This important book deals with the essential principles of resource and environmental economics, provides applications to contemporary issues in this field, and outlines and assesses policies being used or proposed for managing the use of environmental and natural resources. Covering specific contemporary topics such as agriculture and the environment, water use, greenhouse gas management, biodiversity conservation, tourism and the environment, and environmental economics and health, leading issues in resource and environmental economics are outlined and analyzed in an innovative manner. Institutional economics (both new and traditional) is applied and compared with other approaches such as neoclassical economics, behavioral economics and the Austrian School of Economics. This heterogeneous, multi-perspective approach enables problems to be considered from several different angles, thus enhancing the reader's comprehension of the subject matter. Furthermore, using minimal technical jargon, the book takes into account aspects of modern economic analysis such as the costs of and constraints on decision-making and the transaction costs involved in policy implementation.
{"title":"Resource and Environmental Economics: Modern Issues and Applications","authors":"C. Tisdell","doi":"10.1142/6980","DOIUrl":"https://doi.org/10.1142/6980","url":null,"abstract":"This important book deals with the essential principles of resource and environmental economics, provides applications to contemporary issues in this field, and outlines and assesses policies being used or proposed for managing the use of environmental and natural resources. Covering specific contemporary topics such as agriculture and the environment, water use, greenhouse gas management, biodiversity conservation, tourism and the environment, and environmental economics and health, leading issues in resource and environmental economics are outlined and analyzed in an innovative manner. Institutional economics (both new and traditional) is applied and compared with other approaches such as neoclassical economics, behavioral economics and the Austrian School of Economics. This heterogeneous, multi-perspective approach enables problems to be considered from several different angles, thus enhancing the reader's comprehension of the subject matter. Furthermore, using minimal technical jargon, the book takes into account aspects of modern economic analysis such as the costs of and constraints on decision-making and the transaction costs involved in policy implementation.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"169 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-12-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126129284","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Black-Scholes option theory provides a simple analytical model about the yields of corporate bonds. We extend the theory to model the yields of default free government bonds from a simple observation. From the purchasing power perspective, the values of corporate and government bonds follow similar patterns. The option theory based model of the term structure of interest rates explains major empirical patterns on the shapes and dynamics of yield curves. Compared with existing theories on yield curves, this theory provides a simple analytical theory without additional assumptions about risk, liquidity and preference. It greatly simplifies the understanding and teaching of yield curves.
{"title":"An Option Theory Based Yield Curve Model","authors":"J. Chen","doi":"10.2139/ssrn.1432551","DOIUrl":"https://doi.org/10.2139/ssrn.1432551","url":null,"abstract":"The Black-Scholes option theory provides a simple analytical model about the yields of corporate bonds. We extend the theory to model the yields of default free government bonds from a simple observation. From the purchasing power perspective, the values of corporate and government bonds follow similar patterns. The option theory based model of the term structure of interest rates explains major empirical patterns on the shapes and dynamics of yield curves. Compared with existing theories on yield curves, this theory provides a simple analytical theory without additional assumptions about risk, liquidity and preference. It greatly simplifies the understanding and teaching of yield curves.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133650691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Presently, it is widely accepted that the particular utility function first reported by Wold and Jureen (1953), and later by Weber (1997), is capable of generating a Giffen good. This note challenges this view by showing that this Wold-Jureen (1953) utility function is not well-behaved, and that, as a consequence, it does not satisfy the second-order condition for an interior maximum related to the consumer-maximization problem. In view of this, it is argued here that: (a) not only is this utility function incapable of generating a Giffen good, but by extension (b) the so-called demand functions reported by Weber (1997) are not demand functions.
