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It is well-established that market governance can be provided by both public (state) and private organizations. However, the concept of private governance has been used, this article contends, to refer to two distinct forms of non-state governance: private governance and community governance. We distinguish between these two forms, arguing that private governance should be understood as the provision of market governance by (external) private parties, while community governance refers to a process where a group, a community, or society has the autonomy to govern its own affairs without interference from external authorities. The former internalizes the externalities associated with governance, while the latter comes about mainly as an unintended externality of social interaction in markets. To further illuminate the differences, and the relative strengths of these types of non-state governance, we distinguish among three elements of market governance: (1) the formation and interpretation of rules, (2) the administration of rules of ownership and exchange, and (3) the enforcement of rules. We argue that community governance is of great relevance for the formation and interpretation of the rules of ownership and exchange, which is consequently very hard to outsource to external parties, private or public. Community governance also plays a frequently overlooked role in administration and enforcement through the process of co-production. Rule formation and interpretation are theorized as the epistemic components of market governance, which can be analyzed within the Governing Knowledge Commons framework. [ABSTRACT FROM AUTHOR]

This paper focuses on joint production/inventory optimization in single and multiple horizons, respectively, within a complicated supply network (CSN) consisting of firm nodes with coupled demands and firm nodes with coupled demands. We first formulate the single-epoch joint optimal output model by allowing the production of extra quantity for stock underage, considering the fixed costs incurred by having inventory over demand and shortfalls. Then, the multi-temporal dynamic joint production model is further investigated to deal with stochastic demand fluctuations among CSN nodes by constructing a dynamic input–output model. The K-convexity defined in Rn space is proved to obtain the optimal control strategy. According to physical flow links, all demands associated to the nodes of CSN are categorized into the inter-node demand inside CSN (intermediate demand) and external demand outside CSN (final demand). We exploit the meliorated input–output matrix to describe demand relations, building dynamic input–output models where demand fluctuates randomly in single-cycle CSN and finite multi-cycle CSN. The novel monocyclic and multicyclic dynamic models have been developed to minimize system-wide operational costs. Unlike existent literature, we consider fixed costs incurred by overdemand and underdemand inventory into system operational cost functions and then demonstrate the convexity of objective functions. The cost function with two fixed penalty costs due to excess and shortage of inventory is developed in a multicycle model, and the K-convexity defined in Rn is proved to find out the optimal strategy for joint dynamic production of CSNs in the case of multi-products and multicycles. [ABSTRACT FROM AUTHOR]

Surveys of the costs of inputs assigned to pollution abatement (Stated Costs) have been the principal method used to estimate pollution abatement costs. While surveys have been widely used, problems with these surveys may adversely affect their ability to accurately measure pollution abatement costs. In this paper, we propose a method that does not depend on surveys of input costs. Instead, a nonparametric cost function that models the joint production of good and bad outputs is used to identify the cost of inputs assigned to pollution abatement (Revealed Costs). The increased input costs when the bad output is not freely disposable compared to input costs when the bad output is freely disposable constitute our estimate of the revealed cost of pollution abatement. Our model is illustrated using data from coal-fired electric power plants in the United States for 2000–2005. [ABSTRACT FROM AUTHOR]

Purpose: Despite multiple structural changes since its 2011 inception, many English Women's Super League (WSL) clubs have recorded losses and carried debt, leading to concerns about the financial health of the league. This study is the first to analyse the financial health of any professional women's sports league in the world. The authors examine WSL club finances between 2011 and 2019, theoretically situate the findings within joint production, and make policy recommendations. Design/methodology/approach: In total, 73 annual accounts of 14 WSL clubs between 2011 and 2019 were scrutinised. Findings: Since 2011, club revenue has increased 590% but is outstripped by club debt increase (1,351%). The authors find poor financial health throughout the league, which may damage both its and the clubs' future growth. Findings also indicate an emergent group of dominant clubs on and off the pitch, which may threaten long-term sporting integrity and disrupt the joint production of the WSL product. Practical implications: Women's football exists at an important crossroad, and its next moves need careful consideration in relation to its governance structures and league design. Originality/value: The authors provide a road map for necessary action (e.g. revenue distribution, licensing criteria, rewards) to protect the financial health of the WSL's clubs and promote sporting competition to assist the sport to capitalise further on positive gains in recent years. [ABSTRACT FROM AUTHOR]

