper explores how disclosure is used by key bodies in the australian mining industry as a means to respond to climate change and ensure their social licence to operate the study utilises a legitimacy theory framework and a multi case analysis to examine the environmental disclosure practices via a variety of media of two companies and two industry bodies within australia s mining industry it is revealed that a combination of legitimising strategies is undertaken by key bodies in the australian mining industry however to differing degrees depending on the organisation there is also support for the notion that different media plays a critical role in facilitating the legitimacy seeking behaviours of the companies and industry bodies this study extends existing literature on legitimacy theory by highlighting the value of utilising this perspective to explore contemporary phenomena such as corporate responses to climate change the findings of this study have practical significance as they are expected to have important policy ramifications one of the differentiating features of this paper compared to prior studies utilising a legitimacy theory framework is the examination of legitimising disclosure strategies at an industry level which complements a company level analysis moreover variations in legitimising disclosure strategies and communication media employed may be due to their focus on differing conferring publics and stakeholder groups

a practical approach for the management of resources and reserves in small scale mining abstract artisanal asm and small scale mining ssm are well known sources of environmental health and safety risk nonetheless due to the massive increase in the price of gold in the last few years asm and ssm units have rapidly appeared and are operating in many remote locations around the world this trend is bound to last since there are no valid alternative livelihoods for the operators in the sector and the attractiveness of the profit does not counterpoise any concern about the environment or safety the most viable solution for such activities is a shift towards responsible operations this can be done by turning an asm operation into a sustainable and profitable ssm industrial extractive unit for doing so capital investment is needed from external investors the main task therefore is to make asm attractive for investment the approach proposed in this work is based on a main differential from large scale mining the attractiveness for external investment only lies in proving in the early stages of the business a minimum mineral reserve that is able to rapidly return the investment committed to upgrade the artisanal operation into a small scale industrial one plus an attractive profit this is done by introducing the concepts of minimal reserve to be proved and replication the paper proposes a practical methodology for the evaluation of the minimal reserve to be proved based on mining and processing capex and opex a portion of the profits of the operation on such minimal reserve is to be shared between the stakeholders of the business and another is to be re invested in future exploration with this last share the process of proving the reserve can be consequently replicated to the next portion of the mineral resource this methodology is applied to prove viable a real ssm unit in ecuador the results are compared with large scale reserve estimations the order of magnitude of the volume that needs to be proved at the start to make the operation viable varies by 1 1000 in favor of ssm

how environmental regulations affect innovation in the australian oil and gas industry going beyond the porter hypothesis the impact of environmental regulation on innovation is of central interest to many industries and policy makers alike while traditional research adopts a top down view of regulation and attempts to measure the innovation response the more bottom up view of contemporary theory argues that firms produce innovations that exceed compliance levels as a competitive strategy we approach this dichotomy by investigating innovation introduced by australian oil and gas firms in light of environmental regulatory compliance burden and firm level characteristics including competitive capabilities analyses of survey responses executive level interviews and conference proceedings reveal both regulatory top down and competitive advantage bottom up perspectives explain innovation in this industry regression analyses reveal that product service and novel innovations all types are related to a high compliance burden competitive skills research and development activity and engagement in formal collaborations interview and conference data add nuance to our findings revealing collaborative compliance frameworks result in similar innovation outcomes

the permanent income hypothesis estimation and testing by instrumental variables the permanent income hypothesis with rational expectation is restated estimated and tested by an instrumental variables technique on the postwar u s aggregate time series data the hypothesis is accepted on a consumption series which includes service flows from consumer durables if the consumption series is the one in the national income and product accounts the hypothesis is decisively rejected an explanation is suggested to reconcile the conflicting test results

sustainability in mining minerals and energy new processes pathways and human interactions for a cautiously optimistic future the supply of minerals and energy is critical to global society however this supply is associated with social and environmental impacts leading to concerns of generational and intergenerational equity in light of these concerns a call for papers for a special volume on the mining industry was issued with the view that such academic work could assist in reducing the negative impacts associated with this industry this paper introduces the special volume the sustainability agenda of the minerals and energy supply and demand network an integrative analysis of ecological ethical economic and technological dimensions the special volume contains 84 articles divided into several themes sustainability accounting and reporting corporate social responsibility future mining challenges integrative frameworks for sustainability management aspects mining in a developing context and new frontiers in the oil and gas industry the special volume also includes two letters on contemporary issues with commentaries on these from experts in the fields viz community conflict and land rehabilitation insights obtained across these themes are summarized and recommendations are made of what is needed to build upon the findings of this special volume a research agenda is proposed for the future from the gaps and synergies identified the overall contribution of this special volume is that it renews the debate on the sustainability challenges for the mining industry and provides transdisciplinary insights into resolving some of these challenges

admiration is a source of indeterminacy abstract are consumption externalities sources of indeterminacy the answer is negative in conventional wisdom this paper shows consumption externalities establish local indeterminacy if the degree of decreasing impatience is sufficiently large dynamic models with indeterminacy are valuable as they tend to explain economic fluctuations without relying on exogenous shocks and question interpretation of simple estimation obtained by pooling data among others