{"title":"On Why the Wold-Juréen (1953) Utility Function Cannot Generate a Giffen Good","authors":"R. Sproule","doi":"10.2139/ssrn.1431201","DOIUrl":"https://doi.org/10.2139/ssrn.1431201","url":null,"abstract":"Presently, it is widely accepted that the particular utility function first reported by Wold and Jureen (1953), and later by Weber (1997), is capable of generating a Giffen good. This note challenges this view by showing that this Wold-Jureen (1953) utility function is not well-behaved, and that, as a consequence, it does not satisfy the second-order condition for an interior maximum related to the consumer-maximization problem. In view of this, it is argued here that: (a) not only is this utility function incapable of generating a Giffen good, but by extension (b) the so-called demand functions reported by Weber (1997) are not demand functions.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122198815","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This classroom game illustrates the strengths and weaknesses of various regulatory frameworks aimed at internalizing negative externalities from pollution. Specifically, the game divides students into three groups—a government regulatory agency and two polluting firms—and allows them to work through a system of uniform command-and-control regulation, a tradable emissions permit framework, and an emissions tax. Students observe how flexible, market-oriented regulatory frameworks can outperform inflexible command-and-control. More important, given the ongoing debate about how best to regulate carbon dioxide emissions, students also can observe how the introduction of abatement-cost uncertainty can cause one market-oriented solution to outperform another.
{"title":"The Pollution Game: A Classroom Exercise Demonstrating the Relative Effectiveness of Emissions Taxes and Tradable Permits","authors":"Jay R. Corrigan","doi":"10.2139/SSRN.1430655","DOIUrl":"https://doi.org/10.2139/SSRN.1430655","url":null,"abstract":"This classroom game illustrates the strengths and weaknesses of various regulatory frameworks aimed at internalizing negative externalities from pollution. Specifically, the game divides students into three groups—a government regulatory agency and two polluting firms—and allows them to work through a system of uniform command-and-control regulation, a tradable emissions permit framework, and an emissions tax. Students observe how flexible, market-oriented regulatory frameworks can outperform inflexible command-and-control. More important, given the ongoing debate about how best to regulate carbon dioxide emissions, students also can observe how the introduction of abatement-cost uncertainty can cause one market-oriented solution to outperform another.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121071408","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This technical note introduces the basic structure of the ISLM and ASAD models for a closed economy (i.e., one that does not engage in international trade). It is a useful complement for the more in-depth presentation of these models commonly found in an economics textbook.
{"title":"A Technical Note on the IsLm and AsAd Models","authors":"Peter Rodriguez","doi":"10.2139/ssrn.1418893","DOIUrl":"https://doi.org/10.2139/ssrn.1418893","url":null,"abstract":"This technical note introduces the basic structure of the ISLM and ASAD models for a closed economy (i.e., one that does not engage in international trade). It is a useful complement for the more in-depth presentation of these models commonly found in an economics textbook.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123983812","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This study explores the relationship between financial social learning opportunities and financial behaviors of college students. Data was collected from current college students age 18 and over throughout the United States during spring and fall of 2008. Results suggest important relationships exist among financial social learning opportunities, financial dispositions, and financial behaviors.
{"title":"Which Students are More Likely to Experience Financial Socialization Opportunities? Exploring the Relationship Between Financial Behaviors and Financial Well-Being of College Students","authors":"M. Gutter, Zeynep Çopur, Selena T. Garrison","doi":"10.2139/ssrn.1432523","DOIUrl":"https://doi.org/10.2139/ssrn.1432523","url":null,"abstract":"This study explores the relationship between financial social learning opportunities and financial behaviors of college students. Data was collected from current college students age 18 and over throughout the United States during spring and fall of 2008. Results suggest important relationships exist among financial social learning opportunities, financial dispositions, and financial behaviors.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132037097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
With the increase in online class offerings, one has to ask 'Are online classes as good as traditional class'? That is, are the learning outcomes similar in online courses as compared to traditional courses? The current study compares the learning outcomes of three sections of a single course at a public university. The basic difference between the three sections is the mode of instruction. One of the sections is a traditional classroom course, one is a hybrid section, and one is an online section. All three sections took the same pre- and post-tests under identical testing conditions to ascertain differences in performance of the students in the three sections. The conclusion of the study was that online learning is not systematically inferior to traditional classroom learning.