The question of how to properly model production systems with unintended outputs has proven both controversial and of particular interest to the productivity and efficiency community. The paper explains why some of the arguments put forward in these controversies are hardly convincing for industrial and other processes. Among other things, there is a lack of clear conceptual labelling of the different types of joint production, especially coupled production, which is the main source of undesirable and other unintended outputs, unless neglected. It is largely ignored that the desirability of such by-products may depend on the quantity produced. This is also true for reduction processes such as waste incineration or end-of-life vehicle dismantling, which in turn generate new unintended outputs. As a rule, industrial material and energy balances are modelled implicitly. Koopmans' activity analysis is the standard approach in modelling production systems with undesirable outputs in the literature of business economics on sustainable production and supply chain management. With data envelopment analysis (DEA), instead of entire production possibilities, it is sufficient to know only certain local properties in the relevant range of input and output quantities of the observed activities. This lowers the challenge to verify their empirical validity. [ABSTRACT FROM AUTHOR]

Although written corrective feedback and collaborative writing have been extensively researched in second language writing, there have been few ecologically valid classroom-based studies. To bridge the gap, the current study proposed joint production as a pedagogy to integrate teacher-scaffolded feedback and collaborative dialogue and aimed to examine its effect on the development of second language writing. A quasi-experimental study was undertaken on two intact groups of EFL learners over an academic semester of 18 weeks. Results showed that the experimental group (N = 30) outperformed the control group (N = 29) significantly in accuracy, confirming the effectiveness of joint production in promoting accuracy in L2 writing. Developmentally, accuracy was steadily developed over time and was negatively correlated with complexity. Possible explanations and implications of the findings are also discussed. [ABSTRACT FROM AUTHOR]

The labor theory of value has been rejected by Morishima on the grounds that it would be incompatible with joint production, which would create negative labor values. This article starts by recalling the various definitions of joint production, as well as the way they relate to the real world. For Morishima, the labor theory of value is a particular case of Sraffa's theory of production prices; it is recalled that in Sraffa's treatment of joint production the occurrence of negative multipliers and therefore of negative quantities comes from the construction of a standard commodity. Morishima extends this demonstration to labor values in the case of joint production, but the article shows that his example of giving negative labor values is absurd. Finally, using a method initially developed by statisticians to deal with joint production and simple matrix calculations, it is demonstrated that it is perfectly possible to obtain positive labor values in a theoretical but realistic model of joint production. [ABSTRACT FROM AUTHOR]

The aim of this paper is to elaborate a Sraffian production model with banks, corporations, shareholders and managers to argue that the expansion of the financial sector contributes to the decrease of the wage‐share. The model introduces joint production to take into account fixed capital and corporate firms and provides rigorous foundations for the description of an economy characterised by unbalanced growth with the financial sector growing at the highest rates. Besides demonstrating that the analysis generates non‐negative solutions for prices and quantities, the paper concludes that, if workers' debt grows faster than the rest of the economy, the wage share diminishes and that the greater the size of the dividends that corporate companies decide to distribute, the larger the reductions in the wage share. [ABSTRACT FROM AUTHOR]

The generation of unintended residuals when producing intended outputs is the key factor behind our serious problems with pollution. The way this joint production is modelled is therefore of crucial importance for our understanding and empirical efforts to change economic activities in order to reduce harmful residuals. Estimation of efficiency and productivity when producing both intended and unintended outputs has emerged as an important research strand. The most popular models in the field are based on weak disposability of the two types of outputs together and null-jointness introduced by Shephard. The purpose of the paper is to show that these model types are built on some questionable assumptions. An alternative model based on the production theory of Frisch introduces technical jointness for the case when the unintended output is unavoidable. The materials balance based on physical laws tells us that when material inputs are used unintended outputs are unavoidable. The modelling of joint production must therefore reflect this. The production of the two types of outputs occurs simultaneously. It is the maximisation of intended outputs for given inputs that engineers are striving at to achieve. The production functions for intended and unintended outputs are linked through common use of inputs. However, separate functions for the two types of output can be estimated because the intended outputs are independent of the unintended ones and vice versa, facilitating calculating separate efficiency and productivity measures using non-parametric DEA methods. [ABSTRACT FROM AUTHOR]

