http://espace.library.uq.edu.au/ The University of Queensland en Fez http://blogs.law.harvard.edu/tech/rss http://espace.library.uq.edu.au/view/UQ:76229 The estimated parameters of output distance functions frequently violate the monotonicity, quasi-convexity and convexity constraints implied by economic theory, leading to estimated elasticities and shadow prices that are incorrectly signed, and ultimately to perverse conclusions concerning the effects of input and output changes on productivity growth and relative efficiency levels. We show how a Bayesian approach can be used to impose these constraints on the parameters of a translog output distance function. Implementing the approach involves the use of a Gibbs sampler with data augmentation. A Metropolis-Hastings algorithm is also used within the Gibbs to simulate observations from truncated pdfs. Our methods are developed for the case where panel data is available and technical inefficiency effects are assumed to be time-invariant. Two models-a fixed effects model and a random effects model-are developed and applied to panel data on 17 European railways. We observe significant changes in estimated elasticities and shadow price ratios when regularity restrictions are imposed. (c) 2004 Elsevier B.V. All rights reserved. 2007-08-15T06:20:45Z O'Donnell, Christopher J. og Coelli, Timothy J. http://espace.library.uq.edu.au/view/UQ:161282 2009-01-20T14:35:35Z O'Donnell, Christopher J. og Coelli, Timothy http://espace.library.uq.edu.au/view/UQ:147480 2008-06-06T13:33:04Z Reed, R. http://espace.library.uq.edu.au/view/UQ:84629 2007-08-14T13:48:33Z Campbell, H. F. http://espace.library.uq.edu.au/view/UQ:176965 2009-04-19T09:18:39Z Davidoff, L. og Duhs, A. http://espace.library.uq.edu.au/view/UQ:10437 This paper reviews the development of the concept of native title and its applications up to the passing of the Native Title Act Amendments of 1997. The history of native title prior to the Native Title Act 1993 is briefly outlines, and the main provisions of the Act are discussed. The operation of the right to negotiate process under the Act is then reviewed, and the application of the Act to pastoral leases is discussed. The record of success and failure of negotiation to resolve questions of access to mineral resources is then considered. The structure of property rights to mineral resources I Australia is briefly described, and conditions favouring an efficient outcome to bargaining between mining companies and native title claimants are analysed. Some studies of the effect of native title are briefly reviewed, and it is concluded that there is so far no evidence of any adverse effect. 2004-06-09T00:00:00Z Campbell, H. F. http://espace.library.uq.edu.au/view/UQ:184548 States that the homo economicus abstraction remains dominant in economics, despite a range of criticisms of its use over the years. Many institutionalists, post-Keynesians, neo-Austrians and social economists have insisted that economic analysis must be conducted in an explicit historical context, where the difficulties which economic decision-makers face, because of time irreversibility, structural change and fundamental uncertainty, are taken into account, as well as non-economic influences on economic behaviour. Understandably, there has been a reluctance to construct a competing abstraction with formal properties which are comparable to those of the homo economicus construct. It is argued in this paper that the development of an alternative behavioural abstraction constitutes an important goal, both in terms of clarifying the limitations of homo economicus and providing an analytical basis upon which investigations of economic behaviour in historical time can be built. 2009-10-06T12:04:59Z Foster, J. http://espace.library.uq.edu.au/view/UQ:137068 2008-05-01T15:12:35Z Sun, X. og Sleigh, A. og Li, S. og Carmichael, G. og Jackson, S. http://espace.library.uq.edu.au/view/UQ:150972 2008-06-06T16:55:32Z Longmire, J. og Docwra, G. E. http://espace.library.uq.edu.au/view/UQ:137419 In this paper, we consider the problem of accommodating indigenous cultural heritage values in resource assessment and valuation. We suggest a need for price-based approaches to valuation to be replaced by or complemented with quantitative constraints on the decision space, reflecting the requirement that rights should not be violated. 