Dead man walking : an empirical reassessment of the deterrent effect of capital punishment using the bounds testing approach to cointegration

This paper empirically estimates a murder supply equation for the United States from 1965 to 2001 within a cointegration and error correction framework. Our findings suggest that any support for the deterrence hypothesis is sensitive to the inclusion of variables for the effects of guns and other crimes. In the long run we find that real income and the conditional probability of receiving the death sentence are the main factors explaining variations in the homicide rate. In the short run the aggravated assault rate and robbery rate are the most important determinants of the homicide rate.

Scientific proof that humans enjoy punishing wrongdoers: The implications for punishment and sentencing

Recent developments in brain science confirm that as a race we are in fact a punitive lot. Human beings actually derive pleasure from inflicting punishment on wrongdoers. We are wired in such a way that the part of our brain that reports pleasure is activated when we punish norm violators. This is even when punishment has no tangible or demonstrable benefits. However, we are not slaves lo our emotions. Another region of our brain 'kicks-in' if punishment becomes self-defeating, in that it conflicts with our other interests. The implications of this research for punishment theory and the practice of sentencing are discussed in this paper. The findings give qualified support to the theory known as intrinsic retributivism, but do not suggest it is the soundest theory of punishment. This is because we stop punishing when it comes at a cost to us. The good feeling that punishment invokes in punishers is another consequential consideration in favour of the utilitarian theory of punishment. However, it is not clear that the utilitarian calculus is necessarily affected by the findings. The main implication of the research findings relates to the relevance of public opinion to sentencing practice. The findings support the view that public sentiment, which seems to support increasingly tougher sanctions, can be curtailed of the public are informed that punishment comes of a cost to community.

Performance assessment, vulnerability, human capital, and the allocation of aid among developing countries

Developing country performance with respect to economic policies and institutional behavior is a common criterion for the allocation of aid among recipient countries. This paper examines how performance is used, arguing that performance is too narrowly defined. A more appropriate definition is one that controls for the economic vulnerability and human capital of developing countries. Econometric analysis of cross-section and panel data is presented that supports this contention. The paper also contends that performance and exogenous economic shocks are likely to be pro-cyclical. This implies a double punishment when aid is allocated according to performance. Evidence of such punishment is also provided. The paper concludes by arguing that economic vulnerability and human capital variables should augment performance measures in aid allocation decision-making.

New voice, same story? Social entrepreneurship and active social capital formation

The development of the third sector in Australia has involved the negotiation of varying forms of state and market regulatory mechanisms. In the course of these settlements, ground-up initiatives have often found that authenticity is only the starting point on journeys that end in incorporation. Social entrepreneurship is an emerging set of ideas which attempts to hold on to the authentic and unique elements generated by grassroots actions. What are its chances of success? This article sets out to answer this question through a discussion of regulation and social capital. A four-fold model of social cap ita I formation is advanced which outlines 'defensive', 'consolidative', 'inclusive' and 'regulated' social capital. It is concluded that while social entrepreneurship has the potential to shift social capital formation from reactive to active forms, it is likely to become increasingly standardised and regulated.

Risk analysis in cost planning and its effect on efficiency in capital cost budgeting

Builds on earlier work which reported on the experience of the Hong Kong Government in using risk analysis techniques in capital cost estimating. In 1993 the Hong Kong Government implemented a methodology for capital cost estimating using risk analysis (ERA) in its public works planning. This calculated amount replaces the pre-1993 contingency allowance, which was merely a percentage addition on top of the base estimate of a project. Adopts a team approach to identify, classify and cost the uncertainties associated with a project. The sum of the average risk allowance for the identified risk events thus becomes the contingency. A study of the effect of ERA was carried out to compare the variability and consistency of the contingency estimates between non-ERA and ERA projects. The preliminary results of a survey showed a highly significant difference in variation and consistency between these groups. This analysis indicates the successful use of the ERA method for public works projects to reduce unnecessary and  exaggerated allowance for risk. However, the contingency allowance for ERA projects was also considered high. Adds data from the UK with descriptions of 41 private sector projects which fall into the non-ERA category and reflect better performance in the determining of contingency allowances.

Volunteering and social capital in regional Victoria

The link between volunteerism and social capital has received some attention in Australia in recent years. Of particular note to this paper is the work of Baum, Bush, Modra, Murray, Cox, Alexander, and Potter (2000), who described the contribution volunteers made to social capital in a metropolitan setting - the western suburbs of Adelaide, South Australia. The aim of this current study is twofold, to describe the contribution volunteers make to social capital through participation, reciprocity and social trust in a regional and rural setting; and to compare findings with those relating to a metropolitan environment. In the light of differing volunteer patterns in rural and regional environments compared to metropolitan environments, we hypothesised that the relationship between volunteerism and indicators of social capital would also be different. The results from this study support the findings of Baum, Modra, Bush, Cox, Cooke, and Potter (1999) and therefore reinforce the premise that volunteers make a substantial. contribution to social capital. While greater numbers of people who live in rural or regional areas undertake volunteer work, we found there are more similarities between the rural/regional and metropolitan sectors regarding volunteerism than there are differences.

Capital gains tax in South Africa : lessons from Australia?

In the budget review of23 February 2000, the South African Minister of Finance announced that a capital gains tax ('CGT') would be introduced into South Africa, the anticipated start date at that point being 1 April 2001. Pursuant to Taxation Laws Amendment Act 5 of 2001, a CGT of general operation was introduced into the South African Income Tax Act 58 of 1962 (the 'ITA 1962') through the insertion of the Eighth Schedule¹, read together with s 26A of the Act. Section 26A is the charging provision that states that a person's taxable income included their 'taxable capital gain'. As discussed below, the start date was revised to 1 October 2001.