seniority wages and the role of firms in retirement in general retirement is seen as a pure labor supply phenomenon but firms can have strong incentives to send expensive older workers into retirement based on considerations about wage costs and replacement costs we discuss steep seniority wage profiles as incentives for firms to dismiss older workers before retirement conditional on individual retirement incentives e g social security wealth accrual rates or health status the steepness of the wage profile will have different incentives for workers as compared to firms to maintain the employment relationship using an instrumental variable approach to account for selection of workers in our firms and for reverse causality we find that firms with higher labor costs for older workers have on average a lower job exit age and a higher incidence of golden handshakes author s abstract

corporate reputation and collective crises a theoretical development using the case of rana plaza banking scandals accounting fraud product recalls and environmental disasters their associated reputational effects as well as company response strategies have been well reported in the literature reported crises and scandals typically involve one focal company for example bp and the 2010 deepwater horizon accident as business practices change and company supply chains become more complex and interlinked there is a greater risk of collective crises where multiple companies are associated with the same scandal we argue that companies are likely to behave differently in a group setting compared to when faced with a crisis individually using an inductive approach we examine the case of the rana plaza building collapse we find that organizations with a history of similar crises adopt defensive strategies and communicate much later compared to organizations which adopt accommodative strategies contrary to the individual case in a collective crisis accommodative strategies result in more negative reputational damage and a higher burden of responsibility we propose that the relationship between crisis response strategy and organization reputation is moderated by the crisis setting we extend the logic of crisis management and corporate reputation to incorporate the case of a collective crisis

techno economic evaluation of innovative steel production technologies at current primary steel production levels the iron and steel industry will fail to meet the 80 emission reduction target without introduction of breakthrough technologies wortler et al 2013 19 the current research analyses the technical and economical long term potential of innovative primary steel production technologies in germany throughout 2100 techno economic models are used to simulate three innovative ore based steelmaking routes verses the reference blast furnace route bf bof the innovative routes in focus are blast furnace with ccs bf ccs hydrogen direct reduction h dr and iron ore electrolysis ew energy and mass flows for the production of one tonne of crude steel cs are combined with hypothetical price cost and revenue data to evaluate the production routes economically technically and environmentally this is a purely theoretical analysis and hence further external factors that may influence practical implementation or profitability are not considered different future developments are considered by using three scenarios representing an ambitious a moderate and a conservative transformation of the german energy sector in general looking into the future bares various uncertainties which should be reflected in a suitable manner according to the present scenario analysis chances are that with rising prices for coal and co2 allowances bf bof and even bf ccs become unprofitable by mid century with a high share of renewable energy sources and high prices for co2 allowances h dr and ew become economically attractive in the second half of the current century when bf based routes are long unprofitable energy and raw material efficiency is significantly higher for h dr and ew and furthermore the 80 reduction target by 2050 can be achieved in the ambitious scenario however high investment costs and high dependency on electricity prices prohibit a profitable implementation before 2030 2040 without further subsidies ew is the most energy and resource efficient production route since continuous electricity is needed for the continuous operation the electricity costs are 20 40 higher than for h dr with high capacity hydrogen storage units even though hydrogen production implies efficiency losses compared to the ew route the decoupling of hydrogen production from continuous operation of the steel plant through hydrogen storage offers the opportunity to use cheap excess renewable electricity this makes the h dr economically and environmentally the most attractive route and provides a crucial contribution to stabilize the grid and to store excess energy in a 100 renewable energy system

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

excess sensitivity of consumption to current income liquidity constraints or myopia this paper asks whether the empirical rejection of the rational expectations permanent income hypothesis occurs because agents are myopic in the sense that the marginal propensity to consume out of transitory income is non zero or because some agents face liquidity constraints the finding that the estimate of the mpc out of transitory income is dramatically affected in both magnitude and statistical significance by the inclusion of a proxy for liquidity constraints suggests that liquidity constraints are an important part of the explanation of the observed excess sensitivity of consumption to current income la sensibilite excessive de la consommation au revenu courant contraintes sur la liquidite ou myopie ce memoire examine la question a savoir pourquoi l hypothese du revenu permanent avec anticipations rationnelles n est pas v6rifiee empiriquement est ce parce que les agents economiques sont myopes i e que leur propension marginale a consommer a partir de leur revenu transitoire n est pas nulle ou bien est ce que certains agents economiques font face a des contraintes sur leur liquidite le fait que l estimation de la propension marginale a consommer le revenue transitoire est affectee par l inclusion d une variable qui tente de capturer l importance des contraintes sur la liquidit6 tant dans l 6valuation de sa taille que dans sa signification statistique suggere que ces contraintes jouent un role important dans l explication de cette sensibilite excessive qu on observe de la consommation aux changements dans le niveau de revenu courant almost all the recent empirical tests of the rational expectations permanent income hypothesis re pih have rejected the hypothesis using a rich variety of data sets and estimation methods the empirical work indicates that the failure of the re pih is significant both statistically and quantitatively the null hypothesis in this empirical literature typically consists of the joint hypothesis that 1 agents expectations are formed rationally 2 desired consumption is determined by permanent income and 3 capital markets are perfect in the sense that agents can lend or borrow against 1 studies rejecting the re pih include blinder 1981 flavin 1981 hall and mishkin 1982 hayashi 1982 and sargent 1978 in his original paper hall 1978 did not reject the re pih decisively however flavin 1981 showed that with a minor alteration in the specification of the alternative hypothesis the re pih could be rejected using hall s test and data set bernanke 1981 studying panel data on automobile expenditures did not find evidence against the hypothesis for an extensive survey of the empirical literature on the rational expectations permanent income hypothesis see king 1983 canadian journal of economics revue canadienne d economique xviii no 1 february fevrier 1985 printed in canada imprime au canada 0008 4085 85 117 36 1 50 canadian economics association this content downloaded from 157 55 39 17 on wed 31 aug 2016 05 08 58 utc all use subject to http about jstor org terms