2008-05-04T23:39:17Z Venn, T. J. og Quiggin, J. C. http://espace.library.uq.edu.au/view/UQ:146876 2008-06-06T12:30:10Z Duraman, H. I. og Tisdell, C. A. og Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:73095 HE PROBIT MODEL IS A POPULAR DEVICE for explaining binary choice decisions in econometrics. It has been used to describe choices such as labor force participation, travel mode, home ownership, and type of education. These and many more examples can be found in papers by Amemiya (1981) and Maddala (1983). Given the contribution of economics towards explaining such choices, and given the nature of data that are collected, prior information on the relationship between a choice probability and several explanatory variables frequently exists. Bayesian inference is a convenient vehicle for including such prior information. Given the increasing popularity of Bayesian inference it is useful to ask whether inferences from a probit model are sensitive to a choice between Bayesian and sampling theory techniques. Of interest is the sensitivity of inference on coefficients, probabilities, and elasticities. We consider these issues in a model designed to explain choice between fixed and variable interest rate mortgages. Two Bayesian priors are employed: a uniform prior on the coefficients, designed to be noninformative for the coefficients, and an inequality restricted prior on the signs of the coefficients. We often know, a priori, whether increasing the value of a particular explanatory variable will have a positive or negative effect on a choice probability. This knowledge can be captured by using a prior probability density function (pdf) that is truncated to be positive or negative. Thus, three sets of results are compared:those from maximum likelihood (ML) estimation, those from Bayesian estimation with an unrestricted uniform prior on the coefficients, and those from Bayesian estimation with a uniform prior truncated to accommodate inequality restrictions on the coefficients. 2007-08-14T12:54:23Z Griffiths, W. E. og Hill, R. C. og O'Donnell, C. J. http://espace.library.uq.edu.au/view/UQ:10734 The two basic models used for constructing price indexes for durable assets (such us real estate assets) have been the hedonic and repeated sales models. Case and Quigley (1991)-CQ proposed a generalized least squares (GLS) procedure to estimate a combined (single and repeated sales information) model (CSRS). Hill, Knight and Sirmans (1997)-HKS proposed a maximum likelihood procedure to estimate the CSRS accounting for the autocorrelated error process in the hedonic model. Rambaldi, Hill and Doran (2003)-RHD proposed a methodology based on interpolating incomplete observations. The sale price of a particular asset, a house for instance, can be viewed as an incomplete time series since the price is observed only when a sale occurs. The method proposed by RHD can estimate a CSRS model with autocorrelated errors using a maximum likelihood estimator. It improves on HKS in that it also produces time-space consistent interpolations (model's prediction of repeated sales always equal the actual observations) and explicitly estimates a cross-sectional correlation parameter. The present paper compares RHD to traditional estimators as well as the HKS estimator through a simulation experiment. 2004-08-13T00:00:00Z Rambaldi, Alicia N. og Hill, R. Carter og Knight, John http://espace.library.uq.edu.au/view/UQ:176997 2009-04-19T12:42:12Z Svetchnikova, D. og Rambaldi, A.N. og Strachan, R. http://espace.library.uq.edu.au/view/UQ:172315 2009-03-27T14:40:00Z Shepherd, W. F. og Rao, Dodla S. P. http://espace.library.uq.edu.au/view/UQ:81329 A theory of value sits at the core of every school of economic thought and directs the allocation of resources to competing uses. Ecological resources complicate the modem neoclassical approach to determining value due to their complex nature, considerable non-market values and the difficulty in assigning property rights. Application of the market model through economic valuation only provides analytical solutions based on virtual markets, and neither the demand nor supply-side techniques of valuation can adequately consider the complex set of biophysical and ecological relations that lead to the provision of ecosystem goods and services. This paper sets out a conceptual framework for a complex systems approach to the value of ecological resources. This approach is based on there being both an intrinsic quality of ecological resources and a subjective evaluation by the consumer. Both elements are necessary for economic value. This conceptual framework points the way towards a theory of value that incorporates both elements, so has implications for principles by which ecological resources can be allocated. (c) 2005 Elsevier B.V. All rights reserved. 