A Universal Approach to Sustainable Development: Economic, Environmental, and Social Indicators in Australia and Southeast Asia. Sustainable development has implications for all facets of society and yet is in real danger of becoming a hollow catch cry. A significant reason for this is the lack of operational and standard indicators across a broad spectrum of economic, environmental and social realms. The major innovation of this work will be the incorporation of social choice theory based on re ....A Universal Approach to Sustainable Development: Economic, Environmental, and Social Indicators in Australia and Southeast Asia. Sustainable development has implications for all facets of society and yet is in real danger of becoming a hollow catch cry. A significant reason for this is the lack of operational and standard indicators across a broad spectrum of economic, environmental and social realms. The major innovation of this work will be the incorporation of social choice theory based on revealed preferences into defining and measuring sustainable development in Australia and Southeast Asia. This project will benefit both state and national governments, as well as non government organisations, interested in sustainable development and future social welfare.Read moreRead less
Special Research Initiatives - Grant ID: SR0354472
Funder
Australian Research Council
Funding Amount
$10,000.00
Summary
The Economic Design Network. The Economic Design Network will integrate research, communication, education, and policy development in the rapidly emerging discipline of Economic Design in complex systems.
Based on the core disciplines of Economic Theory and Experimental Economics, but with extensive links into other areas of economics and interdisciplinary policy, it is concerned with the design of institutions and policies when rational economic agents (individuals or firms) are embedded in c ....The Economic Design Network. The Economic Design Network will integrate research, communication, education, and policy development in the rapidly emerging discipline of Economic Design in complex systems.
Based on the core disciplines of Economic Theory and Experimental Economics, but with extensive links into other areas of economics and interdisciplinary policy, it is concerned with the design of institutions and policies when rational economic agents (individuals or firms) are embedded in complex biological, social or technological systems. Examples of such systems include the bioeconomic and biophysical systems of the Murray Darling Basin, telecommunication networks and the internet, power distribution grids and markets, health and insurance networks, and information networks (including systems of intellectual property). Economic design principles are fundamental to many current policy debates.Read moreRead less
Exchange Rates and Commodity Prices in a Volatile Business Environment. In recent years, many Australian companies have been hurt by the large movements in the value of the Australian dollar, by their inability to forecast these movements, and by deficiencies of their hedging strategies to deal with foreign-exchange risk. This project will develop an alternative way of forecasting the $A in real time using a new methodology, based on purchasing power parity, that shows much promise. Additional ....Exchange Rates and Commodity Prices in a Volatile Business Environment. In recent years, many Australian companies have been hurt by the large movements in the value of the Australian dollar, by their inability to forecast these movements, and by deficiencies of their hedging strategies to deal with foreign-exchange risk. This project will develop an alternative way of forecasting the $A in real time using a new methodology, based on purchasing power parity, that shows much promise. Additionally, an innovative way to analyse gold prices will be further developed, which when combined with the $A forecasts, offers a potentially valuable method of hedging foreign exchange and commodity price risk faced by Australian gold producers.Read moreRead less
Balancing the risk of harm with productivity in the mercurial firm: economic theory and applications to Australian policy. Australia has had at least one significant chemical spill per month for the last 30 years. While the Longford disaster fades from the news, James Hardy's asbestos problem fills its place. This project will develop a general conceptual framework in which to analyse the economics of risky firms. The framework will be used to evaluate Australian, International, and alternative ....Balancing the risk of harm with productivity in the mercurial firm: economic theory and applications to Australian policy. Australia has had at least one significant chemical spill per month for the last 30 years. While the Longford disaster fades from the news, James Hardy's asbestos problem fills its place. This project will develop a general conceptual framework in which to analyse the economics of risky firms. The framework will be used to evaluate Australian, International, and alternative policies. The end benefit to Australia will be an improvement in policy toward firms that cause accidents.Read moreRead less
Development of a Value of Life Framework to Assist Priority Setting Decision Making Across Sectors. The techniques used to evaluate life-saving interventions differ between health and other sectors. In health cost-effectiveness or cost-utility anlaysis is common, avoiding specification of a value for life. In contrast the transport and environment sectors use cost-benefit analysis and value life in monetary terms. This duality of approaches has resulted in a lower implicit value of life in th ....Development of a Value of Life Framework to Assist Priority Setting Decision Making Across Sectors. The techniques used to evaluate life-saving interventions differ between health and other sectors. In health cost-effectiveness or cost-utility anlaysis is common, avoiding specification of a value for life. In contrast the transport and environment sectors use cost-benefit analysis and value life in monetary terms. This duality of approaches has resulted in a lower implicit value of life in the health sector. The research will explore these differences and attempt to identify key attributes that influence how life is valued, to provide a framework for a single approach to the valuation of life, and the more efficient allocation of resources cross-sectorally.Read moreRead less
