Renegociação da dívida pública interna em condições de sobreendividamento

Renegotiation of the public debt in conditions of excessive debt. This paper studies the debt overhang models and maturity management models, and analyses both theoretically and historically the debt renegotiations which the final outcome is a lower public debt burden. From the theoretical view the renegotiation plans can be Pareto improving, both creditors and debtors can be better-off, and the value of the new debt will price the new reputation and debtors' willingness to pay. From the historical point of view, funded debts were the instrument that debtors used to improve reputation.

Unveiling the Influence of Consumer Wine Appreciation Dimension on Purchasing Behavior

Consumption values and different usage situations have received extensive interest from scholars; however, there is a lack of understanding regarding how these two constructs interact when it comes to the purchase decisions of consumers. This study examines the relationship between consumption values, consumption situations, and consumers’ purchasing decisions in terms of their willingness to pay and the purchase quantity. First of all, my model proposes that all four consumption values and different situations have a positive effect on consumers’ willingness to pay as well as the quantity they purchase. It also proposes that varying usage situations moderate the effect of consumption values on consumers’ purchasing decisions. In my conceptual model, I have also integrated the epistemic and conditional values where there is a gap in the existing literature. Prior literature has isolated the consumption values when studying how they affect consumer behavior and has not examined how consumption situations moderate the relationship between consumption values and purchasing decisions. Also, the existing literature has mostly focused on how consumption values affect purchase intentions, brand loyalty, or satisfaction, whereas my study focuses on purchasing decisions. For my study, the participants were randomly chosen from the general wine consumer population and the age range was between 20 and 75, which included 83 male respondents and 119 female respondents. The data received from my respondents support my hypotheses for the model. In my final chapter, I discuss the theoretical and managerial implications as well as suggestions for future research.

Anticipated Guilt and Ethical Consumption: The Moderating Role of Consumers’ Socially Responsible Consumption Behaviour

Recent research in the marketing literature has indicated that, while consumers’ interests in ethical products are growing, demand for such products still remains weak. Previous research has indicated that anticipated guilt can have a positive effect on ethical consumption. Thus, the objective of the current study is to investigate the moderating role of consumers’ socially responsible consumption behaviour (SRCB) on the relationship between anticipated guilt and ethical consumption. Specifically, the current study hypothesizes that, when viewing a guilt ad, high (vs. low) SRCB individuals will generate higher, ethical purchase intentions, willingness to pay an ethical premium, and attitudes toward an ethical brand. The findings from the two experimental studies indicate that, when viewing a guilt ad for an ethical product, high SRCB individuals are willing to pay a higher ethical premium and generate more favourable brand attitudes than low SRCB individuals. However, when viewing a non-guilt ad, high SRCB individuals did not differ from low SRCB individuals in their willingness to pay an ethical premium or brand attitudes. Further, consumers’ socially conscious self-identity was explored as a mediator of these effects. By understanding the moderating role that SRCB plays in the relationship between anticipated guilt and ethical consumption, this paper intends to assist marketers in understanding for which consumers a guilt appeal is an appropriate strategy in marketing ethical products.

Évaluation économique des services écosystémiques dans la région de Montréal : analyse spatiale et préférences exprimées

