Efficiency and spatial equity impacts of high-speed rail extensions in urban areas

Urban areas benefit from significant improvements in accessibility when a new high speed rail (HSR) project is built. These improvements, which are due mainly to a rise in efficiency, produce locational advantagesand increase the attractiveness of these cities, thereby possibly enhancing their competitivenessand economic growth. However, there may be equity issues at stake, as the main accessibility benefits are primarily concentrated in urban areas with a HSR station, whereas other locations obtain only limited benefits. HSR extensions may contribute to an increase in spatial imbalance and lead to more polarized patterns of spatial development. Procedures for assessing the spatial impacts of HSR must therefore follow a twofold approach which addresses issues of both efficiency and equity. This analysis can be made by jointly assessing both the magnitude and distribution of the accessibility improvements deriving from a HSR project. This paper describes an assessment methodology for HSR projects which follows this twofold approach. The procedure uses spatial impact analysis techniques and is based on the computation of accessibility indicators, supported by a Geographical Information System (GIS). Efficiency impacts are assessed in terms of the improvements in accessibility resulting from the HSR project, with a focus on major urban areas; and spatial equity implications are derived from changes in the distribution of accessibility values among these urban agglomerations.

Liveable & just: a toolkit for local governments to address the social and equity impacts of climate change

The Liveable & Just Toolkit is the culmination of a project to explore how local governments across Victoria are responding to the social and equity impacts of climate change.In June 2009 the Victorian Local Governance Association (VLGA) and Melbourne University’s McCaughey Centre travelled across the state to hear directly from local governments about issues of priority, success stories, challenges, and lessons learned in addressing the social and equity impacts of climate change. Workshops covered crucial issues such as heatwaves and bushfires, rising costs of water, energy and transport, physical and mental health, and the heightened vulnerability of groups such as the mentally ill, homeless, aged, and infants. In response to workshop outcomes and recommendations, the Liveable & Just Toolkit provides a practical framework to help integrate responses to the social and equity impacts of climate change across council activities. It also presents ideas and suggestions for local government to respond to climate change in ways that simultaneously promote social justice.

Equity-focused health impact assessment: a tool to assist policy makers in addressing health inequalities.

In Australasia (Australia and New Zealand) the use of health impact assessment (HIA) as a tool for improved policy development is comparatively new. The public health workforce do not routinely assess the potential health and equity impacts of proposed policies or programs. The Australasian Collaboration for Health Equity Impact Assessment was funded to develop a strategic framework for equity-focused HIA (EFHIA) with the intent of strengthening the ways in which equity is addressed in each step of HIA. The collaboration developed a draft framework for EFHIA that mirrored, but modified the commonly accepted steps of HIA; tested the draft framework in six different health service delivery settings; analysed the feedback about application of the draft EFHIA framework and modified it accordingly. The strategic framework shows promise in providing a systematic process for identifying potential differential health impacts and assessing the extent to which these are avoidable and unfair. This paper presents the EFHIA framework and discusses some of the issues that arose in the case study sites undertaking equity-focused HIA.

New walking and cycling routes and increased physical activity: one- and 2-year findings from the UK iConnect study

We evaluated the effects of providing new high-quality, traffic-free routes for walking and cycling on overall levels of walking, cycling, and physical activity.

The channels of monetary policy triggered by central bank actions and statements in the Australian equity market

Owing to the discrete disclosure practices of the Reserve Bank of Australia, this paper provides new evidence on the channels of monetary policy triggered by central bank actions (monetary policy announcements) and statements (explanatory minutes releases), in the Australian equity market. Both monetary policy announcements and explanatory minutes releases are shown to have a significant and comparable impact on the returns and volatility of the Australian equity market. Further, distinct from US and European studies that find strong evidence of the interest rate, bank loan and balance sheet channels and no evidence of the exchange rate channel following central bank actions, this paper finds that monetary policy impacts the Australian equity market via the exchange rate, interest rate and bank loan channels of monetary policy, with only weak evidence of the balance sheet channel of monetary policy. These channels are found to be operating irrespective of the trigger (monetary policy announcements or explanatory minutes releases), though results are somewhat weaker when examining the explanatory minutes releases. These results have important implications for central bank officials and financial market participants alike: by confirming a comparable avenue to affect monetary policy; and providing an explication of its impact on the Australian equity market.