the mining industry under the thumb of politicians the environmental consequences of the spanish coal decree abstract the so called coal decree royal decree 143 2010 and subsequent royal decree 1221 2010 have modified the historical use of coal trends in the spanish economy since 2010 the use of domestic coal in spain s electricity sector will be promoted by the royal decree until 2014 this energy strategy on the one hand and political decision on the other were advanced under the flag of energy security and the fulfillment of the 9th principle of the international council of mining and metals icmm which specified that sustainable development in mining areas should maintain among other things employment the mutual understanding between the government and the local mining industry is confronted with vast criticism at the institutional firm and social levels regarding a the disparities generated between electricity generation technologies b the increase of electricity market prices the national competition commission reported the royal decree and c subsequent environmental harm the coal decree has changed the gradual decrease of coal in the spanish energy mix since the end of the 1990s the environmental efficiency gains accumulated over the past several years would be lost as a result of this change of direction in policy in the last fifteen years the coal industry in spain has been under pressure from political decisions that have forced the dismantling of the industry a labor reconversion of mining areas and the conversion of coal fired power plants into combined cycle gas power plants this situation considerably reduced co2 emissions from coal combustion in spain improving the environmental efficiency of the entire economy for many years nevertheless the implementation of the royal decree has changed these trends this paper will examine the environmental consequences of the coal decree from 2010 to 2014 based on actual economic and energy demand requirements and actual electricity mix composition a post keynesian energy age model to forecast energy demand and the derived co2 emissions will be applied to evaluate the change in the reduction of emissions observed in the electricity sector since 2005 and in the spanish economy since 2010 the results will be compared to other alternative scenarios of co2 emissions evolution

sustainability reporting among mining corporations a constructive critique of the gri approach abstract the environmental crisis is giving rise to growing public demand for socially responsible and ecologically viable mining practices large mining corporations are responding by advancing the idea of a sustainable mining industry these responses are accompanied by concerted efforts to advertise a company s relative progress in this direction through the publication of sustainability reports based on the global reporting initiative gri framework many scholars contest the effectiveness of that framework arguing that gri based reports can mislead decision makers who are concerned with sustainability or even camouflage unsustainable practices particularly at the site level few scholars however have scratched below the surface of criticism in order to consider how to improve the effectiveness of that framework this article takes a closer look at this problem by answering the following question what needs to be changed in mining corporations gri based frameworks for the purpose of promoting more meaningful and reliable sustainability performance information this article followed a qualitative methodological approach based on literature reviews and 41 semi structured interviews the analysis was guided by an evaluation of the extent to which the predominant gri based approach to sustainability reporting meets a number of principles of sustainability assessment and reporting known as the bellagiostamp principles this paper outlines a number of specific changes that should be promoted in mining corporations frameworks if their reports are to provide meaningful and accurate information about sustainability progress such changes include a more systematic consideration of site level performance scenario building and legacy effects overall this article corroborates the view that meaningful and reliable standardized disclosures of contributions to sustainability are unlikely to emerge any time soon the geographical dispersion of mining facilities imposes substantial difficulties to the contextualization of sustainability evaluations

capital flows and saving in latin america and asia a reinterpretation abstract both theory and the empirical evidence for a broad range of countries have identified a negative relationship between domestic and foreign saving still based on the experience of the 1990s a popular view has emerged that domestic and foreign saving are positively related in asia and negatively related in latin america we argue that this popular discussion does not discriminate between trends in domestic saving which are very different in the two regions and the cyclical component of saving which is linked to capital flows we show that when trend and cyclical components of domestic saving and capital flows are properly taken into account the two regions do not differ in the short run response of domestic saving to capital inflows we conclude that the main differences pertain to the long run behavior of saving rates which are driven by trends in demographic factors per capita gdp and other factors that have little to do with fluctuations in capital flows

an empirical dependent economy model for pakistan abstract pakistan s recent macroeconomic experience has been characterized by rapid growth relatively low inflation and the absence of severe balance of payments crises in spite of very large fiscal deficits this paper addresses the possible role that external inflows in the form of workers remittances and concessional lending may have played in generating these outcomes by conducting counterfactual simulations using an empirically estimated dependent economy macroeconomic model

time patience and specialization patterns in the presence of asset trade specialization patterns in an open economy two sector growth model with endogenous capital accumulation are examined in the presence of free international lending and borrowing without free international lending and borrowing it is known that whereas the less time patient country decumulates real capital the more patient country accumulates real capital and eventually specializes in a capital intensive industry however free trade of international financial assets causes a dramatic change in long run specialization patterns in this case the less patient country may well specialize in the capital intensive industry and the more patient country in the labor intensive industry