{"title":"A Comparison of the Effectiveness of Face to Face, Online and Hybrid Formats in a Principles of Macroeconomics Course","authors":"Tammy Parker, P. Nelson","doi":"10.2139/ssrn.1412388","DOIUrl":"https://doi.org/10.2139/ssrn.1412388","url":null,"abstract":"With the increase in online class offerings, one has to ask 'Are online classes as good as traditional class'? That is, are the learning outcomes similar in online courses as compared to traditional courses? The current study compares the learning outcomes of three sections of a single course at a public university. The basic difference between the three sections is the mode of instruction. One of the sections is a traditional classroom course, one is a hybrid section, and one is an online section. All three sections took the same pre- and post-tests under identical testing conditions to ascertain differences in performance of the students in the three sections. The conclusion of the study was that online learning is not systematically inferior to traditional classroom learning.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126085654","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2009-03-17DOI: 10.5040/9781472560247.ch-013
Seema Sapra
This paper argues that at this time of India's ongoing 'Great Transformation,' legal educators and researchers in India need to pay greater attention to international economic law, and that a renewal of the approach to teaching IEL, could provide significant contributions to both the objectives and outcomes of 'reform' in India. New agendas for IEL teaching in India (and indeed for other developing countries), must derive from and support domestic 'reform' objectives. The ideas in Karl Polanyi's 'The Great Transformation' and in John Ruggie's work on embedded liberalism are useful for imagining, defining and mapping the meaning of 'reform' for India. These ideas provide language and concepts for contestation and debate over substantive meanings and outcomes of 'reform'. They also embrace notions of meaningful societal participation in the processes of both the definition and implementation of 'reform'. IEL teaching in India must more actively engage with domestic issues arising on account of the liberalization of India's external trade as well as the liberalisation of its domestic economy. Even broader agendas for IEL teaching in India can be found within reform discourses that extend beyond economic reforms into bigger questions about reform of governance in India, with corresponding implications for constitutional law, federalism, reconstructions of meanings and structures of governance, and in their broadest sense become questions about negotiating and defining the social purpose of domestic governance and of providing adequate delivery systems for such governance. By packaging different reform discourses together, IEL courses could enable the creation of new knowledge, the development of new discourses, and the creation of new capacity as well as space for useful social, political, constitutional, and legal activity. As part of arguing the case for more IEL teaching, efforts are required to broaden the audience or market for IEL knowledge, and increasing 'demand' for IEL would be an important component. IEL teaching in India might usefully develop an inward looking focus, by engaging more with issues and problems confronting the domestic political economy. It must also develop new issue linkages between competing substantive values, competing interests, and substantive outcomes and procedural mechanisms. In doing so, IEL teaching would contribute towards constructing a more inclusive redefinition of the 'problem-space' of reform in India.
本文认为，在印度正在进行的“大转型”时期，印度的法律教育工作者和研究人员需要更多地关注国际经济法，并且更新国际经济法的教学方法，可以为印度“改革”的目标和结果做出重大贡献。印度(以及其他发展中国家)IEL教学的新议程必须源自并支持国内的“改革”目标。卡尔·波兰尼(Karl Polanyi)的《大转型》(The Great Transformation)和约翰·鲁吉(John Ruggie)关于嵌入式自由主义的著作中的思想，对于想象、定义和描绘“改革”对印度的意义非常有用。这些思想为关于“改革”的实质意义和结果的争论和辩论提供了语言和概念。它们还包括在“改革”的定义和实施过程中有意义的社会参与的概念。印度的IEL教学必须更积极地参与由于印度对外贸易自由化以及国内经济自由化而产生的国内问题。在印度，更广泛的国际教育议程可以在改革话语中找到，这些话语超越了经济改革，扩展到印度治理改革的更大问题，对宪法、联邦制、治理意义和结构的重建有相应的影响，在最广泛的意义上，成为谈判和定义国内治理的社会目的的问题，并为这种治理提供适当的交付系统。通过将不同的改革话语包装在一起，国际教育学院课程能够创造新知识，发展新话语，并为有用的社会、政治、宪法和法律活动创造新的能力和空间。作为更多IEL教学的一部分，需要努力扩大IEL知识的受众或市场，增加对IEL的“需求”将是一个重要组成部分。通过更多地关注国内政治经济面临的问题，印度的IEL教学可能会有效地培养一种内向的关注。它还必须在相互竞争的实质性价值、相互竞争的利益、实质性结果和程序机制之间建立新的问题联系。这样，IEL教学将有助于构建一个更具包容性的印度改革“问题空间”的重新定义。
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As economic educators part of our role is to communicate the importance of providing every student with a basic understanding of the principles of economics because economic fundamentals help students to develop the knowledge and skills they need to become productive citizens. However, despite the importance of understanding economics many students sly a way from the discipline because of the difficulty of the subject matter. Thus effectively communicating economic information to students is critically important and as demographic conditions continue to dramatically shift in the United States helping students to grasp economic concepts is becoming more of a challenge. Given a rapidly changing demographic environment this article provides economic educators with a series of recommendations for responding to the multicultural needs of their students. "Cultural values and beliefs are at the center of students' responses to teachers' strategies and of students' own attempts to engage in and influence interactions in the classroom" (Rothstein-Fisch & Trumbull, 2008, p. xiii). Recognizing the importance of multiculturalism and incorporating effective teaching methodologies in the classroom is a vital component of the learning process and in the final analysis, student achievement is what education should be all about.