Les services écosystémiques (SE) réfèrent aux bénéfices que produisent et soutiennent la biodiversité et les écosystèmes et qui profitent à l’être humain. Dans beaucoup de cas, ils ne sont pas pris en compte dans le système économique. Cette externalisation des SE engendre des décisions sur l’utilisation du territoire et des ressources naturelles qui ignorent leur contribution à la qualité de vie des communautés. Afin notamment de sensibiliser l’opinion publique à l’importance des SE et de mieux les intégrer dans les processus décisionnels, ont été développées des démarches d’évaluation économique des SE. Dans cette thèse, nous avons cherché à comprendre à la fois comment l’utilisation passée et actuelle des sols dans la région de Montréal affecte la valeur des SE et comment ces aménités naturelles sont perçues et valorisées par la population, dans une perspective d’aménagement futur du territoire. Pour ce faire, nous avons utilisé deux approches : l’analyse spatiale recourant aux systèmes d’information géographique et l’analyse des préférences exprimées par des techniques d’enquête. Pour l’analyse spatiale, nous avons combiné des analyses cartographiques à des valeurs monétaires associées aux SE publiées dans la littérature. Nous avons alors estimé la valeur des écosystèmes d’un territoire par le transfert de bénéfices, de prix de marchés directs et de coûts évités. Cette démarche nous a permis de comprendre la relation entre l’utilisation actuelle du territoire du Grand Montréal écologique et la valeur des services fournis par les écosystèmes, que nous avons estimée à 2,2 milliards de dollars par année. Elle nous a permis aussi de mesurer les effets sur la valeur des SE du changement d’utilisation des sols entre les années 1960 et 2010. Nous avons montré que malgré différentes politiques de contrôle et d’encadrement de l’étalement urbain au cours de cette période, les pertes économiques non marchandes liées aux SE s’élèvent à 236 millions de dollars par année. Pour l’analyse des préférences exprimées, nous avons utlilisé deux méthodes, l’évaluation contingente et le choix multi-attributs, avec l’objectif de mesurer le consentement à payer de répondants pour des variations dans l’aménagement du territoire. Nous avons montré d’une part que les répondants valorisent significativement l’incidence des pratiques agro-environnementales sur la qualité de l’environnement et des paysages en consentant à payer entre 159 et 333 dollars par ménage par année pour une amélioration de la diversité du paysage agricole. D’autre part, leur volonté à payer pour l’amélioration de l’état des milieux humides du Québec est estimée entre 389 et 455 dollars par ménage par année. L’utilisation conjointe des deux méthodes nous a permis d’en comparer les résultats. Nous avons en outre démontré que le choix du format de question de valorisation de l’évaluation contingente affecte la convergence des résultats. Enfin, nous avons proposé des pistes de recherches futures portant sur l’intégration des démarches d’analyse biophysique, économique et politique dans des outils de prise de décision mieux adaptés à la dynamique des écosystèmes, de la biodiversité et des communautés humaines.

Economic Valuation of Coastal Wetlands: A Study of Cochin Back waters in Kerala

The major objective of this chapter was to estimate the indirect benefits provided by the Cochin wetlands to direct, indirect and non-user populations.This chapter gives the details of the Contingent valuation survey that was executed in the study area. Section one described the actual survey and its execution. Section two undertook a detailed discussion of the methodological issues involved in the survey. Section three contained some discussion on the study.This analysis has demonstrated the feasibility of extending the use of contingent valuation methods to local populations in developing countries like India. Certain issues emerge from these applications. Income is strongly related to willingness to pay in these surveys, yet income levels are often low.Secondly, education is not a factor that influences willingness to pay in the coastal belt very much. Rather, relation of individual occupation to any wetland based activity very much influenced their willingness to pay. The study revealed that people very much valued the indirect function performed by wetlands, in fact as much as they valued the direct benefits provided by the system. There still exist differences of opinions among experts when undertaking such valuation studies. However, in the absence of a better technique for valuing environmental services that have no markets, this is definitely a first step

Dichotomous-choice contingent valuation with 'don't know' responses and misreporting

A new approach is presented that simultaneously deals with Misreporting and Don't Know (DK) responses within a dichotomous-choice contingent valuation framework. Utilising a modification of the standard Bayesian Probit framework, a Gibbs with Metropolis-Hastings algorithm is used to estimate the posterior densities for the parameters of interest. Several model specifications are applied to two contingent valuation datasets: one on wolf management plans, and one on the US Fee Demonstration Program. We find that DKs are more likely to be from people who would be predicted to have positive utility for the bid. Therefore, a DK is more likely to be a YES than a NO. We also find evidence of misreporting, primarily in favour of the NO option. The inclusion of DK responses has an unpredictable impact on willingness-to-pay estimates, since it impacts differently on the results for the two datasets we examine. Copyright (C) 2009 John Wiley & Sons, Ltd.