The politics of participation: Evaluating stakeholder equity in co-management regimes

Within natural resource management, there is increasing criticism of the traditional model of top-down management as a method of governance, as researchers and managers alike have recognized that resources can frequently be better managed when stakeholders are directly involved in management. As a result, in recent years the concept of co-management of natural resources, in which management responsibilities are shared between the government and stakeholders, has become increasingly popular, both in the academic literature and in practice. However, while co-management has significant potential as a successful management tool, the issue of equity in co-management has rarely been addressed. It is necessary to understand the differential impacts on stakeholders of co-management processes and the degree to which diverse stakeholders are represented within co-management. Understanding the interests of various stakeholders can be a way to more effectively address the distributional and social impacts of coastal policies, which can in turn increase compliance with management measures and lead to more sustainable resource management regimes. This research seeks to take a closer look at the concepts of co-management and participation through a number of case studies of marine protected areas (MPAs) in the Caribbean. (PDF contains 4 pages)

Social impacts of a temperate fisheries closure: understanding stakeholders' views

The social dimensions of marine protected areas (MPAs) play an important role in MPA success, yet these social dimensions are little understood. We explore the social impacts arising from the establishment of an MPA using Lyme Bay (south west England) as a case study. Through a series of small group semi-structured interviews the social impacts experienced by fishermen (mobile and static gear), recreational users (divers and sea anglers) and recreation service providers (charter boat and dive businesses) were explored. The social impacts expressed varied according to activity in which the stakeholder group engaged. Negative themes included lengthening fishing trips, tension and conflict, fishermen identity, equity and uncertainty in the long-term. Positive themes included improved experiences for both commercial fishermen and recreational users, and expectations for long-term benefits. These impacts need to be understood because they influence stakeholder behaviour. Failure to interpret stakeholder responses may lead to poor decision-making and worsening stakeholder relations. These findings have implications for the success of the MPA in Lyme Bay, but also for the future network of marine conservation zones around the UK. Any assessment of MPA impacts must therefore identify social as well as economic and environmental change.

Macroeconomic impacts of politics and policy: Applications to financial and real markets

A PhD Dissertation, presented as part of the requirements for the Degree of Doctor of Philosophy from the NOVA - School of Business and Economics

Urbanisation, climate change and health equity: how can health promotion contribute?

We live in a world that is constantly changing and is challenging established approaches to managing human and ecological health. Two key drivers of change are urbanisation and global climate change. This commentary is concerned with the interrelationship of these drivers with human and ecological health, proposing that health promotion practitioners need to actively seek a new role in the process of creating urban environments that support social and ecological well-being. It provides practitioners with an up-to-date synthesis of climate change science and future projections, the literature around the health impacts of climate change and potential health challenges to urban communities. We argue that health promotion cannot respond to the challenges created by climate change and urbanisation, nor can it meet its own mandate without shifting from an anthropogenic-focussed approach toward embracing a multi-scale, collaborative approach outside the health sector. We suggest that the underlying principles of health promotion, which include equity and community engagement at all scales, are critical to the evolution of thriving urban environments. Food security is given as an example to demonstrate the proposed shift away from an anthropogenic and urban focus toward a socio-ecological approach (i.e. resilience thinking) that provides a framework for collaboration between sectors working with unpredictable global systems. In so doing, the commentary provides practitioners with guidance on the complex science of climate change and its impact on health in urban settings, as well as highlighting the skills that they can bring to creating resilient urban settlements in these times of change.

Corporate governance and its influence on the investment decision process of equity market's professionals: An inside view of how corporate governance issues influence the decision-making process of sell-side and buy-side professionals when analyzing Brazilian listed companies

Corporate governance has been in the spotlight for the past two decades, being subject of numerous researches all over the world. Governance is pictured as a broad and diverse theme, evolving through different routes to form distinct systems. This scenario together with 2 types of agency problems (investor vs. management and minorities vs. controlling shareholders) produce different definitions for governance. Usually, studies investigate whether corporate governance structures influence firm performance, and company valuation. This approach implies investors can identify those impacts and later take them into consideration when making investment decisions. However, behavioral finance theory shows that not always investors take rational decisions, and therefore the modus operandi of those professionals needs to be understood. So, this research aimed to investigate to what extent Brazilian corporate governance standards and practices influence the investment decision-making process of equity markets' professionals from the sell-side and buy-side. This exploratory study was carried out through qualitative and quantitative approaches. In the qualitative phase, 8 practitioners were interviewed and 3 dimensions emerged: understanding, pertinence and practice. Based on the interviews’ findings, a questionnaire was formulated and distributed to buy-siders and sell-siders that cover Brazilian stocks. 117 respondents from all over the world contributed to the study. The data obtained were analyzed through structural equation modeling and descriptive statistics. The 3 dimensions became 5 constructs: definition (institutionalized governance, informal governance), pertinence (relevance), practice (valuation process, structured governance assessment) The results of this thesis suggest there is no definitive answer, as the extent to which governance will influence an investment decision process will depend on a number of circumstances which compose the context. The only certainty is the need to present a “corporate governance behavior”, rather than simply establishing rules and regulations at firm and country level.