Since Harvey Sacks' early observations on collaborative sentence-making, the joint production of turns has become a topic of abiding interest amongst conversation analysts. This paper offers a thematic review of the literature by looking into a number of issues surrounding joint productions, including their forms and interactional uses, major types and sub-types, syntactic and pragmatic contributions, unity and variation across languages, and reasons for its inherent fascination as a conversational practice. By re-examining a number of key concepts and distinctions, including completion, extension, projection, continuation, collaboration, and affiliation/disaffiliation, the paper offers a critical assessment of their perspicuity and usefulness for our understanding of joint production as a general phenomenon (which includes both co-completions and increments). In the second part of the paper, it is suggested that two further concepts be added to the analyst's toolbox, namely, 'parties' (Schegloff 1995) and 'voices' (Bakhtin 1981). It is argued that with these notions, one would be better placed to explain the curious status of joint productions as at once collaborative and yet at the same time potentially transformative or even subversive. The overriding goal is conceptual clarification of this field, which hopefully will help place further research on firmer ground. [ABSTRACT FROM AUTHOR]

Copyright of Muhasebe ve Vergi Uygulamalari Dergisi (MUVU) / Journal of Accounting & Taxation Studies (JATS) is the property of Ankara Serbest Muhasebeci Mali Musavirler Odasi and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Increased market demand and expanded scales of production of fresh agricultural products by small and medium‐sized enterprises (SMEs) have highlighted the challenge of funding sufficient infrastructure. Additional costs to improve the freshness of produce makes the optimal financial and operational policies different for these enterprises. On the basis of the characteristics of the fresh agricultural supply chain, this paper analyses the financing strategies adopted by SMEs and obtains optimal operational and financing strategies for SMEs in six different situations. The analysis shows that the optimal level of financing by SMEs is not only affected by the financing rate, but also negatively related to the freshness effort cost coefficient, and is positively related to the sensitivity coefficient of market freshness. Moreover, although the cost of improving the freshness level of the producte is only borne by the SME, the supply chain cannot maximise profit from the optimal financial strategies of SMEs. Shouldering the fresh effort cost also lessens the optimal financing requirement of the SME compared with that of the entire supply chain. The difference is affected by the fresh effort cost coefficient. [ABSTRACT FROM AUTHOR]

We consider a network of heterogeneous agents where each edge represents a two‐player contest between the respective nodes. In these bilateral contests, agents compete over an endogenous prize jointly produced using their own contest efforts. We provide a necessary and sufficient condition for the existence of Nash equilibrium and characterize the equilibrium total effort for every agent. Our model has insightful results regarding the network type, that is, depending on whether the network is bipartite or nonbipartite. Finally, considering the sum of all expected utilities as an efficiency notion, we investigate the optimal network structure. [ABSTRACT FROM AUTHOR]

