An Economic Analysis of the Legal Concept of Trustees' Power of Investment

Authorised trustee status is a legal concept which has economic implications; one of the major implications is that it assists in the direction of investment funds into particular securities and areas of the economy. The concept of authorised trustee status, while attempting to achieve specific outcomes for the beneficiaries of trusts cannot be relied upon to secure these results. Economic analysis of the role of the trustee maintains that this role is one of portfolio manager; a role which is complex but which is explicable in terms of definable procedures and practices. The role of trustee as portfolio manager is one which requires greater financial knowledge than can be assumed is possessed by all trustees. The trustee as portfolio manager is required to maintain a review of decisions make under powers to invest trust assets. A solution to the problem of authorised trustee status is proposed. The solution takes two parts: the first is the adoption of the prudent person approach but with the codification of duties of the trustee and the explicit listing of the factors that a trustee should consider in using the investment powers. The second part of the proposed solution is to link the investment powers of trustees to the best practice features of securities advisers who are now licensed by a regulatory body, the Australian Securities and Investment Commission.

Linking policies for biodiversity conservation with advances in behavioural economics

Global biodiversity loss and its consequences for human welfare and sustainable development have become major concerns. Economists have, therefore, given increasing attention to the policy issues involved in the management of genetic resources. To do so, they often apply empirical methods developed in behavioral and experimental economics to estimate economic values placed on genetic resources. This trend away from almost exclusive dependence on axiomatic methods is welcomed. However, major valuation methods used in behavioral economics raise new scientific challenges. Possibly the most important of these include deficiencies in the knowledge of the public (and researchers) about genetic resources, implications for the formation of values of supplying information to focal individuals, and limits to rationality. These issues are explored for stated-preference techniques of valuation (e.g., contingent valuation) as well as revealed preference techniques, especially the travel cost method. They are illustrated by Australian and Asian examples. Taking into account behavioral and psychological models and empirical evidence, particular attention is given to how elicitation of preferences, and supply of information to individuals, influences their preferences about biodiversity. Policy consequences are outlined.

Employee reactions to behavioural control under conditions of stress: the moderating role of self-efficacy

Extensive research conducted in the occupational stress literature has failed to provide convincing support for the stress-buffering effects of work control on employee adjustment. Drawing on research conducted in the laboratory context, it was proposed that the stress-buffering effects of work control on employee adjustment would be more marked at high, rather than low, levels of self-efficacy. In a sample of 100 customer service representatives, a significant three-way interaction among role conflict, work control and self-efficacy (measured at Time 1) was observed on (low) depersonalization (measured at Time 2). Consistent with expectations, work control reduced the negative effects of work stress on this outcome measure only for employees who perceived high levels of self-efficacy at work. In addition, there was evidence to suggest that self-efficacy moderated the main effects of work control on job satisfaction and somatic health. These findings are discussed hi terms of their theoretical contribution to the job strain model, and also in relation to workplace interventions designed to improve levels of employee adjustment.

Book review of: Choice, Behavioural Economics and Addiction Ruby Vuchinich & Nick Heather, eds

The body of work contained in Choice, Behavioural Economics and Addiction is the result of a conference held at the University of Alabama in Birmingham, 2002. The purpose of the conference was to bring together highly accredited international authors in the field of addiction research pertaining to behavioural choice theories. The conference provided a forum where these theories and their empirical implications could be discussed and debated. This book represents the conference proceedings and as such is a combination of journal articles that each relevant author has published plus additional comments from allocated reviewers.

Bernard Michael Bindon - reproductive physiologist, animal scientist, research leader

This paper is a foreword to a series of papers commissioned on 'the impact of science on the beef industry', where the Beef CRC-related collaborative scientific work of Professor Bernard Michael Bindon will be reviewed. These papers will be presented in March 2006, as part of a 'festschrift' to recognise his wider contributions to the Australian livestock industries for over 40 years. Bindon's career involved basic and applied research in many areas of reproductive physiology, genetics, immunology, nutrition, meat science and more recently genomics, in both sheep and cattle. Together with his collaborators, he made large contributions to animal science by improving the knowledge of mechanisms regulating reproductive functions and in elucidating the physiology and genetics of high fecundity livestock. His collaborative studies with many colleagues of the reproductive biology and genetics of the Booroola Merino were amongst the most extensive ever conducted on domestic livestock. He was instrumental in the development of immunological techniques to control ovulation rate and in examining the application of these and other techniques to increase beef cattle reproductive output. This paper tracks his investigations and achievements both within Australia and internationally. In the later stages of his career he was the major influence in attracting a large investment in Cooperative Research Centres for the Australian cattle industry, in which he directed a multi-disciplinary approach to investigate, develop and disseminate science and technology to improve commercial cattle productivity.

Improved case management and continued government investment are needed for malaria eradication in Henan Province, China

A two-year study of malaria control began in Henan Province following cuts in government malaria spending in 1993. Cost data were collected from all government levels and on treatment-seeking (diagnosis, treatment) from 12,325 suspected malaria cases in two endemic counties. The cost burden was found to fall mainly on patients, but using government infrastructure. Good stewardship requires continuing government investment, to at least current levels, along with improved case management. In mainland China, vivax malaria is a significant factor in poverty and economic underdevelopment.

Regional investment strategies (RIS) and coastal catchment initiative (CCI) project alignmnet to Great Barrier Reef Water Quality Protection Plan

The Great Barrier Reef Water Quality Protection Plan (the Reef Plan) is a joint initiative of the Australian and Queensland Governments. The Reef Plan aims to progress an integrated approach to natural resource management planning by building on the existing partnerships between the different levels of government, industry groups, the community and research providers within the Reef catchments, principally through partnerships with the regional natural resource management (NRM) bodies.

Oral administration of a 12% sucrose solution did not decrease behavioural indicators of distress in piglets undergoing tail docking, teeth clipping and ear notching

Sucrose has been shown to attenuate the behavioural response to painful procedures in human infants undergoing circumcision or blood collection via heelstick. Sucrose has also been found to have a behaviour-modifying effect in neonatal rats exposed to a hot plate. The effect was abolished in neonatal rats by injection of the opioid antagonist naltrexone, suggesting that it was mediated by endogenous opioids. In this experiment, the behaviour of 571 newborn Large White x Landrace hybrid piglets in a specific-pathogen-free piggery of the University of Queensland was recorded during and after the routine management practices of tail docking, ear notching and teeth clipping. Piglets were randomly assigned to receive 1.0 ml of a 12% sucrose solution (treatment group) or a placebo (1.0 ml of air) administered via syringe in the mouth, 60 s before commencement of one of the management procedures. Behaviours were recorded at the time of the procedure, and then 2 min after completion of the procedure. Piglets that received the sucrose solution did not behave significantly differently from piglets receiving the placebo. Regardless of whether sucrose or placebo was administered, piglets undergoing the routine management procedures showed significantly greater behavioural responses than piglets undergoing no procedure. It was concluded that under commercial conditions, a 12% sucrose solution administered I min prior to surgery was not effective in decreasing the behavioural indicators of distress in piglets undergoing routine management procedures, Further research into methods of minimising distress caused to piglets by these procedures is recommended.