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  • Management Accounting Research 12/2012; 23(4):225–228. DOI:10.1016/j.mar.2012.09.005
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    ABSTRACT: The gradualist approach to trade liberalization views the uniform tariffs implied by MFN status as an important step on the path to free trade. We investigate whether a regime of uniform tariffs will be preferable to discriminatory tariffs when countries engage in non-cooperative interaction in multilateral trade. The analysis includes product differentiation and asymmetric costs. We show that with the cost asymmetry the countries will disagree on the choice of tariff regime. When the choice of import tariffs and export subsidies is made sequentially the uniform tariff regime may not be sustainable, because of an incentive to deviate to a discriminatory regime. Hence, an international body is needed to ensure compliance with tariff agreement. KeywordsMFN clause–Product differentiation–Discriminatory tariffs
    Open Economies Review 01/2011; 22(5):847-874. DOI:10.1007/s11079-010-9178-9
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    ABSTRACT: Tests for cointegration with allowance for structural breaks using the extrema of residual-based tests over subsamples of the data are considered. One motivation for the approach is to formalize the practice of data snooping by practitioners, who may examine subsamples after failing to find a predicted cointegrating relationship. Valid critical values for such multiple testing situations may be useful. The methods also have the advantage of not imposing a form for the alternative hypothesis–in particular slope vs. intercept shifts and single versus multiple breaks–and being comparatively easy to compute. A range of alternative subsampling procedures, including sample splits, incremental and rolling samples are tabulated and compared experimentally. Shiller’s annual stock prices and dividends series provide an illustration.
    Computational Statistics & Data Analysis 11/2010; DOI:10.1016/j.csda.2010.01.028
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    ABSTRACT: We analyze three rules for updating neo-additive capacities. Only for Generalized Bayesian Updating is relative optimism the same for both updated and unconditional capacities. For updates of the other two, either the updated capacity is fully optimistic or fully pessimistic.
    Economics Letters 05/2010; 107(2):91-94. DOI:10.1016/j.econlet.2009.12.035
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    ABSTRACT: ‘Behaviour change’ is one of the major concerns for academics and practitioners concerned with tackling climate change. Research amongst tourism geographers has conventionally focussed on the various choices that individuals can make, both before and during their holidays, to reduce environmental footprints, specifically through the use of sustainability criteria. However, whilst there is a developing understanding of the motivations for sustainable tourism practices, there is less appreciation of the relationship tourist practices have to everyday environmental activities in and around the home. This latter issue has been researched extensively by social psychologists and environmental sociologists. Accordingly, the paper will draw upon these two existing bodies of research to argue that a holistic understanding of ‘sustainable lifestyles’ is needed if effective behavioural change strategies for climate change are to be developed, revealing the complexities of contemporary environmental practices. Using data from a recent British Academy research project, the paper will explore the changing nature of sustainable lifestyles and will demonstrate the relationships between home- and tourism-based environmental practices. The paper will argue that whilst individuals are relatively comfortable with participating in a range of environmental behaviours in and around the home, the transference of these practices to tourism contexts can be problematic. This is particularly the case for high-consumption activities such as low-cost air travel. The paper concludes by arguing that both academics and policy makers need to re-frame their notions of ‘sustainable lifestyles’, transcending a series of practices and contexts.
    Journal of Transport Geography 05/2010; DOI:10.1016/j.jtrangeo.2009.08.007
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    ABSTRACT: Tax fraud is an issue of increasing importance in China. One particularly significant fraud involves excessive claims for the rebate of VAT on exported goods. This fraud has two interesting features. First, it requires the collusion of an intermediary to supply the false documentation that supports a rebate application. Second, the punishment schedule is convex—with capital punishment used in major fraud cases. These features ensure that the payoff function of a firm engaging in fraud is strictly concave in the level of fraud. This gives a well-defined optimization without the need to appeal to risk aversion. We show that the existence of fraud does not affect the real output decision of the firm nor the tax policy of the government. Audit resources can be used to detect firms engaged in fraud as well as the intermediaries who supply false documents. Under reasonable assumptions it is shown that resources should be focused on detecting firms and not intermediaries. Finally, if the government must take action on fraud a convex punishment scheme is shown to be optimal.
    International Review of Law and Economics 03/2010; DOI:10.1016/j.irle.2009.08.002
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    ABSTRACT: a b s t r a c t Recent changes in land use for tourism and recreation have been driven by socio-demographic shifts, increases in disposable time and incomes, technological changes, transport developments, and emerging systems of policy and governance. Combined with changes in consumption preferences, these have led to general but differentiated increases in tourism and recreation. Outbound tourism has grown more rapidly than inbound, which has led to some displacement of land use demands. In the case of recreation, there are shifts between at home and outdoor recreation, and changes in the content and location of each. The resulting land use trends can be understood in regional, intra-regional (urban versus rural versus coastal) and temporal terms. Future trends are considered in terms of how this broad set of drivers and the relationships between them are being and are likely to be transformed.
    Land Use Policy 12/2009; DOI:10.1016/j.landusepol.2009.10.003
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    ABSTRACT: Two outcome-based defence contracts are studied in the attempt to better understand the provision of services in maintenance, repair and overhaul (MRO) environment that is contracted on the outcome of the equipment, rather than the provision of equipment. The nature of the contract changes the dynamics of the delivery, bringing complex issues such as customer behaviours and involvement to the forefront, with both customer and firm focused on value co-creation and co-production, rather than each party’s contractual obligation. We uncover four areas that are crucial in the understanding of value co-production in service delivery and analysed them through a systems approach combined with the application of the service-dominant logic, both considered as the theoretical underpinnings of service science.
    European Management Journal 12/2009; DOI:10.1016/j.emj.2009.05.002
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    ABSTRACT: Contest theory has been used in Industrial Organization to describe phenomena like R&D races, or efforts to defend a monopoly position. When pricing behavior is constrained by regulators, competition can also take the form of a contest. This paper reports on an experimental test of the effects of asymmetry in the Tullock contest success function. Both the simultaneous-move and sequential-move frameworks are considered. Despite high levels of overbidding across the different conditions, the introduction of asymmetries in the contest function generates experimental behavior on aggregate qualitatively consistent with the theoretical predictions. At the individual level, behavior seems divided into those subjects who bid very high amounts and those who bid very low amounts.
    International Journal of Industrial Organization 09/2009; 27(5):582-591. DOI:10.1016/j.ijindorg.2009.01.004
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    ABSTRACT: In this paper, we develop a momentum trading strategy based on the low frequency trend component of the spot exchange rate. Using kernel regression and the high-pass filter of Hodrick and Prescott [Hodrick, R., Prescott, E., 1997. Post-war US business cycles: An empirical investigation. Journal of Money, Credit and Banking 29, 1–16], we recover the non-linear trend in the monthly exchange rate and use short-term momentum in this to generate buy and sell signals. The low frequency momentum trading strategy offers greater directional accuracy, higher returns and Sharpe ratios, lower maximum drawdown and less frequent trading than traditional moving average rules. Moreover, unlike traditional moving average rules, the performance of the low frequency momentum trading strategy is relatively robust across different time periods. The low frequency momentum trading strategy is also robust to the choice of smoothing parameter (in the case of the HP filter) and the distribution and bandwidth parameter (in the case of kernel regression) over a wide range of values.
    SSRN Electronic Journal 09/2009; 33(9):1575–1585. DOI:10.1016/j.jbankfin.2009.03.003
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