In this study, we examine dynamic allocation of resources and consumption over an infinite time horizon in an overlapping-generations model with two-sided altruism. Each generation cares not only about its own consumption and the utility of its successor, but also about the utility of its parental generation. The consumption decisions of different generations could display time-inconsistency in a model of two-sided altruism. Consequently, the outcome solutions could differ depending on whether members of the current generation are naïve and falsely believe that the future generation will comply with their, or are sophisticated and know exactly how the future generation will choose to behave. We assume that the young generation is naïve and behaves as a central planner in allocating capital resources. The capital stocks inherited by each generation from the parental generation are actually realized and used in the joint production of capital stocks and consumption goods. We refer to a sequence of such capital stocks as a two-sided altruistic path. This study examines a more general production function than earlier models of two-sided altruism, and our results prove that any two-sided altruistic path will eventually converge to the two-sided altruistic stationary path. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to analyse the effect of enhanced knowledge and technology innovations, which were resulted from training, on the simultaneous production of rice and soybean in Java, Indonesia. Design/methodology/approach: A model of product possibility frontier with two outputs produced using the same resources was employed. Based on the model, supply responses of soybean and rice were derived. Aggregate data consisting of 12 regions during the ten years of 2000–2009 were compiled from relevant agricultural institutions at the provincial level. Findings: Improvement in farmers' capacity has been able to increase production of soybean and rice simultaneously. Farmers' capacity increased after completion of the school. Knowledge and skill gained from the school have been applied to both rice and soybean farming. Other economic factors also affected the supply response of both commodities. Research limitations/implications: Available data covered periods 2000–2009. However, the outcomes are still relevant to the current situation because food crops are the basic necessity. This study used secondary aggregate data, which might be less accurate than primary data. However, secondary data have the advantage concerning coverage and time span. Practical implications: The Government, in collaboration with non-government organisations and the private sectors, should continue to enhance farmers' capacity to increase the production of food crops to feed people in Indonesia, and over the world in general. Originality/value: An analysis of joint production using a concept of product transformation curve can measure the impact of training on multi products. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to analyse the effect of enhanced knowledge and technology innovations, which were resulted from training, on the simultaneous production of rice and soybean in Java, Indonesia. Design/methodology/approach: A model of product possibility frontier with two outputs produced using the same resources was employed. Based on the model, supply responses of soybean and rice were derived. Aggregate data consisting of 12 regions during the ten years of 2000–2009 were compiled from relevant agricultural institutions at the provincial level. Findings: Improvement in farmers' capacity has been able to increase production of soybean and rice simultaneously. Farmers' capacity increased after completion of the school. Knowledge and skill gained from the school have been applied to both rice and soybean farming. Other economic factors also affected the supply response of both commodities. Research limitations/implications: Available data covered periods 2000–2009. However, the outcomes are still relevant to the current situation because food crops are the basic necessity. This study used secondary aggregate data, which might be less accurate than primary data. However, secondary data have the advantage concerning coverage and time span. Practical implications: The Government, in collaboration with non-government organisations and the private sectors, should continue to enhance farmers' capacity to increase the production of food crops to feed people in Indonesia, and over the world in general. Originality/value: An analysis of joint production using a concept of product transformation curve can measure the impact of training on multi products. [ABSTRACT FROM AUTHOR]

In this chapter, we present fragments of previously unpublished correspondence between Ludwig Lachmann and G. L. S. Shackle on the nature of institutions. This correspondence allows us to rationally reconstruct a theory of institutions, which extends Lachmann's theoretical work. Shackle pointed out to Lachmann that institutions might be inputs into economic activities and that they themselves may be reproduced and transformed by these activities. Lachmann in turn contended that institutions consist of "instruments of interpretation." We develop the concept of "instruments of interpretation" as a subset of institutions. These instruments are mental models and cognitive tools which are (1) inputs complementary to capital goods (2) jointly produced, reproduced, and transformed through economic activity. We suggest that in contrast to privately produced capital goods, parts of the institutional infrastructure are produced jointly as shared goods because the use of certain institutional elements is non-exclusive and non-subtractable; these elements - instruments of interpretation - are produced and reproduced by sharing and contributions through a process of joint production. This chapter explicitly connects two different but essential themes in Lachmann's work: capital, and institutions. By combining these two strands of Lachmann's work, we are able to demonstrate that there is a crosscomplementarity between institutional orders and capital structures. This connection in turn provides a thicker understanding of the workings of markets. [ABSTRACT FROM AUTHOR]

Multilateral financial mechanisms (MFMs) are becoming increasingly prevalent as a means for addressing global public good problems. MFMs raise funds from member countries through "burden sharing" arrangements, and these funds are disbursed as grants to finance environmental projects around the world. These projects are impure public goods, as they help achieve global (public) objectives like climate change mitigation, and they also generate local (private) benefits for recipient countries. This paper constructs a model of MFMs and explores how impure public goods influence burden sharing arrangements. I design an optimal burden sharing mechanism and show how resultant environmental quality and welfare are affected by the choice of grant allocations. Counterintuitively, grant reallocations can be redistributive, Pareto improving, or immiserating, and these results are shaped by the initial distribution of grants and by substitute and complement relationships between private and public consumption. [ABSTRACT FROM AUTHOR]

