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:204378 2010-04-25T16:54:01Z Tisdell, C. A. http://espace.library.uq.edu.au/view/UQ:161282 2009-01-20T00:00:00Z O'Donnell, Christopher J. og Coelli, Timothy 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. 2007-08-15T00:00:00Z O'Donnell, Christopher J. og Coelli, Timothy J. http://espace.library.uq.edu.au/view/UQ:147480 2008-06-06T00:00:00Z Reed, R. http://espace.library.uq.edu.au/view/UQ:84629 2007-08-14T00:00:00Z Campbell, H. F. http://espace.library.uq.edu.au/view/UQ:176965 Aboriginal welfare policy of recent decades has been widely rejected as a failure. Radically different policies are now being trialed, in recognition of the continuing large gap between indigenous and non-indigenous living standards. Some Aboriginal leaders themselves have called for a rejection of the passive welfare policies of the past, in acceptance of a Friedman-style critique of ‘money for nothing’ welfare handouts, while nonetheless calling for a Sen-style capabilities approach to the policy needs of the future. 2009-04-19T00:00:00Z Davidoff, Laura og Duhs, Alan 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. 2009-10-06T00:00:00Z Foster, J. http://espace.library.uq.edu.au/view/UQ:289270 This article argues that abstract knowledge in the form of formally developed theory plays an increasingly important role in the economy and in financial innovation in particular. Abstract knowledge is easily reified, and this is an aspect of knowledge work that is insufficiently researched. In this article, we problematize reification of abstract knowledge in financial innovation from wisdom, ethics, and social network analysis perspectives. This article, therefore, considers the composition and structures of financial innovation networks that help avoid reification by building ethicality through social practice wisdom. Finally, we discuss future directions that empirical ethics research can take. 2013-01-17T14:10:12Z Rooney, David og Mandeville, Tom og Kastelle, Tim http://espace.library.uq.edu.au/view/UQ:137068 2008-05-01T00:00:00Z Sun, X. og Sleigh, A. og Li, S. og Carmichael, G. og Jackson, S. http://espace.library.uq.edu.au/view/UQ:183626 This paper examines a three-period model of an investment decision in a network industry characterized by demand uncertainty, economies of scale and sunk costs. In the absence of regulation we identify the market conditions under which a monopolist decides to invest early as well as the overall welfare generated by this decision. In a regulated environment, we consider a vertically integrated network provider that is required to provide access to downstream competitors and compare two distinct access pricing methodologies: the Efficient Component Pricing Rule (ECPR) and the Option to Delay Pricing Rule (ODPR). We identify the welfare-maximizing access prices using the unregulated market output as a benchmark and show that optimal access regulation depends on market conditions (that is, the nature of demand) with two possible outcomes: (i) access prices that provide a positive payoff to the incumbent, that is, provide a positive compensation to account for the option to delay; and (ii) access prices that yield a zero payoff to the incumbent. Moreover, unlike the earlier literature that argues in favor of an ECPR-type methodology to account for the interaction between irreversibility and demand uncertainty, we find that, except under very specific conditions, an access price that accounts for the option to delay value is welfare-superior to the ECPR. 2009-09-04T10:26:29Z Camacho, Fernando T. og Menezes, Flavio M. http://espace.library.uq.edu.au/view/UQ:150972 2008-06-06T00:00:00Z 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, Tyron J. og Quiggin, John http://espace.library.uq.edu.au/view/UQ:299981 2013-05-12T01:11:01Z Asafu-Adjaye, John og Wianwiwat, Suthin http://espace.library.uq.edu.au/view/UQ:285524 2012-11-15T15:25:49Z John Asafu-Adjaye og Suthin Wianwiwat http://espace.library.uq.edu.au/view/UQ:299977 This paper applies a computable general equilibrium (CGE) model of the Thailand economy to analyse the government's recent renewable energy development plan. This plan aims to increase domestic energy use from renewable sources to replace fossil fuel imports. The study simulated specific policies contained in the plan. Among other things, we found that promoting biofuel use causes a rapid increase in the price of biofuel and biofuel feedstock in the short run, whereas these prices only increase slightly in the long run due to more elastic supplies. Furthermore, the prices of food including other products marginally increase, implying that food security is not undermined by the policy. On the basis of the findings, the study recommends review of some of the targets because they were found to be too high, and a phasing in of others. 