Model selection for the mixed logit with Bayesian estimation

In this paper, the mixed logit (ML) using Bayesian methods was employed to examine willingness-to-pay (WTP) to consume bread produced with reduced levels of pesticides so as to ameliorate environmental quality, from data generated by a choice experiment. Model comparison used the marginal likelihood, which is preferable for Bayesian model comparison and testing. Models containing constant and random parameters for a number of distributions were considered, along with models in ‘preference space’ and ‘WTP space’ as well as those allowing for misreporting. We found: strong support for the ML estimated in WTP space; little support for fixing the price coefficient a common practice advocated and adopted in the environmental economics literature; and, weak evidence for misreporting.

The value of badger populations and control of tuberculosis in cattle in England and Wales: A note

This note reports on the results of a choice experiment survey of 400 people in England and Wales, conducted to estimate the value that society places on changes to the size of the badger population. The study was undertaken in the context of the possible need to reduce the badger population by culling to help control bovine tuberculosis in cattle. The study found that people were concerned about the problem of bovine tuberculosis in cattle, which was reflected in their willingness to pay to control the disease, and gave a relatively low value to changes in the size of the badger population (within limits). However, people did not like the idea of a policy that intentionally killed large numbers of badgers and had a relatively very high willingness to pay not to have such a policy.

Estimating the benefits of farm animal welfare legislation using the contingent valuation method

This paper presents the method and findings of a contingent valuation (CV) study that aimed to elicit United Kingdom citizens' willingness to pay to support legislation to phase out the use of battery cages for egg production in the European Union (EU). The method takes account of various biases associated with the CV technique, including 'warm glow', 'part-whole' and sample response biases. Estimated mean willingness to pay to support the legislation is used to estimate the annual benefit of the legislation to UK citizens. This is compared with the estimated annual costs of the legislation over a 12-year period, which allows for readjustment by the UK egg industry. The analysis shows that the estimated benefits of the legislation outweigh the costs. The study demonstrates that CV is a potentially useful technique for assessing the likely benefits associated with proposed legislation. However, estimates of CV studies must be treated with caution. It is important that they are derived from carefully designed surveys and that the willingness to pay estimation method allows for various biases. (C) 2003 Elsevier Science B.V. All rights reserved.

Food choice in an interdisciplinary context

Reform of agricultural policies, notably the continuing elimination of production-enhancing subsidies, makes it possible for policies to respond to social issues such as the rural environment and health in future. In this paper, we draw on a Rural Economy and Land Use (RELU) research project which is examining the potential for the development of healthy food chains and the implications for human health and the environment. One of the key issues to be addressed is consumers' willingness to pay for the nutritionally enhanced food products from these new chains, but it is evident that only a partial understanding can be gained from a traditional economics approach. In the paper, we discuss how economists are beginning to incorporate views from other disciplines into their models of consumer choice.

The relative importance sector and regional factors in Italy

The benefits of sector and regional diversification have been well documented in the literature but have not previously been investigated in Italy. In addition, previous studies have used geographically defined regions, rather than economically functional areas, when performing the analysis even though most would argue that it is the economic structure of the area that will lead to differences in demand and hence property performance. This study therefore uses economically defined regions of Italy to test the relative benefits of regional diversification versus sector diversification within the Italian real estate portfolio. To examine this issue we use constrained cross-section regressions the on the sector and regional affiliation of 14 cities in Italy to extract the “pure” return effects of the different factors using annual data over the period 1989 to 2003. In contrast, to previous studies we find that regional factors effects in Italy have a much greater influence on property returns than sector-specific effects, which is probably a direct result of using the extremely diverse economic regions of Italy rather than arbitrary geographically locations. Be that as it may, the results strongly suggest that that diversification across the regions of Italy used here is likely to offer larger risk reduction benefits than a sector diversification strategy within a region. In other words, fund managers in Italy must monitor the regional composition of their portfolios more closely than its sector allocation. Additionally, the results supports that contemporary position that ‘regional areas’ based on economic function, provide greater diversification benefits rather than areas defined by geographical location.