2007-08-15T09:40:37Z Straton, A. http://espace.library.uq.edu.au/view/UQ:167597 2009-03-13T16:26:20Z Rambaldi, A. N. og Rao, D. S. P. og Doran, H. E. http://espace.library.uq.edu.au/view/UQ:176111 2009-04-16T09:22:24Z Asafu-Adjaye, John og Tapsuwan, Sorada http://espace.library.uq.edu.au/view/UQ:60635 This paper analyses the different indices applied for the measurement of human development as constructed by the United Nations Development Program. Of special interest is the Gender Development Index (GDI), introduced in the 1995 Human Development Report and the Gender Empowerment Measure (GEM). In light of the mate bias in the Indian socioeconomic context, the application of the GDI and GEM acquires special significance. A critical appraisal of their theoretical base and their application has been undertaken in this paper. The conclusion is that GDI and GEM. although praise-worthy achievements on the part of the UNDP, do not adequately reflect or measure male/female disparity in the Indian context. Both indices suffer from the weakness of employing a pre-assigned value of the Gender Sensitive Equity Indicator. They also exhibit several other shortcomings, outlined here. GDI is a poor indicator of the relative deprivation of females as shown by our analysis of the relationship between the GDI and the female/male ratio for 16 Indian core states. 2007-08-14T16:41:35Z Tisdell, C og Roy, K og Ghose, A http://espace.library.uq.edu.au/view/UQ:155411 This paper reviews forestry seedling production systems in South-east and East Asia and identifies problems with respect to seedling quality, seedling distribution and financial sustainability, and measures which have been adopted or advocated to improve performance in this sector. The paper draws in particular on experience in a series of research projects on smallholder forestry in the Philippines. Some observations are also drawn from the following papers in this combined special issue of Small-scale Forestry. It is found that a mix of public and private sector models are adopted for forestry seedling production, between and even within countries. Often nurseries are set up to provide seedlings for a government-directed expansion in tree planting, and have difficulty surviving once the initial planting purpose is completed. Private nurseries often lack resources, and depend on contracts to supply seedlings for financial viability. Demand tends to be highest for fast-growing species (often exotics), fruit trees, and ornamentals in the case of urban nurseries. Government policies typically favour quantity over quality of the seedlings produced. Considerable scope exists for adopting best or at least improved management practice in seedling nurseries. 2008-09-30T10:58:30Z Harrison, Steve og Gregorio, Nestor og Herbohn, John http://espace.library.uq.edu.au/view/UQ:70237 2007-08-14T11:43:33Z Duhs, L.A. http://espace.library.uq.edu.au/view/UQ:176272 A derivative-based measure of economies of scope is obtained by exploiting the duality between the shadow cost function and the input distance function. This is a useful measure when the econometric estimation of a cost function is not viable. 2009-04-16T13:15:35Z Hajargasht, Gholamreza og Coelli, Tim og Rao, D.S.Prasada http://espace.library.uq.edu.au/view/UQ:78196 2007-08-15T07:34:34Z Quiggin, J. C. http://espace.library.uq.edu.au/view/UQ:82922 This paper develops an evolutionary theory of adaptive growth, understood as a product of structural change and economic self-transformation, based upon processes that are closely connected with but not reducible to the growth of knowledge. The dominant connecting theme is enterprise, the innovative variations it generates and the multiple connections between investment, innovation, demand and structural transformation in the market process. The paper explores the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. It is shown how industry growth rates are constrained by higher-order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system. 