gradual retirement financial incentives and labour supply of older workers evidence from a stated preference analysis abstract using data from a stated preferences experiment in the netherlands we find that replacing full time pension schemes with schemes that offer gradual retirement opportunities induce workers to retire one year later on average total lifetime labour supply however decreases by 3 4 months because the positive effect of delayed retirement on labour supply is cancelled out by a reduction in working hours in the years before full retirement the impact of gradual retirement schemes is however heterogeneous across groups of workers workers in bad health who gain access to gradual retirement postpone their retirement by 1 7 months more than workers in good health this suggests that introduction of gradual retirement alleviates to a certain extent the health related burden that employees in poor health may experience in carrying out their work nevertheless introduction of gradual retirement reduces the total labour supply of both groups of workers financial incentives either in terms of changing pension income or the price of leisure also affect expected retirement age but the impact of these financial incentives does not differ with the possibility of gradual retirement finally we find that gradual retirement is not a preferred option among workers as the large majority prefers full retirement

economic information versus quality variation in cross country data data quality in the penn world tables varies systematically across countries that have different growth rates and are at different stages of economic development thus intro ducing measurement error correlated with variables of economic interest we explore this problem with three examples from the literature showing that the problem appears to be minor in growth convergence regressions but serious in estimating the effect of income volatility on growth and in a cross country lest of the permanent income hypothesis the results suggest at the least a need for performing appropriate sensitivity tests before draw

fiscal policy and private consumption instrumental variables tests of the consolidated approach since barro s 1974 restatement of the debt neutrality proposition economists have directed considerable research toward determining whether fiscal policy can affect aggregate demand most of the debate both theoretical and empirical has focused on the net wealth content of privately held government debt although existing research has hardly provided a definitive resolution to this debate see for example blinder and deaton 1985 bernheim 1987 barro 1989 recent efforts feldstein 1982 kormendi 1983 aschauer 1985 leiderman and razin 1988 have followed bailey 1971 and broadened the scope of the investigation to include the possibility that government expenditures substitute for private consumption expenditures in doing so feldstein kormendi and aschauer have shown that fiscal neutrality implies certain restrictions on private consumption behavior the first of these restrictions is what feldstein 1982 calls ex ante crowding out for complete ex ante crowding out government spending on goods and services must substitute dollar for dollar for private spending consequently an increase in government expenditures on consumption goods should lead to an equivalent decrease in private consumption expenditures a second restriction is that government finance decisions should not affect private consumption barro 1974 has derived conditions under which this result will obtain essentially maximizing consumers are assumed to be rational and forward looking accurately foreseeing future taxes implied by

corporate climate risk management are european companies prepared abstract in recent years scholars have published numerous studies dealing with the consequences of climate change for businesses activity however a more holistic understanding of companies perceptions of and responses to physical regulatory and market related climate risks across a wider range of sectors is still missing to address this gap this paper provides an empirical analysis of corporate climate risk perception and countermeasures for companies in industries regulated and not regulated by climate policy drawing on data from the carbon disclosure project of a size matched sample of 126 european based companies it is shown that most firms feel less exposed to physical and market risks than to regulatory risks this is because physical risks are expected to materialize in the more distant future and the realization of market risks is considered rather unlikely moreover the results indicate that firms in regulated industries implement more regulatory response measures than firms that are part of non regulated industries while interestingly there are no significant differences between the two groups in exposure and responses to physical and market risks by discussing climate related risks and highlighting the significant role of regulation in spurring corporate action in the context of climate change this paper holds important implications for corporate managers and policy makers

elastic capital supply and the effects of fiscal policy i introduction perfectly elastic or perfectly inelastic supply or demand curves have much to recommend them equilibrium analysis which would otherwise be fraught with ambiguity yields forth sharp predictions when one assumes either demand or supply are either perfectly elastic or inelastic nonetheless this is not the way we typically teach equilibrium analysis nor in most circumstances perform it neoclassical macroeconomics is an exception to this rule specifically capital accumulation models in which a representative agent maximizes the standard additively separable fixed discount factor utility function to which class most equilibrium business cycle models based on the neoclassical growth model belong imply a long run supply curve for capital which is perfectly elastic at the agent s fixed rate of time preference this property of what we will refer to as the standard model is and has been well known and well criticized even by users of the standard model 1 but the question of exactly where and when this assumption ceases to be innocuous i e for what sorts of experiments it is or isn t a harmless simplification has been given surprisingly short shrift 2 in this paper we explore the implications for the equilibrium analysis of the effects of changes in government purchases of relaxing this assumption in particular we explore the implications of replacing the fixed discount factor beta in the standard utility specification summation of beta sup t u c sub t l sub t where t 0 to infinity where c sub t and l sub t denote consumption and leisure at date t with an endogenous discount factor beta c sub t l sub t in this way discounting of future utility is allowed to depend on the agent s enjoyment of current consumption and leisure the lifetime utility function that results from this modification is of the sort first formulated by uzawa 1968 and epstein and hynes 1983 the latter of these in particular demonstrated through a series of examples the extent to which models with endogenous discount factors can differ substantially from their fixed discount factor counterparts while these earlier papers were primarily concerned with developing theoretical results our analysis will be primarily quantitative the possibility that the rate of time preference varies across individuals and over time or equivalently that the rate at which the future is discounted responds to the current and previous decisions of individuals is more than a theoretical curiosum to start with there is a substantial body of evidence that rates of time preference differ across individuals people are not equally patient much of this evidence is summarized in table 1 of becker and mulligan 1997 at the aggregate level they point to the fact that rich countries have grown slightly faster than poor countries over the past 30 years as suggesting that the residents of rich countries may have lower rates of time preference than residents of poor countries differences between the united states and japan in the age consumption profile are also consistent with differences in the rate of time preference between the united states and japan and the fact that income is associated with consumption growth suggests that the rich may be more patient than the poor detailed micro evidence on differences in rates of time preference across households is also presented by lawrance 1991 she finds that the rates of time preference of poor consumers are three to five percentage points higher than those of rich consumers using panel data for the united states from the psid ogaki and atkeson 1997 estimate a model in which time preference is allowed to vary across rich and poor households using household level panel data from india furthermore there is evidence that rates of time preference vary not just across individuals at a point in time but also over time

