The contagion of international terrorism and its effects on the firm in an interconnected world

International trade and investment economies are highly integrated and interdependent and can be exploited by organized, international terrorism. The network of inter dependencies in the international economy means that a terrorist attack has the potential to disrupt the functioning of the network, so the effects can reverberate around the world. Governments can control the distributed effects of terrorism by auditing industrial networks to reveal and protect critical hubs and by promoting flexibility in production and distribution of goods and services to improve resilience in the economy. To explain these network effects, the authors draw on the new science of complex networks which has been applied to the physical sciences and is now increasingly being used to explain organizational and economic phenomena.

Graduate overeducation and its effects among recently arrived immigrants to Australia: A longitudinal survey

There is increasing importance attached to skill-based immigration in many countries including Australia. This paper investigates the incidences, determinants, and returns to graduate overeducation among tertiary qualified immigrants during the early phase of their settlement in Australia. We place particular emphasis on visa categories and region of origin. As expected, those on visas with higher skill requirements perform better in the labour market. The bulk of these are immigrants from English Speaking Backgrounds (ESB). Non-English Speaking Background (NESB) immigrants, on the other hand, have higher and persistent rates of overeducation. The wage returns to required and surplus education match the stylized facts of overeducation for ESB and Other NESB immigrants while Asian NESB immigrants receive no return to surplus education. Thus, the results suggest that NESB graduate immigrants are a heterogeneous group, with Asian graduate immigrants facing greater assimilation hurdles in the Australian labour market.

Exclusionary DNA of forensic workers and Australian forensic procedures legislation

Consideration of regulatory issues covering exclusionary DNA of forensic workers - probative effect of eliminating extraneous DNA in a criminal prosecution - current regulatory scheme leaves the legal position of forensic workers' exclusionary DNA obscure.

Teaching economic philosophy: Economics, ethics and the search for the right maximand

Economic philosophy is not often taught, and is not necessarily easily taught. It involves enquiry into implicit assumptions within orthodox economics and within alternatives to it. It seeks to highlight why it is that some critics object that neoclassical economics is too atomistic, hedonistic, and rationalistic, or why others lament that there is much hidden metaphysics in Friedman and his Chicago School colleagues. It addresses the issue of whether - in a reversal of the view that economics is the imperialistic social science - significant philosophical assumptions have been silently but inescapably imported into orthodox economics. This paper seeks to facilitate the presentation of such material with illustrations selected from social economics, development economics, and critiques of utilitarianism.

A systematic review of successes and failures in home telehealth: preliminary results

We conducted a systematic review of the literature to identify studies in home telehealth that compared a home telehealth intervention with a non-telehealth standard/usual care alternative in terms of administrative changes, patient management decisions, patient outcomes, caregiver outcomes, economic impact or social impact on patients. A search of various databases produced 6643 references. Of these 769 papers were selected for more detailed investigation. These papers, combined with hand searching of relevant telehealth journals and cross-referencing of citations in identified publications, resulted in 138 papers referring to 130 projects for review. In this preliminary analysis we used a quality appraisal approach that took into account the study design. An additional analysis of patient numbers was then used to calculate a net evidence score. A large proportion of studies (80%) were randomised controlled trials. Only 22 projects (17%) reported economic data deemed to be sufficient for appraisal. Evidence exists for the clinical effectiveness of home telehealth in diabetes, the general area of mental health, high risk pregnancy monitoring, heart failure and cardiac disease.

The risk premium for equity: implications for resource allocation, welfare and policy

Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle consistent with a general consumption-based asset pricing model have important welfare and policy implications.

Public choice of species for the 'Ark': Phylogenetic similarity and preferred wildlife species for survival

Humans play a role in deciding the fate of species in the current extinction wave. Because of the previous Similarity Principle, physical attractiveness and likeability, it has been argued that public choice favours the survival of species that satisfy these criteria at the expense of other species. This paper empirically tests this argument by considering a hypothetical ‘Ark’ situation. Surveys of 204 members of the Australian public inquired whether they are in favour of the survival of each of 24 native mammal, bird and reptile species (prior to and after information provision about each species). The species were ranked by percentage of ‘yes’ votes received. Species composition by taxon in various fractions of the ranking was determined. If the previous Similarity Principle holds, mammals should rank highly and dominate the top fractions of animals saved in the hierarchical list. We find that although mammals would be over-represented in the ‘Ark’, birds and reptiles are unlikely to be excluded when social choice is based on numbers ‘voting’ for the survival of each species. Support for the previous Similarity Principle is apparent particularly after information provision. Public policy implications of this are noted and recommendations are given.

Validation of multicriteria analysis models

Validation procedures play an important role in establishing the credibility of models, improving their relevance and acceptability. This article reviews the testing of models relevant to environmental and natural resource management with particular emphasis on models used in multicriteria analysis (MCA). Validation efforts for a model used in a MCA catchment management study in North Queensland, Australia, are presented. Determination of face validity is found to be a useful approach in evaluating this model, and sensitivity analysis is useful in checking the stability of the model. (C) 2000 Elsevier Science Ltd. All rights reserved.