The economic value of wetlands in developing countries: a meta-regression analysis

This paper presents the first comprehensive synthesis of economic valuations of wetlands in developing countries. Meta-regression analysis (MRA) is applied to 1432 estimates of the economic value of 379 distinct wetlands from 50 countries. We find that wetlands are a normal good, wetland size has a negative effect on wetland values, and urban wetlands and marine wetlands are more valuable than other wetlands. Wetland values estimated by stated preferences are lower than those estimated by market price methods. The MRA benefit transfer function has a median transfer error of 17%. Overall, MRA appears to be useful for deriving the economic value of wetlands at policy sites in developing nations.

Economic value of mitigation of plant invaders in a subsistence economy : incorporating labour as a mode of payment

This paper presents the analysis of a choice experiment designed to estimate willingness-to-pay (WTP) to mitigate damages caused by invasive plant species in a rural community of Nepal. In order to address the cash constraints problem in a subsistence economy, two payment attributes, labour contribution and membership fee, were included in the choice sets. The results reveal that rural farmers have significant WTP for forest management activities, in terms of both cash and labour contributions. The results also suggest that rural farmers value their time in this context at a different rate from the current wage rate.

Economic performance analysis of the Australian property sector using input-output tables

The property sector has played an important role with its growing contribution in the national income and employment in the Australian economy. There is an increasing research need in measuring and analysing the economic performance of the Australian property sector at a country level and input-output tables are considered as an appropriate tool. This paper aims to analyse and measure the performance and sectoral linkages of the Australian property sector using the five latest input-output tables compiled by the Australian Bureau of Statistics. Findings suggested that the Australian residential property sector had played a more important role than the commercial sector in the economy. The backward linkage of the residential property sector showed a decreasing economic pull, while that of commercial property presented an upward pattern. Moreover. the Australian property sector showed a medium economic push to the national economy over the examined period. Findings can aid policy makers, the property sector and researchers in evaluating the competitive ability of the property sector in Australia.

Estimating the economic value of Mount Buffalo National Park with the travel cost and contingent valuation models

The Mount Buffalo National Park is the oldest national park in Victoria, Australia. There has been a rapid increase in the number of visitors to the park during the last decade and park management has been a concern, especially in the light of declining budgetary allocations and potential damage due to the increased visitor numbers. Policy options to increase park revenue remain unclear because of a lack of information on demand parameters and user costs. This study estimates the economic value of the park using the travel cost method (TCM) and the contingent valuation method (CVM). The TCM gives higher consumer surplus (CS) than the CVM. The CS shows that the economic value of the park is high and that there are opportunities to introduce innovative fee schemes to enhance its revenue. Present entry fee systems do not capture the economic value of the park.

Value analysis of just-in-time demolition approach

The recent deconstruction approach for demolition projects promotes reusing and recycling materials. However, the demolition project is interrupted and slowed down while the project team wait for the waste exchange process. Wasted materials generated from the demolition project have to be stored on demolition site or extra depository. Cost and time might be lost for the inventory of wasted materials and products. Just-in-Time (JIT) is a matured method widely used in manufacture industry as well as construction industry. It is utilised to reduce the inventory of both raw materials and final products. It is also used to shorten production cycle and improve the quality of the products. The JIT philosophy can be applied into demolition project so that the inventory of wasted materials can be eliminated and the project time can be shortened. To implement JIT demolition, the waste exchange process can be performed before the wasted materials are generated from the project. Material owners and demanders can virtually plan for waste handling before the demolition project is physically implemented. As a result, waste materials can be sent to demanders through transportation right after they are produced from the project. Applying JIT philosophy in demolition projects can effectively reduce the inventory of wasted materials and the amount of demolition waste to be sent to landfills. Therefore the cost and time of the project are reduced, and the quality of final delivered materials is improved.