2013-05-12T01:07:57Z Wianwiwat, Suthin og Asafu-Adjaye, John http://espace.library.uq.edu.au/view/UQ:146876 2008-06-06T00:00:00Z Duraman, H. I. og Tisdell, C. A. og Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:217987 2010-10-07T00:00:00Z Tisdell, Clem http://espace.library.uq.edu.au/view/UQ:254673 2011-10-10T15:09:12Z Zhao, Xufu og Tisdell, Clem 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. 2007-08-14T00:00:00Z 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 2009-04-19T00:00:00Z Svetchnikova, D. og Rambaldi, A.N. og Strachan, R. http://espace.library.uq.edu.au/view/UQ:172315 2009-03-27T00:00:00Z 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. 2007-08-15T00:00:00Z Straton, A. http://espace.library.uq.edu.au/view/UQ:167597 2009-03-13T00:00:00Z Rambaldi, A. N. og Rao, D. S. P. og Doran, H. E. http://espace.library.uq.edu.au/view/UQ:176111 2009-04-16T00:00:00Z Asafu-Adjaye, John og Tapsuwan, Sorada http://espace.library.uq.edu.au/view/UQ:207165 This paper examines the long-run dynamic relationship between openness, migration and economic growth for Australia and Canada through the estimation of a long-run aggregate production function for each economy using the Johansen (1988) procedure. Through the disaggregation of the capital input vector entering into each cointegrating relationship, the paper also provides new evidence concerning the importance of human capital, dwelling capital, government infrastructure capital and research and development capital for long-run economic growth. The estimates from the empirical analysis suggest that net migration, openness and integration favours the productivity and growth performance of both Australia and Canada, although the magnitude of these relationships is not large. 2010-07-08T11:10:16Z Bodman, Philip M. 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, Clem og Roy, Kartik og Ghose, Ananda http://espace.library.uq.edu.au/view/UQ:221925 2010-11-22T00:00:00Z Moorcroft, Karen. http://espace.library.uq.edu.au/view/UQ:70237 2007-08-14T00:00:00Z Duhs, L.A. 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, J. Stan og Foster, John og Ramlogan, Ronnie http://espace.library.uq.edu.au/view/UQ:155379 2008-09-27T00:00:00Z Bell, Paul William http://espace.library.uq.edu.au/view/UQ:201834 2010-04-06T16:58:41Z Sakuma, Itsuo og Rao, D.S. Prasada og Kurabayashi, Yoshimasa http://espace.library.uq.edu.au/view/UQ:220098 2010-11-10T11:05:02Z Roy, Kartik og Medhekar, Anita http://espace.library.uq.edu.au/view/UQ:96485 2007-08-24T00:00:00Z 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:275392 This paper develops a dual economy endogenous growth model to consider the effects of market structure and innovation on the rate of growth of an economy. There is an innovative goods sector where firms consistently invest in research and development to produce new products within a framework of monopolistic competition. Firms in the traditional goods sector produce a homogenous good, compete in a form of oligopoly (quantity competition), and seek to reduce their production costs. It is shown that growth is increasing in the market power that firms in the innovative goods sector obtain but decreasing in the equilibrium number of firms in the traditional goods sector. 2012-06-06T10:58:28Z Le, Thanh http://espace.library.uq.edu.au/view/UQ:176699 2009-04-17T00:00:00Z Le, T. http://espace.library.uq.edu.au/view/UQ:176272 2009-04-16T13:15:35Z Hajargasht, Gholamreza og Coelli, Tim og Rao, D. S. Prasada 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. 2008-05-04T00:00:00Z Mahadevan, Renuka og Suardi, Sandy http://espace.library.uq.edu.au/view/UQ:78741 2007-08-15T00:00:00Z Asafu-Adjaye, J. http://espace.library.uq.edu.au/view/UQ:255636 This paper considers stock price manipulation by a dynamic informed trader. We provide a simple proof of the existence of manipulation in a market in a standard sequential trade model. We also give the lower bound of the number of trading periods for the existence of manipulation in equilibrium and show that if the number of trading periods is larger than that lower bound, every equilibrium involves stock price manipulation. Irrespective of the prior of the market maker, if the informed trading probability is high enough, every equilibrium involves manipulation. 2011-10-13T14:53:49Z Takayama, Shino http://espace.library.uq.edu.au/view/UQ:168946 2009-03-16T00:00:00Z Hayward, David og Quiggin, John http://espace.library.uq.edu.au/view/UQ:104625 2007-08-23T00:00:00Z 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:240381 2011-04-25T05:17:50Z Chatterton, Paul og Bun, Yati og Hunt, Colin og Wimp, Kathy og Eddowes, Peter http://espace.library.uq.edu.au/view/UQ:261448 2011-11-15T00:00:00Z Maddison, Angus og Rao, D. S. Prasada