Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money

This paper analyzes the existence of an inflation tax Laffer curve (ITLC) in the context of two standard optimizing monetary models: a cash-in-advance model and a money in the utility function model. Agents’ preferences are characterized in the two models by a constant relative risk aversion utility function. Explosive hyperinflation rules out the presence of an ITLC. In the context of a cash-in-advance economy, this paper shows that explosive hyperinflation is feasible and thus an ITLC is ruled out whenever the relative risk aversion parameter is greater than one. In the context of an optimizing model with money in the utility function, this paper firstly shows that an ITLC is ruled out. Moreover, it is shown that explosive hyperinflations are more likely when the transactions role of money is more important. However, hyperinflationary paths are not feasible in this context unless certain restrictions are imposed.

Tropical river fisheries valuation: background papers to a global synthesis

This report is a compilation of five regional reviews that document the global status of tropical rivers and inland fisheries in three continents: Latin America, Africa and Asia. It explores the role of ‘valuation’ methods and their contribution to policy-making and river fishery management. From the compilation, the best estimate of the global value of inland fisheries for those three continents is US$ 5.58 billion (gross market value), which is equivalent to 19 percent of the current value of annual fish exports from developing countries (US$ 29 billion) for 2004. The compilation shows that there is a general shortage of information on inland fisheries, especially derived from conventional economic valuation methods, though information from economic impact assessment methods and socio-economic and livelihood analysis methods is more widely available. The status of knowledge about the impact of changes in river management on the value of tropical river fisheries is weak and patchy. Although the impacts of large dams on the hydrology, ecology and livelihood support attributes of tropical rivers are well-recognized, there have been only few valuation studies of these issues. The document highlights the need for further valuation studies of tropical river and inland fisheries in developing countries. It underlines how vital it is for policy-makers and other stakeholders to understand the importance of these natural resources in order to make appropriate decisions concerning their role in development policy and illustrates why capacity building in valuation should become a major priority for agencies concerned with fisheries management and policy-making.

Morals in business organizations: an approach based on strategic value and strength for business management

[EN] In the last decades, the topic of business ethics has attracted great interest at the academic and professional levels. Nowadays business ethics is being increasingly implemented as a necessary discipline in universities’ study plans on business management. Moreover, its importance is also evident according to the worldwide increase of organizations and/or institutions that have implemented ethics systems. However, some approaches thoroughly do not consider the importance and the need of an ethical behaviour and are still guiding the actions and the way of thinking of many academics and professionals led to consider that the only responsibility of business is limited just to profit maximization.

Numerical-Value Perturbation Method with Application of Solving Convective-Diffusion Integral Equation

The convective--diffusion equation is of primary importance in such fields as fluid dynamics and heat transfer hi the numerical methods solving the convective-diffusion equation, the finite volume method can use conveniently diversified grids (structured and unstructured grids) and is suitable for very complex geometry The disadvantage of FV methods compared to the finite difference method is that FV-methods of order higher than second are more difficult to develop in three-dimensional cases. The second-order central scheme (2cs) offers a good compromise among accuracy, simplicity and efficiency, however, it will produce oscillatory solutions when the grid Reynolds numbers are large and then very fine grids are required to obtain accurate solution. The simplest first-order upwind (IUW) scheme satisfies the convective boundedness criteria, however. Its numerical diffusion is large. The power-law scheme, QMCK and second-order upwind (2UW) schemes are also often used in some commercial codes. Their numerical accurate are roughly consistent with that of ZCS. Therefore, it is meaningful to offer higher-accurate three point FV scheme. In this paper, the numerical-value perturbational method suggested by Zhi Gao is used to develop an upwind and mixed FV scheme using any higher-order interpolation and second-order integration approximations, which is called perturbational finite volume (PFV) scheme. The PFV scheme uses the least nodes similar to the standard three-point schemes, namely, the number of the nodes needed equals to unity plus the face-number of the control volume. For instanc6, in the two-dimensional (2-D) case, only four nodes for the triangle grids and five nodes for the Cartesian grids are utilized, respectively. The PFV scheme is applied on a number of 1-D problems, 2~Dand 3-D flow model equations. Comparing with other standard three-point schemes, The PFV scheme has much smaller numerical diffusion than the first-order upwind (IUW) scheme, its numerical accuracy are also higher than the second-order central scheme (2CS), the power-law scheme (PLS), the QUICK scheme and the second-order upwind(ZUW) scheme.

EQUIVALENT MODEL OF EXPANSION OF CEMENT MORTAR UNDER SULPHATE EROSION

The expansion property of cement mortar under the attack of sulfate ions is studied by experimental and theoretical methods. First, cement mortars are fabricated with the ratio of water to cement of 0.4, 0.6, and 0.8. Secondly, the expansion of specimen immerged in sulphate solution is measured at different times. Thirdly, a theoretical model of expansion of cement mortar under sulphate erosion is suggested by virtue of represent volume element method. In this model, the damage evolution due to the interaction between delayed ettringite and cement mortar is taken into account. Finally, the numerical calculation is performed. The numerical and experimental results indicate that the model perfectly describes the expansion of the cement mortar.

The economic contribution of whalewatching to regional economies: Perspectives from two National Marine Sanctuaries

Whenever human beings have looked out on the sea, they have seen whales. First from the shore and later from ships when humanity entered the ocean realm as seafarers, we have responded to seeing these creatures with awe and wonder. Even when we hunted whales, a period well chronicled both in history and in literature, the sight of a whale brought an adrenaline rush that was not totally linked to potential economic gain. The first trips on boats specifically to watch, rather than hunt, whales began around 45 years ago in Southern California where the migrating gray whales, seen in the distance from land, drew vessels out for a closer look. Since that time whalewatching has boomed, currently conducted in over 40 countries around the world, including Antarctica, and estimated by economists at the Whale and Dolphin Conservation Society to have a 1999 worldwide economic value of around $800 million USD. The economic contribution to local coastal communities is particularly significant in developing countries and those where declining fish populations (and in some cases like the Japanese, international bans on whaling) have driven harvesters to look for viable alternatives. Clearly, whalewatching is now, in many places around the world, a small but thriving part of the regional economy. Like in the days of whaling, we still get the rush, but for some, money is back contributing to the physiological response. (PDF contains 90 pages.)