An empirical land allocation model is developed and fit to production data of the top five crops in the USA and to crop output prices adjusted for direct payments and subsidies. The land allocation model based on the theory of the multiproduct firm allows for jointness in production, and it is extended to handle non-allocable inputs. Specifically, the model is used to analyze whether the Food Security Act of 1985, known as the 1985 Farm Bill, increased flexibility in land allocation decisions by comparing responsiveness of land allocation among the crops, before and after the passage of the 1885 Farm Bill, to changes in total land availability and changes in crop output prices. The results confirm that a structural change in land allocation dynamics took place after the passage of the 1985 Farm Bill. We show that more crops (wheat and soybeans, in particular) become more acreage responsive to the changes in total land available for production after 1985. For example, the results indicate that competition for acreage between corn and wheat is associated with the implementation of the 1985 Farm Bill. The results provide evidence that the onset of the increased acreage allocation flexibility by farmers originated in the policies of the 1985 Farm Bill. The study also demonstrates that a policy targeting a particular crop will inadvertently affect production of other crops. This study quantifies these indirect effects on the five major crops grown in the USA. [ABSTRACT FROM AUTHOR]

The paper discusses the economic analysis of modern rich economies. It argues that standard economic theory acknowledges that it does not apply if there is own‐consumption and/or joint production and suggests that successful economic reforms of the 1980s have used markets to drive down costs in sectors where standard economic theory applies. This process has resulted in a situation where rich country economies are increasingly oriented to sectors – predominantly services – where markets work less well, namely those with extensive own‐consumption and joint production, where theory says that factor rewards and other prices cannot be determined by production and consumption conditions. Arguing that this can explain the “wages squeeze,” the paper concludes that other economic mechanisms should and have arisen to secure better welfare gains, thus explaining the recent shift in policy priorities of the ACTU. [ABSTRACT FROM AUTHOR]

Purpose: Developing a robust method for CO2 allocation in oil refineries is an ongoing debate within the life cycle assessment (LCA) community. Several methodologies reported in the literature, mostly performing sequential and iterative calculations, tend to be biased toward diesel at the expense of gasoline, failing to properly consider the role played by hydrogen. This paper develops a new non-iterative refinery CO2 allocation method to explore the concept of customized allocation to overcome the inherent bias in standard methods.Methods: The allocation methodology is based on a system of linear equations built around the material and energy balances of a refinery. After describing the process of building such system, it is shown that the carbon allocation values of all final products and intermediate streams are directly obtained by solving it. A numerical example of CO2 emission allocation to major refinery products is provided from an optimized refinery linear programming (LP) case for the European refining industry, based on literature projections for 2020.Results and discussion: The paper presents the key emission sources in the European refinery sector, and by using a standard mass-based allocation technique, we show that the carbon intensities of refined petroleum products derived using the non-iterative method are consistent with other studies. We confirm the findings that the standard allocation typically used in attributional refinery LCA tends to reward diesel to the detriment of gasoline. We attempted reconciling this by applying a reallocation factor to customize the CO2 allocation to represent the “real” economic purposes of process units reflecting the constraints European refineries face today. This moderated the octane production effects given the important role the reformer plays in hydrogen co-production, where the emission burden of highly knock-resistant reformate is redistributed to hydrogen and carried through to diesel.Conclusions: By customizing the allocation of CO2, we demonstrated that the differences between a consequential and an attributional approach in refinery LCA can partly be reconciled. We now run into the risk of increasing the subjectivity of the attributional method by using “judgment calls” to decide on the choice of weightage to be applied. We invite the wider LCA practitioners to further investigate the use of this new non-iterative method for allocating CO2 and explore the concept of reallocation factors as means to customize emission allocation. [ABSTRACT FROM AUTHOR]

Summary: The divide between attributional and consequential research perspectives partly overlaps with the long‐standing methodological discussions in the life cycle assessment (LCA) and input‐output analysis (IO) research communities on the choice of techniques and models for dealing with situations of coproduction. The recent harmonization of LCA allocations and IO constructs revealed a more diverse set of coproduction models than had previously been understood. This increased flexibility and transparency in inventory modeling warrants a re‐evaluation of the treatment of coproduction in analyses with attributional and consequential perspectives. In the present article, the main types of coproductions situations and of coproduction models are reviewed, along with key desirable characteristics of attributional and consequential studies. A concordance analysis leads to clear recommendations, which call for important refinements to current guidelines for both LCA/IO practitioners and database developers. We notably challenge the simple association between, on the one hand, attributional LCA and partition allocation, and on the one hand, consequential LCA and substitution modeling. [ABSTRACT FROM AUTHOR]

