Love You to Death: Tale of Two Japanese Seals

The recent two cases related to seals in Japan illustrate the nature of the “values” created for animals in today’s societies: one that appeared in a river in Tokyo and gained a national pop star fame, the other supposedly extinct Japanese seal re-gaining an endangered status. This paper argues that the contrast of these cases exemplifies the images and values of nature are created, and the “wilderness” becomes over-romanticised and idealised as societies become further removed from the biosphere. This questions the meaning of the intrinsic value of nature—can it be totally free from our social needs and vested interest; is a truly bio-centric perspective possible? The paper suggests the irrelevance of the eco-centric- anthropocentric dichotomy to today’s social contexts where complex socio-cultural, economic, political issues are interwoven.

The importance of the relevance of the issue to the group in voting intentions: The case of the Australian republic referendum

A questionnaire was distributed on the Australian republic issue to examine the interplay between norms and relevance of the issue to the group on voting intentions. Supporters of an Australian republic (N = 188) indicated the level of support for a republic within their peer Group, the relevance of the republic issue to the group, and measures designed to assess voting intentions and other attitude outcomes. Analysis revealed an interaction between normative support and relevance of the issue to the group. On the measure of intention, increasing normative support was associated with increased intention to vote in an attitude-consistent way at both relevance levels, but the effect was heightened when the issue was highly relevant to the group. On the outcomes of willingness to express opinion and perceived personal importance of the republic issue, normative support had a positive effect only when the issue was highly relevant to the group. Mediation analyses revealed that the impact of normative support and group relevance on intention were mediated through perceived personal importance of the republic issue.

On the robustness of short-term interest rate models

This paper investigates the robustness of a range of short–term interest rate models. We examine the robustness of these models over different data sets, time periods, sampling frequencies, and estimation techniques. We examine a range of popular one–factor models that allow the conditional mean (drift) and conditional variance (diffusion) to be functions of the current short rate. We find that parameter estimates are highly sensitive to all of these factors in the eight countries that we examine. Since parameter estimates are not robust, these models should be used with caution in practice.

Inflation expectations, interest rates and arbitrary income transfers

Unexpected inflation, disinflation or deflation cause arbitrary income transfers between an economy's borrowers and lenders. This redistribution results from distorted real interest rates that are too high when price level changes are over-predicted and too low when they are under-predicted. This article shows that in Australia's case, inflation expectations were mostly biased upwards throughout the 1990s, according to the Melbourne Institute of Applied Economic and Social Research series and to a new derived series based on bond yields, implying that real interest rates were too high over this time. In turn, this caused substantial arbitrary income transfers from debtors to creditors, estimated to have averaged up to 3 per cent of gross domestic product over the period.