The cyclical behaviour of sector and regional diversification benefits: 1987-2002

This paper investigates the time series behaviour of the relative benefits of sector and regional diversification strategies, using the notion of cross-sectional dispersion introduced by Solnik and Roulet (2000). Using monthly data over the period 1987:1 to 2002:12, four sector and four regional classifications are examined in the UK. The results indicate that sector and regional dispersion indices are highly time varying and so dwarf any lower frequency cyclical components that may be present. Nonetheless, periods of high dispersion are closely followed by periods of low dispersion, suggestive of cyclical behaviour of sector and regional diversification benefits. Then, using the HP-filter we isolated the cyclical component of the various dispersion indices and found that the sector dispersion indices are generally above the regional dispersion indices. This implies that a sector diversification strategy is likely to offer greater risk reduction benefits than a regional diversification approach. Nonetheless, we find that in some periods, certain regional diversification strategies are of equal or greater benefit than certain sector approaches. The results also appear to be quite sensitive to the classifications of sectors and regions. Hence, the appropriate definition of sectors and regions can have important implications for sector and regional diversification strategies.

Quantifying the value of ecosystem services: a case study of honeybee pollination in the UK

There is concern that insect pollinators, such as honey bees, are currently declining in abundance, and are under serious threat from environmental changes such as habitat loss and climate change; the use of pesticides in intensive agriculture, and emerging diseases. This paper aims to evaluate how much public support there would be in preventing further decline to maintain the current number of bee colonies in the UK. The contingent valuation method (CVM) was used to obtain the willingness to pay (WTP) for a theoretical pollinator protection policy. Respondents were asked whether they would be WTP to support such a policy and how much would they pay? Results show that the mean WTP to support the bee protection policy was £1.37/week/household. Based on there being 24.9 million households in the UK, this is equivalent to £1.77 billion per year. This total value can show the importance of maintaining the overall pollination service to policy makers. We compare this total with estimates obtained using a simple market valuation of pollination for the UK.

A method for the economic valuation of animal welfare benefits using a single welfare score

Unless the benefits to society of measures to protect and improve the welfare of animals are made transparent by means of their valuation they are likely to go unrecognised and cannot easily be weighed against the costs of such measures as required, for example, by policy-makers. A simple single measure scoring system, based on the Welfare Quality® index, is used, together with a choice experiment economic valuation method, to estimate the value that people place on improvements to the welfare of different farm animal species measured on a continuous (0-100) scale. Results from using the method on a survey sample of some 300 people show that it is able to elicit apparently credible values. The survey found that 96% of respondents thought that we have a moral obligation to safeguard the welfare of animals and that over 72% were concerned about the way farm animals are treated. Estimated mean annual willingness to pay for meat from animals with improved welfare of just one point on the scale was £5.24 for beef cattle, £4.57 for pigs and £5.10 for meat chickens. Further development of the method is required to capture the total economic value of animal welfare benefits. Despite this, the method is considered a practical means for obtaining economic values that can be used in the cost-benefit appraisal of policy measures intended to improve the welfare of animals.

Office sustainability: occupier perceptions and implementation of policy

Purpose – The purpose of this research was twofold. First, to investigate the views of occupiers in a typical UK city on the importance of various sustainability issues, their perceived impact of different sustainability drivers and willingness to pay. Second, the environmental and social performance of existing buildings in that city was examined. Design/methodology/approach – The research focuses on buildings of 10,000 feet2 or more that have been constructed in the Bristol city-region in the UK over the past 50 years. The buildings in the sample are located in the city centre and in out-of-town business parks. A questionnaire survey investigated the views of occupiers and follow-up interviews looked more closely at the sustainability performance of the existing stock. Findings – The findings indicate that, as far as occupiers are concerned, the strongest drivers are consumer demand and staff demand. Green features of a building appear to rank low in the overall building selection preference structure and a willingness to pay a premium for green features was indicated. The interviews uncovered barriers to progress as well as initiatives to reduce both energy consumption and the environmental impact of office space. Practical implications – The paper identifies progress and issues which could form obstacles to improving the environmental performance of office buildings. It is argued that there is a need to focus on energy efficiency. Originality/value – This paper explores the linkage between the perception and use of office space by occupants and how this affects the environmental performance of this space.