Tiered Pricing and Cost Functions: Are Equity, Cost Recovery and Economic Efficiency Compatible Goals?

Suppliers of water and energy are frequently natural monopolies, with their pricing regulated by governmental agencies. Pricing schemes are evaluated by the efficiency of the resource allocation they lead to, the capacity of the utilities to capture their costs and the distributional effects of the policies, in particular, impacts on the poor. One pricing approach has been average cost pricing, which guarantees cost recovery and allows utilities to provide their product at relatively low prices. However, average cost pricing leads to economically inefficient consumption levels, when sources of water and energy are limited and increasing the supply is costly. An alternative approach is increasing block rates (hereafter, IBR or tiered pricing), where individuals pay a low rate for an initial consumption block and a higher rate as they increase use beyond that block. An example of IBR is shown in Figure 1 (on next page), which shows a rate structure for residential water use. With the rates in Figure 1, a household would be charged $0.46 and $0.71 per hundred gallons for consumption below and above 21,000 gallons per month, respectively.

Precautionary principle, economic and energy systems and social equity

In this paper the precautionary principle is reviewed alongside the process of international implementation. Adoption of the precautionary principle is advocated to deal with energy choices as a mechanism to account for potential climate change impacts, notwithstanding the debate on scientific uncertainty on the links between solar activity, greenhouse gas concentration and climate. However, it is also recognized that the widespread application of the precautionary principle to energy choices does not seem to be taking place in the real world. Relevant concrete barriers are identified stemming from the intrinsic logic governing the hegemonic economic system, driving the energy choices by economic surplus and rent generation potential, the existence of social asymmetries inside and among societies as well as by the absence of democratic global governance mechanisms, capable of dealing with climate change issues. Such perception seems to have been reinforced by the outcome of the United Nations Climate Change Conference, held in Copenhagen in December 2009. (c) 2010 Elsevier Ltd. All rights reserved.

Evaluating the equity effects of road-pricing in the European urban context - The Madrid Metropolitan Area

The paper identifies the potential spatial and social impacts of a proposed road-pricing scheme for different social groups in the Madrid Metropolitan Area (MMA). We appraise the accessibility of different districts within the MMA in terms of the actual and perceived cost of using the road infrastructure ‘before’ and ‘after’ implementation of the scheme. The appraisal framework was developed using quantitative survey data and qualitative focus group discussions with residents. We then simulated user behaviours (mode and route choice) based on the empirical evidence from a travel demand model for the MMA. The results from our simulation model demonstrated that implementation of the toll on the orbital metropolitan motorways (M40, M30, for example) decreases accessibility mostly in the districts where there are no viable public transport alternatives. Our specific study finding is that the economic burden of the road-pricing scheme particularly affects unskilled and lower income individuals living in the south of the MMA. The focus groups confirmed that low income drivers in the south part of the MMA would reduce their use of tolled roads and have to find new arrangements for these trips: i.e. switch to public transport, spend double the time travelling or stay at home. More generally, our research finds that European transport planners are still a long way from recognising the social equity implications of their policy decisions and that more thorough social appraisals are needed to avoid the social exclusion of low income populations when road tolling is proposed.

Evaluating the spatial and social equity effects of road pricing in the European urban context: the Madrid Metropolitan Area.

The paper explores the spatial and social impacts arising from implementation of a road-pricing scheme in the Madrid Metropolitan Area (MMA). Our analytical focus is on understanding the effects of the scheme on the transport accessibility of different social groups within the MMA. We define an evaluation framework to appraise the accessibility of different districts within the MMA in terms of the actual and perceived cost of using the road infrastructure "before" and "after" the implementation of the scheme. The framework was developed using quantitative survey data and qualitative data from focus group discussions with residents. We then simulated user behaviors (mode and route choice) based on the empirical evidence from a travel demand model for the MMA. The results from our simulation model demonstrated that implementation of the toll on the orbital metropolitan motorways (M40, M30, for example) decreases accessibility, mostly in the districts where there are no viable public transport alternatives. Our key finding is that the economic burden of the road-pricing scheme particularly affects unskilled and lower income individuals living in the south of the MMA. Consequently lower income people reduce their use of tolled roads and have to find new arrangements for these trips: i.e. switch to the public transport, spend double the time for their commuter trips or stay at home. The results of our research could be applicable more widely for anyone wishing to better understand the important relationship between increased transport cost and social equity, especially where there is an intention to introduce similar road-pricing schemes within the urban context.