作为经济教育工作者，我们的部分职责是传达给每个学生对经济学原理的基本理解的重要性，因为经济基础可以帮助学生发展成为有生产力的公民所需的知识和技能。然而，尽管理解经济学很重要，许多学生还是因为这门学科的难度而避开了这门学科。因此，有效地向学生传达经济信息是至关重要的，随着美国人口状况的不断急剧变化，帮助学生掌握经济概念正变得越来越具有挑战性。鉴于快速变化的人口环境，本文为经济教育工作者提供了一系列应对学生多元文化需求的建议。“文化价值观和信仰是学生对教师策略的反应以及学生自己参与和影响课堂互动的尝试的核心”(Rothstein-Fisch & Trumbull, 2008, p. xiii)。认识到多元文化主义的重要性并在课堂上采用有效的教学方法是学习过程的重要组成部分，归根到底，学生成就是教育的全部内容。
{"title":"Multiculturalism and Economic Education","authors":"Daniel M. Wentland","doi":"10.2139/SSRN.1333864","DOIUrl":"https://doi.org/10.2139/SSRN.1333864","url":null,"abstract":"As economic educators part of our role is to communicate the importance of providing every student with a basic understanding of the principles of economics because economic fundamentals help students to develop the knowledge and skills they need to become productive citizens. However, despite the importance of understanding economics many students sly a way from the discipline because of the difficulty of the subject matter. Thus effectively communicating economic information to students is critically important and as demographic conditions continue to dramatically shift in the United States helping students to grasp economic concepts is becoming more of a challenge. Given a rapidly changing demographic environment this article provides economic educators with a series of recommendations for responding to the multicultural needs of their students. \"Cultural values and beliefs are at the center of students' responses to teachers' strategies and of students' own attempts to engage in and influence interactions in the classroom\" (Rothstein-Fisch & Trumbull, 2008, p. xiii). Recognizing the importance of multiculturalism and incorporating effective teaching methodologies in the classroom is a vital component of the learning process and in the final analysis, student achievement is what education should be all about.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129038049","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Surveys by Ferraro and Taylor (2005) point to abysmal understandings of the concept of opportunity cost by US undergraduates, graduates and faculty, and raise important pedagogical and conceptual issues. One implication is that the concept is poorly taught in textbooks and classrooms, from which it follows that remedies are needed. Three further implications strongly influence the nature and extent of these remedies. These are that opportunity cost is not a simple concept but a difficult one, that it is not a fundamental economic concept but a subordinate one, and that graduates do not require a good understanding of the concept for successful careers as economists. This paper presents logical arguments supporting these propositions, and discusses their bearing on general strategies for dealing with the pedagogical problem.
{"title":"The Concept of Opportunity Cost: Is it Simple Fundamental or Necessary?","authors":"R. O'Donnell","doi":"10.2139/ssrn.1333850","DOIUrl":"https://doi.org/10.2139/ssrn.1333850","url":null,"abstract":"Surveys by Ferraro and Taylor (2005) point to abysmal understandings of the concept of opportunity cost by US undergraduates, graduates and faculty, and raise important pedagogical and conceptual issues. One implication is that the concept is poorly taught in textbooks and classrooms, from which it follows that remedies are needed. Three further implications strongly influence the nature and extent of these remedies. These are that opportunity cost is not a simple concept but a difficult one, that it is not a fundamental economic concept but a subordinate one, and that graduates do not require a good understanding of the concept for successful careers as economists. This paper presents logical arguments supporting these propositions, and discusses their bearing on general strategies for dealing with the pedagogical problem.","PeriodicalId":409545,"journal":{"name":"EduRN: Economics Education (ERN) (Topic)","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2008-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126233778","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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