Cost analysis error? Exploring issues relating to whole-life cost estimation in sustainable housing

Purpose: The main purpose of the study is to promote consideration of the issues and approaches available for costing sustainable buildings with a view to minimising cost overruns, occasioned by conservative whole-life cost estimates. The paper primarily looks at the impact of adopting continuity in whole-life cost models for zero carbon houses. Design/methodology/approach: The study embraces a mathematically based risk procedure based on the binomial theorem for analysing the cost implication of the Lighthouse zero-carbon house project. A practical application of the continuous whole-life cost model is developed and results are compared with existing whole-life cost techniques using finite element methods and Monte Carlo analysis. Findings: With standard whole-life costing, discounted present-value analysis tends to underestimate the cost of a project. Adopting continuity in whole-life cost models presents a clearer picture and profile of the economic realities and decision-choices confronting clients and policy-makers. It also expands the informative scope on the costs of zero-carbon housing projects. Research limitations/implications: A primary limitation in this work is its focus on just one property type as the unit of analysis. This research is also limited in its consideration of initial and running cost categories only. The capital cost figures for the Lighthouse are indicative rather than definitive. Practical implications: The continuous whole-life cost technique is a novel and innovative approach in financial appraisal [...] Benefits of an improved costing framework will be far-reaching in establishing effective policies aimed at client acceptance and optimally performing supply chain networks. Originality/value: The continuous whole-life costing pioneers an experimental departure from the stereo-typical discounting mechanism in standard whole-life costing procedures.

Valuing the arts : theorising and realising cultural capital in an Australian city

For those who make and admire artistic works, there is no question of their value. However, for others interested in economic development, the value of the arts is often more tangential, contested and questionable. While the post-modern world of consumption and spectacle suggests to some academics and governments that the arts and cultural industries are the way of the future, others remain sceptical about their social and economic value. This is a theoretical as well as a practical issue this paper explores by offering a reconceptualisation of Pierre Bourdieu's concept of cultural capital as a way of re-assessing the value of the arts. The paper then applies this framework to quantify and qualify the value of the arts in one regional city in Australia – Geelong in Victoria – focusing on the work of two artists. The aim is to describe the interconnected processes by which the arts generate cultural capital in the form of confidence, image, individual well-being, social cohesion and economic viability. The analysis also highlights the ongoing power relations which prescribe artistic production, circulation and valuation. The implications of such a rethinking and application go well beyond one city and region to other places grappling with the relationship between artistic production and urban well being. By focusing on the broad-ranging process by which artistic value is created for individuals, groups, professionals, communities and governments, a model becomes available for other places to use in realising their cultural capital.

Effect of diets containing n-3 fatty acids on muscle long-chain n-3 fatty acid content in lambs fed low- and medium-quality roughage diets

In two experiments, each with 32 crossbred ([Merino x Border Leicester] x Poll Dorset) wether lambs (26 to 33 kg weight range), animals were randomly assigned to one of four treatments. A mixture of lucerne chaff:oaten chaff was used as a basal diet, offered in different ratios. Animals were allowed to consume on a free-access basis in Exp. 1 or 90% of ad libitum intake in Exp. 2 in order to provide a low- (6.5 MJ ME/d) and medium- (9.5 MJ ME/d) quality basal diet, respectively. Isoenergetic amounts of lipid supplements, fish meal (80 g DM), canola meal (84 g DM), and soy meal (75 g DM) were tested in Exp. 1. In Exp. 2, fish meal (9% DM), unprotected rapeseed (7% DM), and protected canola seed (6% DM) were fed as supplements. At the end of 53-d (Exp. 1) or 46-d (Exp. 2) experimental periods, lambs were slaughtered at a commercial abattoir and at 24 h postmortem longissimus thoracis (LT) muscle was collected for the analysis of fatty acid (FA) composition of structural phospholipid and storage triglyceride fractions. Fish meal diet increased LT muscle long-chain n-3 FA content by 27% (P < 0.02) in Exp. I and 30% (P < 0.001) in Exp. 2 compared with lambs fed the basal diet, but fish meal decreased (P < 0.01) the n-6 FA content only in Exp. 1. Soy meal and protected canola seed diets increased (P < 0.01) LT muscle n-6 FA content but did not affect long-chain n-3 FA content. Longissimus thoracis muscle long-chain n-3 FA were mainly deposited in structural phospholipid, rather than in storage triglyceride. In both Exp. 1 and Exp. 2, the ratio of n-6:n-3 FA in LT muscle was lowest (P < 0.01) in lambs fed fish meal supplement compared with all other treatments. Protected canola seed diet increased the ratio of n-6:n-3 FA (P < 0.01) and PUFA:saturated fatty acid (P < 0.03) content from those animals fed the basal, fish meal, and unprotected rapeseed diets in Exp. 2. This was due to an increase in muscle n-6 FA content, mainly linoleic acid, of both phospholipid (P < 0.001) and triglyceride (P < 0.01) fractions and not to an increase in muscle n3 FA content. The results indicate that by feeding fish meal supplement, the essential n-3 FA can be increased while lowering the ratio of n-6:n-3 content in lamb meat to an extent that could affect nutritional value, attractiveness, and the economic value of meat.