In recent times, the issue of a “Phosphate Peak” has entered the academic debate and it is widely present in social media. Arguments in favour and against are similar to those mentioned in the much earlier debate on the “Oil Peak”. However, whereas the “Oil Peak” is supply driven, the “Phosphate Peak”, if at all, is demand driven. In contrast with oil, most of which is chemically transformed in CO2, vapor and other constituting elements, phosphate is not “consumed” during its primary use as a fertilizer. Hence, whilst phosphate rock, from which phosphate is mined, is a depletable resource, phosphate itself is potentially recyclable and re-usable. Research on the technologies for such a recovery is manifold and, specifically, efforts are spent on waste water as a source of phosphate. This, if successful, could lead to a changing perception of waste water treatment plants as a set of backstop technologies to eliminate an environmental problem into a “secondary liquid mine” from which phosphate, but not only phosphate, could be extracted for re-use. Hence, for that purpose, an economic model of efficient extraction of phosphate and other elements from waste water in a waste water treatment plant could give guidance to operators. This paper presents such a model describing the optimal simultaneous extraction of several elements, including phosphate, from a “secondary liquid mine”. The elements are assumed to be present in given proportions (ratios) in this “mine” and the model shows that these ratios have an impact on the optimal extraction path and on resulting “implicit” shadow pricing rules to be adopted by the waste water treatment plant operator. [ABSTRACT FROM AUTHOR]

Context Economists define non-market ecosystem services (ES) as public or common goods due to their characteristics of non-rivalry in terms of consumption and/or non-excludability. Just because they do not have a price does not mean that ES have no economic value because their social benefits are undoubtedly considerable. These features, associated with the market demand for timber and a poor climate risk assessment, may lead to the under-provision of non-market forest ES and the over-harvesting of timber. Aims In this article, we review research questions that are central to the enhancement of FES provision. Beyond the economic modelling of the joint provision of FES, we focus on issues related to the design of public policies to guide forest management. The objective is to provide crucial insights concerning the importance of a spatial and sustainable provision of FES. Results First, we provide an economic interpretation of the FES concept and a review of economic models of forest management. Second, we explain how spatial and temporal dimensions of FES can have major implications on their supply and demand. Both dimensions explain why FESs have to be taken into account in production decisions and public policies (including the design of payment for environmental services (PESs)). Conclusion A better understanding of FES provision and public policies to be enhanced is not possible without accounting for spatial and temporal dimensions. This helps to analyse the impact of intervention on FES and the cost-effectiveness of economic instruments, implying a coordinated effort to bring together ecological and economic data and models. [ABSTRACT FROM AUTHOR]

The paper discusses the diffusion of new technologies from the perspective of the classical economists and Schumpeter. After a comparison of the pre- and post-technical change long-period positions of the economy, we illustrate the process of transition between the two in terms of a two-sector model. Next, we turn to a system with joint production. The fact that some products may be "bads" that need to be disposed of leads to a study of systems of production-cum-disposal. Finally, we investigate the selection pressure innovations exert on incumbent firms. An important message is that technical change cannot generally be studied within a partial framework of the analysis. [ABSTRACT FROM AUTHOR]

The nonperforming loans (NPLs) are co-generated by creating the profit in a bank, and this article build a joint production model to measure the reduction cost of nonperforming cost. By using a data set of China's 13 commercial banks, the conclusions show that the reduction cost of NPLs is lower, which suggests that it is not a good choice for China's commercial bank to hold the NPLs. [ABSTRACT FROM AUTHOR]

The Chicago Mercantile Exchange introduced a futures contract for distillers' dried grains (DDGs) in early 2010, but the market became inactive only four months after its inception. While many new futures contracts do not develop into high-volume traders, interest from DDG cash market participants indicated that this contract could be successful. Prompted by the unexpected lack of trading activity in this new futures market, we empirically revisit the question of what factors contribute to a futures contract's success and extend the literature by investigating the roles of market participants and the significance of supporting futures markets. Estimation results indicate that the market participant type-hedger or speculator-affects futures contract trade volume. More importantly, we find that the viability of new futures contracts for commodities that are jointly produced with other commodities is impacted by hedgers' trade volume of the related futures contract. These results provide important additions into the portfolio of indicators used by commodity exchanges to more cost-effectively evaluate new futures contract products. [ABSTRACT FROM AUTHOR]