household saving in developing countries first cross country evidence although most studies have relied on domestic or private sector saving data this article uses household data available from the u n system of national accounts for a sample of 10 countries household saving functions are estimated using combined time series and cross country observations in order to test households responses to income and growth rates of return monetary wealth foreign saving and demographic variables the results show that income and wealth variables affect saving strongly and in ways consistent with standard theories inflation and the interest rate do not show clear effects on saving which is also consistent with their theoretical ambiguity foreign saving and monetary assets have strong negative effects on household saving which suggests the importance of liquidity constraints and monetary wealth in developing countries

a structural dynamic analysis of retirement behaviour in the netherlands this study focuses on determinants of elderly labour force participation and retirement decisions in the netherlands this is analysed by a dynamic programming model for the simultaneous choice of retirement age and route which includes social insurance and private pensions eligibility conditions for early retirement lifecycle wage and health profiles and layoffs special attention is given to opportunities for and the effect of participation policies results show that institutional structures of benefit and pension programmes are prime determinants of retirement particularly eligibility conditions and potential substitution between exit routes and that dynamic aspects are relevant for understanding retirement behaviour copyright 2004 john wiley sons ltd

alleviating the constant stochastic variance assumption in decision research theory measurement and experimental test analysts often rely on methods that presume constant stochastic variance even though its degree can differ markedly across experimental and field settings this reliance can lead to misestimation of effect sizes or unjustified theoretical or behavioral inferences classic utility based discrete choice theory makes sharp testable predictions about how observed choice patterns should change when stochastic variance differs across items brands or conditions we derive and examine the implications of assuming constant stochastic variance for choices made under different conditions or at different times in particular whether substantive effects can arise purely as artifacts these implications are tested via an experiment designed to isolate the effects of stochastic variation in choice behavior results strongly suggest that the stochastic component should be carefully modeled to differ across both available brands and temporal conditions and that its variance may be relatively greater for choices made for the future the experimental design controls for several alternative mechanisms e g flexibility seeking and a series of related models suggest that several econometrically detectable explanations like correlated error state dependence and variety seeking add no explanatory power a series of simulations argues for appropriate flexibility in discrete choice specification when attempting to detect temporal stochastic inflation effects

the message and methods of ethical investment abstract this paper examines a high profile and often provocative segment of the financial industry that of ethical or socially responsible investment by offering an ethical or sustainable product which has the potential to influence so many stakeholders the financial industry is in a unique position to guide change towards corporate sustainability however what message is ethical investment really giving to companies and the financial industry are ethical investors and their rating agencies capable of effectively influencing corporations towards more sustainable patterns of production and consumption and are their approaches consistent with the principles of cleaner production this paper first gives an overview some of the definitions ethical investment and the scale of activities under this umbrella term then the actual screening methods and their application is examined a typology of the different ethical mutual funds is given and two cases of ethical funds are described robur s environmental fund and sustainable asset management s sustainability rating tool each are analysed in terms of their potential to either reveal or conceal cleaner production innovations by the firms they assess in order to ascertain where ethical investment might lead companies the effects of ethical investment on companies and back on the asset management companies themselves is explored a reflexive model of corporate and finance sector learning based on the ethical screens is proposed

adjustment policies and economic development the principal objective of the international monetary fund imf as defined by its articles of agreement is the correction of balance of payments disequilibrium in member countries the policies the imf recommends to reduce the degree and duration of external and internal imbalances that give rise to balance of payments difficulties must however be set within the context of achieving and maintaining price stability and satisfactory rates of economic growth in analyzing imf policies designed to achieve these multiple objectives it is useful first to consider the circumstances in which the imf is