2007-08-15T10:40:31Z Metcalfe, JS og Foster, J og Ramlogan, R http://espace.library.uq.edu.au/view/UQ:96485 2007-08-24T00:35:33Z Chaloupka, M. og Robinson, J. J. og Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:62173 2007-08-14T17:41:52Z Mahadevan, R. http://espace.library.uq.edu.au/view/UQ:74016 2007-08-15T04:58:40Z Mahadevan, R http://espace.library.uq.edu.au/view/UQ:60114 2007-08-14T16:17:28Z Araya, B. og Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:176699 2009-04-17T12:42:49Z Le, T. http://espace.library.uq.edu.au/view/UQ:137393 Increasing integration of the Asian Tigers with the world economy through trade has exposed their income and trade to greater uncertainty and volatility. This paper models uncertainty in trade and income and re-examines the stability of the trade-growth nexus for Japan and the Asian Tigers in a dynamic framework. We find that in a volatile environment Japan's GDP growth is only import-led while Hong Kong's GDP growth is both export and import growth-led. On the other hand, incorporating uncertainty breaks the causal link between Korea's GDP growth and trade but it does not affect Taiwan's mutually causative relationship between GDP growth, with exports and imports. Lastly, the varied qualitative and quantitative impact of volatility in imports and exports on income growth among the Asian Tigers provides further thought for policy making. 2008-05-04T18:38:10Z Mahadevan, Renuka og Suardi, Sandy http://espace.library.uq.edu.au/view/UQ:78741 2007-08-15T07:54:11Z Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:168946 2009-03-16T15:56:22Z Hayward, David og Quiggin, John http://espace.library.uq.edu.au/view/UQ:104625 2007-08-23T22:30:14Z Campbell, H F http://espace.library.uq.edu.au/view/UQ:66742 2007-08-15T02:16:12Z Mahadevan, R. http://espace.library.uq.edu.au/view/UQ:61348 By describing and discussing Australian data on outbound tourism, this paper investigates the bimodal (double peaked) lifecycle pattern predicted and observed in the literature. These theories are primarily based on demand for holiday tourism, but tourists do not just go overseas for this purpose, with visiting friends and relatives, business, convention and conference, employment and educational tourism relevant purposes also. Trips overseas by Australians are split into these groups, enabling the age-related lifecycles of each to be examined separately. Unlike holiday tourism, all other purposes are unimodal, although they vary with respect to the age groups at which they peak and their relative positions. 2007-08-14T17:08:05Z Collins, D. og Tisdell, C. A. http://espace.library.uq.edu.au/view/UQ:176884 2009-04-17T16:24:28Z Mahadevan, R. og Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:138312 High population pressure and the rapid pace of human activity including urbanization, industrialization and other economic activities have led to a dwindling supply of arable land per capita and a process of agricultural intensification in South Asia. While this process has significantly increased food production to feed the growing population, it has also entailed considerable damage to the physical environment, including degradation and depletion of natural resources and unsustainable use of land and water resources. This paper employs the analytical tools of economic theory, environmental and ecological economics to model the impact of irrigation in South Asia. It underscores the need for an eclectic approach to policy responses stemming from private and common property rights theories, externality theory and sustainability theory with a view to environmentalizing agricultural development. 2008-05-13T14:08:07Z Alauddin, Mohammad og Quiggin, John http://espace.library.uq.edu.au/view/UQ:146882 2008-06-06T12:30:25Z Tisdell, C. A. og Dragun, A. http://espace.library.uq.edu.au/view/UQ:60386 2007-08-14T16:31:24Z Riethmuller, P http://espace.library.uq.edu.au/view/UQ:160868 This report discusses research conducted in the eastern Darling Downs of southern Queensland and the northern tablelands of New South Wales covering: • landholder attitudes to farm forestry • the development of a whole-farm financial model – the Australian Farm Forestry Financial Model – that evaluates the financial returns and feasibility of forestry within the farm business • the construction and evaluation of regional farm forestry case studies • the development of a multi-objective decision-support system (MODSS) for evaluation of forestry options from a regional and farm perspective. The project addresses an identified need for