A strategic approach to target marketing-choosing the preferred generic customer : a model of shareholder value performance

In recent years the contribution of the marketing function has changed and interest now centres on its contribution to a firm’s financial performance. The Marketing Science Institute in the USA has stated that it is the number one marketing issue facing corporate America. The Australian Marketing Institute is promoting a set of marketing metrics that will help Australian firms measure the function’s contribution to shareholder value creation. Much of the literature relates notions such as customer satisfaction and other marketing activities with a firm’s profit. A missing link appears to be the choice firms make in terms of which customer groups to target and the resultant impact on shareholder value performance. The generic customer groups comprise: existing customers, former customers and prospects. A review of the literature reveals that marketing costs and benefits vary across these groups. The challenge for management is to determine which group represents the best target and to allocate scarce marketing resources accordingly. The task is made even more challenging because the economic value of members within each group also varies and some product lines may be unprofitable and therefore, may not be worth pursuing. To generate superior shareholder value it may not simply be the case of acquiring the maximum number of new customers from any source but to find the appropriate mix of the generic customer groups and manage the individual customer relationships accordingly. This paper seeks to firstly summarise and review the recent literature on marketing and its relationship to shareholder value and secondly to propose a model for allocating marketing resources across generic customer groups in order to generate improved shareholder value performance. Importantly, the model not only covers increasing business with customers but also shedding customers or shedding the extent of business conducted with customers as means of generating shareholder value.

The value of design : a discussion paper

Although there is often a difference between the architectural understanding of forms and their social and value-related perception (Malhis, 2008), elements of architectural value are often divided into economic or cultural concerns. Architecture’s true value, however, may be found at the resolution of this dichotomy although it can be argued it is not straightforward to isolate
and measure the true value of architecture. This discussion paper suggests that whilst many of the concerns highlighted appear in conflict, they are in fact reciprocal in nature with both causes being advanced through the efficiencies of architectural design. One viewpoint is that economic value perhaps should not be a topic of infrequent discussion, but rather it should be raised from time to time within the context of the broader market within which architecture is positioned. Even this viewpoint is subject to conjecture
for some. This discussion paper places the focus on the importance and relevance of value from an architectural perspective, which often is a concept rarely discussed in design circles. It is meant to encourage discourse and discussion about the different forms of value and how it is perceived in an architectural sense. As there are numerous classifications and perceptions of value in our society which are in a constant state of change, it is imperative that we regularly re-evaluate the relevance of these ever-changing values to design.

Judicial valuation of the social costs of crime

The true economic functions of the criminal courts are, first, to deter potential prospective offenders from committing offences, and in so doing reduce the total social costs of crime in the future; and secondly, to force the convicted offender to bear some of the costs, which the crime has externalised onto the victim(s) and wider society through retributive justice. These objectives are achieved through the sentencing function. Critics have lamented that too many extraneous factors are taken into account when setting penalties but the authors argue in this article that nevertheless these sentences are optimal because of the judges' comparative advantage. What is of great interest, and the focus of this article, are the implicit valuations of the social costs of crime that these sentences imply. Using the South Australia higher criminal courts as a case study, the authors estimate and utilise these judicial valuations to suggest a methodology for measuring the true economic value of the criminal courts. The analysis helps put into perspective the courts' very valuable contribution to social welfare.

The `knowledge-intensive development' agenda and equitable access to knowledge: higher education in Ethiopia

In light of the normative assumption of the role of knowledge in economic productivity and in response to strong exogenous policy orientations (mainly from the World Bank), the government of Ethiopia has restructured and expanded the higher education (HE) subsystem since the late 1990s. In critically analysing selected policy documents, this article seeks to understand the seemingly unlinked agendas of strengthening the role of HE in supporting the knowledge-intensive development agenda and the representation of the problem of inequality in access to and success in HE. It has been shown that the economic value of knowledge has been echoed in the reforms of Ethiopia, and that the problem of inequality has been superficially represented just as inequality of access while serious challenges that hinder participation and success of women, non-traditional students and ethnically and regionally disadvantaged groups remain unchallenged. Hence, the analysis indicates that under a situation of unequal opportunity to knowledge, the knowledge-intensive development agenda appears to be empty policy rhetoric.