In this paper, based on Laitinen and Theil's (1978) theoretical model, we formulate an empirical output allocation model illustrating supply decisions of a profit-maximising multiproduct firm. While theoretically elegant, Laitinen and Theil's (1978) output allocation model has never been formulated empirically in its general form due to the complexity of its nonlinear price deflator indexes. We close this gap in the literature by mathematically deriving the empirically tractable counterpart of the output allocation model. Our model does not rely on restrictions such as input-output separability or output independence, and it can easily be implemented by practitioners using standard econometric methods. We empirically illustrate the model using data constructed based on different production and cost functions. [ABSTRACT FROM AUTHOR]

Species-transformation provisions allow fishers to convert quota of one species to that of another species at prescribed conversion rates. These provisions, along with other catch-quota balancing mechanisms, are meant to aid fishers in matching available quota to actual catch so that incentives to discard are reduced. In this paper, we use a bioeconomic model to examine how species-transformation provisions affect sustainability and profitability of a multispecies fishery. We base parameterization of the model loosely on management of the Icelandic demersal fishery, which currently employs one of the broadest implementations of species transformations. To represent fisher behaviour in each year, effort is allocated among two or three métiers, such that total profit for that year is maximized. Each métier represents a combination of three species' catchability rates that define which species are targeted by each métier and how independent a species' catch rate is from that of other species. Assumptions regarding the degree to which fishers can target specific species by shifting effort between métiers, as well as how relative profitability among métiers varies, are paramount to understanding more generally how fishing regulations such as species transformations can be expected to change fishing patterns. This constraint depends not only on how strongly associated species catches are within a métier but also on relative species abundance and what alternate métiers are available. [ABSTRACT FROM AUTHOR]

This paper expounds a new approach to the analysis of public good and open access resource models, developed in a series of recent papers by Cornes and Hartley, and considers the applicability of this approach to modeling current environmental problems. I look at a number of possible extensions of the framework, survey recent applications to environmental problems, and suggest further possible lines of enquiry. [ABSTRACT FROM AUTHOR]

Studies of joint productions have often focused on instances where a recipient anticipates through completions what a speaker might be about to say, or through expansion what that speaker could plausibly go on to say. However, recent work suggests that grammatically fitted continuations may also alter or redirect the projected trajectory of a prior speaker's turn or utterance. In this paper, building on this prior work, we focus on cases in Japanese interaction where grammatically fitted continuations of one speaker's turn or utterance by another speaker accomplished through "format tying" (Goodwin and Goodwin 1987) effects some kind of transformation of the action or stance implemented by that prior turn. We term these "transformative continuations," and propose that while they are invariably disaligning, they may nevertheless implement both affiliative and disaffiliative stances. We propose that an analysis of transformative continuations thus leads us to a consideration of both the degree to which participants may orient to these as (dis)affiliative, as well as the ways in which the respective participants may be held accountable for such instances of joint production. [ABSTRACT FROM AUTHOR]

Ann Hui's A Simple Life became a box office sensation in 2012 and a favourite of the critics. Responding to both the mainland film industry's hegemonic development and the production of 'authentic Hong Kong cinema' over the past decade, A Simple Life sheds light on the efforts of Hong Kong film-makers to explore an alternative local identity following the first decade of Chinese rule. This article situates A Simple Life amidst the Hong Kong film industry's massive migration to Mainland China, and demonstrates the paradoxes embedded in producing and promoting 'authentic Hong Kong cinema'. It also conducts a close reading of Ann Hui's unique cinematic language in this work and argues that A Simple Life, though carrying pronounced Hong Kong cultural indicators, reveals awareness of the constructed nature of the 'authenticity' in its peer works. Overall, by situating A Simple Life in the broader and significant transformation of the Chinese film industry this article explores how Hui's film offers an alternative imagination of Hong Kong local identity in the new millennium. [ABSTRACT FROM AUTHOR]