crisis and consumption smoothing the dramatic impact of the current crisis on performance of businesses across sectors and economies has been headlining the business press for the past several months extant reconciliations of these patterns in the popular press rely on ad hoc reasoning using historical data on currency crisis episodes across the world we show that the impact of the crisis on a firm s business is best understood by focusing on the impact of the crisis on the behavior of consumers our analyses show that consumer behavior in a crisis is characterized by consumption smoothing at various levels intertemporal intercategory and intracategory these behavioral adjustments result in significant reallocation of consumption expenditures more importantly the smoothing decisions because of a crisis are distinct and independent of the impact of changes in income and prices that accompany a crisis interestingly there is marked variation in the patterns of consumption smoothing across different types of economies taken together these results have important and interesting implications for managers policy makers and academics

understanding joint retirement abstract evidence from different sources shows that spouses retirement decisions are correlated retirement policies affecting individuals in couples are therefore also likely to affect behavior of their spouses it is therefore important to account for joint features in modeling retirement this paper studies a structural collective model of labor supply and retirement of both partners in a couple with interdependent preferences imperfect knowledge of preferences of the spouse and subjective expectations about the future we propose a novel method to estimate preferences and the intra household bargaining process which relies on stated preferences data collected in the health and retirement study respondents were asked to choose between hypothetical retirement trajectories describing the retirement ages and replacement rates of both spouses from three perspectives considering their own preferences only the preferences of their spouse only or the most likely decision for the household with these data all model parameters are identified and potential sources of joint retirement can be disentangled our results suggest that males misperceive their wives preferences overestimating their disutility of work our estimates correct for this we find strong positive correlations between preferences for joint leisure leisure complementarity of the two partners counterfactual simulations with stylized retirement paths suggest that the leisure complementarities explain a substantial part of joint retirement much more than correlation in unobserved heterogeneity or potential wage rates

online sustainability communication practices of european seaports abstract although ports have a direct and substantial impact on the social and physical environments in which they operate studies on corporate sustainability focussing on ports are scant this study investigates the under researched topic of sustainability communication practices in the european seaport sector its purpose is to analyse to what extent if any are there differences in these practices it seeks to capture the influence of national institutions and some port specific characteristics in sustainability reporting using content analysis we analysed the extent and content of corporate sustainability information disclosed in the websites of 186 european seaports we used an institutional theory framework the varieties of capitalism approach as lens of analysis multivariate ordinal regressions were used to analyse the influence of national institutions on disclosure we found that sustainability communication varies from country to country not entirely in accordance with the varieties of capitalism framework despite the majority of ports identified by our study having already included corporate sustainability topics in their online communication practices we conclude that there is still much work to be done

time preference in dynamic trade models an empirical critique in this article i present an empirical critique of one of the results of certain two sector dynamic trade models that under free trade a country may save less than under autarky or limited trade this result implies that in the long run the attainable level of consumption per capita would be lower under free trade than under protectionism 2 in the short run of course consumption would be increased because of the reduced rate of savings associated with free trade dynamic trade models such as those formulated by stiglitz deardorff samuelson and findlay conclude that in general the opening up to trade increases the differences among countries in savings rates and in some other economic variables 3 in particular they conclude that a developing country with a low savings rate will reduce its rate of savings after increasing its trade with advanced countries that have relatively high savings rates this hypothesis is tested and rejected in this article i contend that what the existing dynamic trade models show us is not the likely path that each country will follow after opening to trade instead i demonstrate the limited usefulness of models based on the postulation of constant rates of time preference or preference structures the objection to the existing dynamic trade models is essentially that they take the time preference structures as given rather than as molded by international contact in this article it is suggested that trade is likely to shift the time preference structure of a developing country inducing the developing country to save more as its citizens strive to catch up with the higher living standards of the advanced country i contend that the most important result of opening to trade is the possible change in the time preference structure of each country itself which may lead to a reduction in disparities in steady state savings propensity as well as in capital labor ratio

evolution model with time lag effects for the coal industrial symbiosis system a case study of ordos china abstract industrial metabolism and symbiotic coupling has become the base paradigm of green low carbon development of coal mining in the coal industrial symbiosis system ciss stability is increasingly fragile because of its unique industrial links and growth environment referring to the classic lotka volterra population ecology model and synthesizing the periodicity and time lag effects of industrial development two entirely novel and more generalized ciss evolution models with time lag effects in the competitive and reciprocal scenarios are constructed respectively moreover the conditions of ciss stability are proven and discussed through mathematical analysis simulation and theorem validation were carried out by taking the largest chinese coal city ordos as the research object the main results are as follows first the time lag effect is an important factor leading to ciss instability the shorter the time lag within the ciss the better the collaboration between industries and the easier it is that the ciss will achieve a stable ecological balance second when the power of competition dominates the development of industries within ciss will be inhibited when the power of cooperation dominates the evolution of ciss will toward a positive direction third a certain degree of self inhibition will contribute to the stable development of the industrial symbiosis system at last the social service industry not only can boost the industrial diversity within ciss but also can promote the co evolution of original and exogenous industries which plays a positive role in the healthy and stable development of ciss

external and budget deficits in some developing countries abstract this paper documents and explains the positive comovement between the external and budget deficits of developing countries for which post 1960 time series data are available first the estimates indicate that the empirical covariance between these deficits is always positive and is statistically significant for many cases second the empirical covariance is close to that predicted from a tractable small open economy overlapping generation model with heterogeneous goods capturing the joint behavior of the external and budget deficits also the predicted covariance is induced by shocks which are closely related to internal conditions such as domestic resources and fiscal policies and to a much lesser extent to external conditions such as the world interest rate real exchange rate and terms of trade