The economics of happiness, public policy, and national success indicators. The project will provide a sound analysis of happiness, taking account of traditional welfare economics and recent advances in happiness studies, including making the analysis more relevant for policy formulation, making happiness measures more comparable interpersonally, intertemporally, and interculturally. A new and more appropriate national success indicator will be devised that takes positive account of some appropr ....The economics of happiness, public policy, and national success indicators. The project will provide a sound analysis of happiness, taking account of traditional welfare economics and recent advances in happiness studies, including making the analysis more relevant for policy formulation, making happiness measures more comparable interpersonally, intertemporally, and interculturally. A new and more appropriate national success indicator will be devised that takes positive account of some appropriate measure of happiness (adjusted happy life-years) and negative account of some measure of per capita external costs. This will encourage people, organizations, and governments to focus on factors that have a more direct bearing on people's happiness.Read moreRead less
Energy efficiency, economic growth and the environment in China. This project will provide Australian government, business and the broader community with comprehensive knowledge about China's growth which is closely linked to the Australian resources boom and hence economic growth in recent years. It will give Australia a leading edge in understanding China within the context of sustainable development and provide an assessment of the impact that China's continued growth may have on the world in ....Energy efficiency, economic growth and the environment in China. This project will provide Australian government, business and the broader community with comprehensive knowledge about China's growth which is closely linked to the Australian resources boom and hence economic growth in recent years. It will give Australia a leading edge in understanding China within the context of sustainable development and provide an assessment of the impact that China's continued growth may have on the world in general and on the Australian economy in particular. The insights on China's energy and environmental sectors gained through this project will be vital for Australian businesses attempting to tap into the Chinese market, and Sino-Australian cooperation on climate change.Read moreRead less
Managing the risk of price spikes, dependences and contagion effects in australian electricity markets. Australian electricity markets are more volatile and spike-prone than other comparable markets. Price spikes account for large parts of total price variation, and companies that are unprepared to manage these risks adequately face potentially substantial losses. The economic reality of price spikes in our interconnected electricity markets which are small and geographically isolated, unlike th ....Managing the risk of price spikes, dependences and contagion effects in australian electricity markets. Australian electricity markets are more volatile and spike-prone than other comparable markets. Price spikes account for large parts of total price variation, and companies that are unprepared to manage these risks adequately face potentially substantial losses. The economic reality of price spikes in our interconnected electricity markets which are small and geographically isolated, unlike the proximate markets of Europe and North America, emphasises the imperative of this Australian-focused research. Results will enable forecasting of extreme prices and enable market participants to manage better their risks, in Australia's unique electricity environment, and reduce chances of large losses or default.Read moreRead less
Investigating Linkages Among Individual Decision Rules, Properties of Experimental Designs and Choice Models In Environmental Economics Applications. Discrete Choice Experiments or 'stated preference' (SP) surveys are increasingly being used to estimate public benefits of proposed environmental policy changes. The accuracy of environmental policy analyses and forecasts of welfare changes based on SP models depends heavily on unbiased parameter estimates. Our project aims to assess what happens i ....Investigating Linkages Among Individual Decision Rules, Properties of Experimental Designs and Choice Models In Environmental Economics Applications. Discrete Choice Experiments or 'stated preference' (SP) surveys are increasingly being used to estimate public benefits of proposed environmental policy changes. The accuracy of environmental policy analyses and forecasts of welfare changes based on SP models depends heavily on unbiased parameter estimates. Our project aims to assess what happens if common assumptions about consumer preferences in SP surveys are violated. We also study whether exploratory analysis methods can detect the violations to guide future research and applications. Successful completion of this project will lead to more accurate policy analyses and forecasts based on discrete choice models.Read moreRead less
Storage and the Hotelling Valuation Principle: Understanding the Dynamics of the Oil Industry. Understanding the economics of the oil market is important for understanding the shift toward smaller, more fuel-efficient motor vehicles and less fuel-intensive farming techniques. A better understanding of fundamental oil price processes will lead to more accurate oil price forecasting and hence more accurate pricing of oil derivatives (options, futures and swaps) and improved risk management (e.g. ....Storage and the Hotelling Valuation Principle: Understanding the Dynamics of the Oil Industry. Understanding the economics of the oil market is important for understanding the shift toward smaller, more fuel-efficient motor vehicles and less fuel-intensive farming techniques. A better understanding of fundamental oil price processes will lead to more accurate oil price forecasting and hence more accurate pricing of oil derivatives (options, futures and swaps) and improved risk management (e.g. airlines hedging the cost of their jet fuel needs). Read moreRead less