additional financial information and decision-support systems for farm forestry at the individual property as well as catchment and regional level. The research provides farmers and policy makers with a multipurpose decision support system (DSS) that will allow comprehensive assessment of the suitability, sustainability and 2009-01-15T15:09:52Z Harrison, S. R. og Emtage, N. F. og Herbohn, J. L. og Cockfield, G. og Davidson, J. og Jeffreys, I. og Lawrence, P. og Norman, P. og Thompson, D. http://espace.library.uq.edu.au/view/UQ:84627 2007-08-14T13:48:30Z Brown, R P http://espace.library.uq.edu.au/view/UQ:60116 2007-08-14T16:17:32Z Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:84650 2007-08-14T13:49:20Z Kamalakanthan, A og Jackson, S http://espace.library.uq.edu.au/view/UQ:136404 2008-04-28T11:24:23Z Campbell, H.F. og Kennedy, J.O.S. http://espace.library.uq.edu.au/view/UQ:8431 This paper explores the significance of Potts (2000) claim that the key difference between orthodox and heterodox economics lies in the former viewing the economy as a mathematical field in which everything is connected to everything else, and the latter viewing it as a complex system in which only some elements are connected. It considers the types of connections in economic systems that different economists have focused upon and the significance of the degree of connectivity for how economic systems function. Topics explored include separable consumer networks, separable utility functions, checklist-based decision rules, lifestyles, goodwill and the nature of business strategies. 2006-05-05T00:00:00Z Earl, Peter E http://espace.library.uq.edu.au/view/UQ:68695 2007-08-14T11:08:20Z Davis, R. og Tisdell, C. A. http://espace.library.uq.edu.au/view/UQ:176107 The central common feature of a number of recent technological developments (collectively referred to as Web 2.0) is collaborative production of content on an amateur basis, that is, for motives other than commercial reward. Amateur production of content generates significant external benefits that are shared by society in general. Indeed the amateur production of various types of content is probably more socially beneficial since it is typically given away free The individual and social benefits of such activity therefore justify public policy responses to the opportunity now before us. 2009-04-16T09:09:49Z Quiggin, John http://espace.library.uq.edu.au/view/UQ:137417 Using the concept of almost-objective acts, due to Machina, this paper shows that ambiguity aversion may be defined in terms of the value of information. In particular, for expected utility preferences, the value of information with respect to almost-objective acts is asymptotically equal to zero. 2008-05-04T23:16:53Z Quiggin, J. C. http://espace.library.uq.edu.au/view/UQ:70724 This paper presents a metafrontier production function model for firms in different groups having different technologies. The metafrontier model enables the calculation of comparable technical efficiencies for firms operating under different technologies. The model also enables the technology gaps to be estimated for firms under different technologies relative to the potential technology available to the industry as a whole. The metafrontier model is applied in the analysis of panel data on garment firms in five different regions of Indonesia, assuming that the regional stochastic frontier production function models have technical inefficiency effects with the time-varying structure proposed by Battese and Coelli ( 1992). 2007-08-15T03:40:57Z Battese, GE og Rao, DSP og O'Donnell, CJ http://espace.library.uq.edu.au/view/UQ:51806 This study analyzes data on migrants' remittances using a two-period theory of intergenerational transfers based on an informal, intrafamilial loan arrangement using weak altruism, a behavior between strong altruism and pure self-interest. The model provides an integrated theory of migrants' remittances, human capital investment decisions, and intrafamilial transfers applicable to low-income countries with no official pension schemes and imperfect capital markets. Propositions, derived from the theory, are tested, re-analyzing original survey data on remittances of Pacific island migrants in Sydney. When weak altruism and strong altruism yield opposite predictions, the econometric results tend to confirm the former hypothesis and invalidate the latter. 2007-08-13T15:16:49Z Brown, R. P. og Poirine, B.