ricardian equivalence empirical evidence from developing economies abstract the strong underlying assumptions of the barro ricardo equivalence proposition rep raise doubts on its validity especially for developing countries this paper attempts to analyze the validity of the rep and the sources of deviation from rep for a large sample of developing countries although the results are of a mixed nature they suggest that the presence of liquidity constrained individuals may be the source of deviation from the rep the analysis also indicates that public spending is a poor substitute for private consumption and hence implies that temporary increases in public spending may have some expansionary effect on aggregate demand

redistribution of individual pension wealth to survivor pensions evidence from a stated preferences analysis abstract pension schemes in the netherlands allow workers to redistribute their own pension wealth to increase the survivor pension of their partner however due to lacking communication and knowledge of survivor pensions among workers and also due to the lack of transparent products and choice architecture redistribution remains limited this paper uses a stated preferences experiment that is explicitly designed for workers with a partner in the age group of 55 to 65 years to elicit their pension redistribution preferences we find that on average the preferred pension wealth redistribution amounts to 50 35 of all individuals have such a preference 33 of all individuals would prefer less redistribution and 32 percent prefers to redistribute more pension income to the partner upon one s death we further show that total family income during working life does not affect the redistribution to survivor pensions however the distribution of the contribution to total family income before retirement across partners as well as the survival likelihood of the partner and the number of years the partner is expected to survive have a significant causal impact on the preferred pension redistribution decision the preference for redistribution to survivor pensions also depends significantly on personal characteristics preferences and social attitude males have a significantly stronger preference for redistribution compared to females moreover forward looking more risk averse and more altruistic individuals have a stronger preference to redistribute part of their pension wealth to a survivor pension finally in particular when employees have the perception that their partner is more forward looking they are willing to invest more in a survivor pension

ricardian equivalence in the presence of capital market imperfections abstract it is a common claim that ricardian equivalence fails if capital markets are imperfect the validity of this claim is examined for the case of informationally imperfect capital markets we present three alternative models of adverse selection and analyze the effects of debt finance in these models it is shown that a debt financed tax cut can lead to pareto improvement in some cases in the theoretically most preferable model however ricardian equivalence survives in spite of genuine imperfections in the capital market the results point to the importance of specifying the exact nature of imperfection

impatience and equilibrium indeterminacy abstract this paper extends the neoclassical one sector optimal growth model by postulating that individual agents time preference impatience depends on the economy wide average consumption and average income which are social factors taken as external by individual agents the paper shows that with the socially determined individual time preference local equilibrium indeterminacy can arise moreover local indeterminacy can also be associated with global indeterminacy in many cases the results hold in models with bounded and unbounded growth

sustainability as it pertains to minerals and energy supply and demand a new interpretative perspective for assessing progress this paper addresses the pressing research gap that demands an overarching framework to assess the progress of mining minerals and energy supply and demand networks towards sustainable development the framework proposes a hierarchy from sustainable development which begins at the global scale to operating sustainably which begins at the level of unit operations the two concepts overlap in the middle with a focus upon regional economies guidance is provided to assess the performance of both dynamic dimensions sustainable development is assessed in terms of equity and operating sustainably is assessed in terms of the changing states of maturity of the activities being monitored the papers from this special volume were the input sample to assess the extent to which these performance dimensions were being addressed in analysing the progress towards sustainable development it was found that papers were mainly focussed on equity within supply countries but they provided little attention to the other three equity conditions proposed demand met at a reasonable price future needs met and profitable transfer agents the transition towards operating sustainably was promising with results that revealed progress along the proposed four stage maturity journey which includes 1 solely profit maximising 2 efficiency focussed 3 integrating by connecting and 4 adaptable resilient a comprehensive definition for operating sustainably is proposed for discussion and refinement it is suggested that the definition proposed can be used for selecting appropriate indicators for measuring and documenting progress

economic development and time preference schedule the case of japan and east asian nics the constancy of the time preference rate has been a traditional assumption of the literature on intertemporal choice of consumers this chapter examines empirically the validity of the constancy hypothesis of the time preference schedule three alternative hypotheses concerning the time preference rate are investigated the first hypothesis posits that the time preference rate decreases as the economy develops fisher hypothesis the second hypothesis posits that the time preference rate increases as the economy develops uzawa hypothesis the third hypothesis which is a combination of the second and third hypotheses posits that as a nation develops the time preference rate decreases up to a certain point and thereafter the time preference rate increases fukao hamada hypothesis post war annual time series data from taiwan japan and korea are employed to examine these hypotheses i find that the fukao hamada hypothesis is supported for taiwan and japan while the time preference rate is constant for korea

