Restoration of a Depleted Transboundary Fishery Subject to Climate Change: A Dynamic Investment Under Uncertainty with Information Updates
We model the evolution of a trans-boundary marine fishery, which is based on the harvesting of a single “highly-migratory” stock and is beginning to be impacted by regional oceanic-climate changes. The fish-stock’s range will be composed of a number of jurisdictional zones: namely, its intersection with the EEZ of each coastal country for which that intersection is non-trivial. There may also be a zone within international waters of the high seas. We also assume that management of the fishery is vested in a Regional Fishery Management Organization, whose members are countries that are “direct stakeholders” in the fishery—being either one of the above countries with jurisdictional authority in a zone or a country that has registered fishing vessels that are licensed to harvest in the fishery, or both.
Contrary to the predictions of a large theoretical literature, recent cross-country evidence suggests autocracies can generate statistically indistinguishable levels of private investment compared to democracies. We argue that the previous exclusion of inequality explains part of this puzzle. We model current investment as a function of investors’ beliefs about future tax rates, which are conditioned by the constraints on the Executive in setting tax rates and expropriating tax revenues. In democracies, where tax rates reflect the preferences of the median voter, investment declines with rising inequality. In autocracies, investor beliefs about future tax rates reflect the relative power of Elites compared to the Executive. As inequality rises, the increased resources available to Elites constrains the Executive’s ability to expropriate more tax revenues. The heterogeneous determinants of investor beliefs can explain the observed pattern of investment across regime types. We first test our predictions at the macro-level with cross-country data. We then test the behavioral underpinnings of our model with a novel laboratory experiment showing how inequality affects individual-level investment behavior dependent upon regime type. Results from both types of analyses show that when inequality is taken into account autocracies can generate similar levels of investment to democracies.
The purpose of this work is to critically evaluate the evolution of risk factors and factor models. A systematic and structured literature review is carried out to observe and understand the past trends and extant patterns/themes in the present research area, evaluate contributions and summarize knowledge, thereby identifying limitations, implications and potential directions of further research. The main message from the study is that evolution of risk factors and factor models are continuous and endless development. Still today over 300 risk factors are identified by the researchers and many other yet to be discovered but out of them all only few are significantly responsible in explaining the stock markets risk return relationship. Study classifies risk factors into two groups: global and specific risk factors. Study answer the question ‘whether evolution of risk factors and factor models are endless development’. Finally, the present study gives an appropriate direction to the future studies to be taken in terms of risk factors and factor models. Due to continuous evolution and changing of nature of the risk factor it seems quite impossible to have a stable efficient factor models that can explain stock market risk return relationship globally in long run.
Advances in the bioeconomy lead to a range of innovative products appearing at the consumer markets. However, these products often face consumer resistance. In this chapter we test if a reference point affects approach can provide more information about consumers decision-making regarding novel food products than a random utility approach. We draw on data from a survey and second price Vicrey auction for novel foods with health and environmental benefits. First, we analyze consumer choice within a random utility framework and compare states and revealed preferences. Second, reference point effects are included into the methodological framework and weighted and unweighted models for revealed preferences are obtained. Results of random utility estimations provide information on attributes value and the evidence of overestimated stated preferences. The preference point approach indicates the presence of reference points in the experimental auction data and asymmetrical effects of gains and losses on utility values.
According to the US Energy Information Administration (EIA), 10% of the USA total energy consumption and 13% of electricity generation was coming from renewable resources in 2015. The International Renewable Energy Agency (IRENA) estimates that if renewable resources reached 27% of the US energy mix, it would save the US economy between $30 and $140 billion a year in terms of reduced health effects and CO2 emissions.
We consider certain spaces of functions on the circle, which naturally appear in harmonic analysis, and superposition operators on these spaces. We study the following question: which functions have the property that each their superposition with a homeomorphism of the circle belongs to a given space? We also study the multidimensional case.
We consider the spaces of functions on the m-dimensional torus, whose Fourier transform is p -summable. We obtain estimates for the norms of the exponential functions deformed by a C1 -smooth phase. The results generalize to the multidimensional case the one-dimensional results obtained by the author earlier in “Quantitative estimates in the Beurling—Helson theorem”, Sbornik: Mathematics, 201:12 (2010), 1811 – 1836.
We consider the spaces of function on the circle whose Fourier transform is p-summable. We obtain estimates for the norms of exponential functions deformed by a C1 -smooth phase.