a normative empirical analysis of state duties and corporate responsibilities related to adverse human rights impacts on the amazonian minerals energy frontier abstract the article probes the existence of a minerals energy complex mec a concept developed in south africa to describe the strong interlinkages between the mining and energy sector in the brazilian amazon within the framework of the mec the authors conduct a normative analysis based on the united nations guiding principles for business and human rights ungps of the state duties and corporate responsibilities for adverse human rights impacts in the complex the authors use a single in depth case study approach focussing on the case of the belo monte hydroelectric dam in the amazonian state of para the mec proves to be a useful framework for studying the advancement of hydroelectricity and mining projects on the amazonian frontier the analysis indicates that the brazilian minerals and energy sectors are mutually dependent and have overlapping interests and decision making structures applying the mec framework to the belo monte case serves to clarify and detangle the relationships between the various actors associated with the dam s adverse impacts this provides a foundation for the normative analysis of the responsibilities and actions required of each actor based on the internationally accepted standards in the ungps by applying the mec as an analytical research framework and drawing on the ungps for normative guidance the present study contributes to the academic literature on corporate responsibility as well as providing policy and decision makers with a normative empirical analysis that can be drawn upon to improve policy and ensure that corporate activity contributes to sustainable development

are cleaner production innovations the solution for small mining operations in poor regions the case of padua in brazil abstract mining in santo antonio de padua a city located in the underdeveloped northeast area of the rio de janeiro state in brazil is currently the most important economic activity in the region unfortunately companies lag behind technologically and use rudimentary production methods which cause serious environmental problems social implications and poor competitiveness in order to seek sustainable solutions for the padua mining region local support organizations have created initiatives to develop endogenous cleaner production innovations to enhance the industry s sustainability performance during this process some barriers for mining companies to adopt these developed technologies have emerged this research draws on the cleaner production sustainability and innovation literature and uses a qualitative research with multiple sources of evidence to understand the dynamics behind the padua mining region more specifically this research explores how initiatives to improve the sustainability performance led by local support organizations took place analyzes their outcomes i e cleaner production innovations and identifies some of the barriers to technology adoption this paper offers three key research contributions first we claim that cleaner production approaches alone cannot create sustainable mining regions in emerging and developing countries but they are definitively a step in the right direction since they provide the base for expanding the scope towards sustainability second we argue that technology cannot be understood as the panacea for sustainability because it will never represent the complete solution for companies sustainability problems third we claim that companies can face a managerial trap if they pursue enhanced sustainability performance solely through the adoption of cleaner production innovations

private saving interest rates and liquidity constraints in ldcs recent evidence there is still considerable controversy about the interest rate responsiveness of private saving in developing countries this paper provides recent evidence based on individual country estimations for a sample of 16 countries the model used here follows the uler equation approach and includes rational and forward looking permanent income consumers together with liquidity constrained consumers overall for this sample of countries the results obtained in this paper offer new evidence of a low responsiveness of saving to changes in the interest rate my results also support a strong role of liquidity constraints in these countries

barriers to the development of china s shale gas industry abstract shale gas has become a promising onshore energy prospect in china as much as the country aspires for greater energy independence through the use of its shale gas reserves this process is slowed down by the combined weight of relative inexperience lack of technology geographical complexity a hostile economic environment a disincentive pipeline regime and a complex land ownership system to foster a better understanding of the current circumstances of the country s shale gas sector a panel of scholars and experts shared their perspectives and insider knowledge on china s shale gas industry it was found that some of the country s man made institutional barriers are factors that have been hindering shale gas development in china in addition to natural conditions such as water concerns and the complex geography of shale fields resolving this situation necessitates breaking the monopoly that major state owned oil companies have over high quality shale gas resources opening pipeline network access providing geological data developing the domestic oil service market creating conditions for fair competition between service providers and improving the water management system

responsible mineral and energy futures views at the nexus societal prosperity is underpinned by access to the increasingly interdependent resources of minerals and energy in an era of mineral resource constraints and radical transition in the energy sector this paper reviews the extent to which a long term view of production and use is adopted in both fields a long term view including the mineral energy nexus is deemed to be necessary although not sufficient for managing future resource constraints and energy transitions alarmingly it identifies that the future of minerals resources and production is generally considered 5 10 years ahead rather than several decades or more as for energy additionally the sectors are generally studied independently rather than with a focus on the nexus with these findings as evidence of an unaddressed problem the paper then focusses on the current forces for change in the minerals industry namely community drivers regarding social licence to operate new technologies and consumer and government drivers on responsible minerals as discussions of sustainable development become displaced by the emerging discourse of responsible minerals what is adopted and discarded whilst responsible minerals considers chain of custody it does not adopt a long term view and overlooks the mineral energy nexus using three illustrative cases at the nexus of i rare earths renewables ii coal steel and iii uranium nuclear we extend the theoretical discussion on responsible with a range of contemporary examples from the perspectives of producing australia and consuming countries japan switzerland and propose a research agenda for an expanded notion of responsible minerals which recognises the complexity of the mineral energy nexus and connects it to progressing sustainable futures

tough love and intergenerational altruism this chapter develops and studies a tough love model of intergenerational altruism we model tough love by modifying the barro becker standard altruism model in two ways first the child s discount factor is endogenously determined so lower childhood consumption leads to a higher discount factor later in life second the parent evaluates the child s lifetime utility with a constant high discount factor our model predicts that parental transfers will fall when the child s discount factor falls this is in contrast with the standard altruism model which predicts that parental transfers are independent of exogenous changes in the child s discount factor