In services, customers provide significant inputs into the production process. In particular, these inputs may be the customers themselves participating in the service delivery. Although many service firms have explored different ways of involving customers in their production process, there is no clear guideline for the design of such coproductive systems. In this paper, we develop an analytical model of joint production between a service provider and a customer and characterize how a service firm should design its coproductive system. We show that, as a task becomes more standard, it is desirable to decrease the degree of interaction between the provider and the customer by making their efforts more substitutable and to allocate most of the work to whoever is the most efficient. Conversely, as a task becomes less standard, it is optimal to increase interaction by making efforts more complementary and to balance the work allocation. Our analysis gives rise to a service-process framework with three archetypes of coproductive services: collaborative services, service factories, and self-services. We discuss the implications of our results for service process reengineering. [ABSTRACT FROM AUTHOR]

Pine honeydew honey is an economically important non-wood forest product from eastern Mediterranean Pinus brutia forests, which are also important for timber production. Pine honey is produced by bees that feed on the honeydew secretions of Marchalina hellenica, a scale insect that infests pine stands and feeds on pine sap. The aim of this study was to optimize the joint production of pine honeydew honey and timber by maximizing the soil expectation value of pine stands. The simulation of P. brutia stand dynamics and timber production in healthy and infested stands is based on individual-tree growth and yield models that account for the effect of M. hellenica on tree- and stand-level growth and mortality. The optimization procedure uses a direct search method based on nonlinear programming. The results suggest that pine stands growing on good sites should be managed using rather short rotations and mainly aiming at timber production. In contrast, forest management in medium- and poor-quality sites should aim at longer rotations by taking advantage of the joint production of pine honey and timber assortments. Honey-oriented forest management can be much more profitable than timber production in stands growing on medium and poor sites. Pine honey represents an opportunity to increase the value and economic profitability of P. brutia forests. [ABSTRACT FROM AUTHOR]

"Steedman's Critique" refers to a challenge to Marx's theory of value, proposed by British economist Ian Steedman, based on the "negative value" that could arise in the case of joint production. International academia has engaged in heated discussions on this critique, which has been criticized from different perspectives. However, these efforts have not fundamentally solved the problem. In our opinion, there is no valid contribution in the logic of Steedman's "negative value" theory, but the concept of "negative value" itself is of great significance from the perspective of theoretical economics, and it also provides an important theoretical support for the development of resource and environmental economics. [ABSTRACT FROM AUTHOR]

This article examines methods for analyzing allocation in life cycle assessment (LCA); it focuses on comparisons of economic allocation with other feasible alternatives. The International Organization for Standardization's (ISO) guideline 14044 indicates that economic allocation should only be used as a last resort, when other methods are not suitable. However, the LCA literature reports several examples of the use of economic allocation. This is due partly to its simplicity and partly to its ability to illustrate the properties of complex systems. Sometimes a price summarizes complex attributes of product or service quality that cannot be easily measured by physical criteria. On the other hand, economic allocation does have limitations arising, for example, from the variability of prices and the low correlation between prices and physical flows. This article presents the state of the debate on the topic and some hypothetical examples for illustration. A general conclusion is that it is not possible to determine one 'best' allocation method. The allocation procedure has to be selected on a case-by-case basis and no single approach is suitable for every situation. Despite its limitations, economic allocation has certain qualities that make it flexible and potentially suitable for different contexts. In some situations, economic allocation should not be the last methodological resort. The option of economic allocation should be considered, for example, whenever the prices of coproducts and coservices differ widely. [ABSTRACT FROM AUTHOR]

The usual analysis of joint supply presumes that all relevant markets are competitive. In this paper, we introduce monopsony into the market for one of two products jointly supplied in fixed proportions. We provide an analysis of the monopsonist's profit maximizing behavior, the welfare effects of monopsony, and an adaptation of the Lerner Index to this case. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to examine the potential for emissions control policy using the example of the power generation sector in China. Design/methodology/approach – The analytical model is developed using a joint production function, where carbon emissions and electricity are jointly produced using capital and fossil fuel inputs. Abatement of emissions can be achieved by investment in production capital that improves the production efficiency or abatement capital that removes the emissions. The results are estimated using data from China's electricity generation sector. Findings – The analytical model shows that economic growth can be achieved while still keeping the emission stock at a stable level. The results show that the level of the tax required to stabilize emissions depends greatly on the efficiency of abatement activities. As an illustration of this result, one finding shows that the required emission tax would be reduced greatly from 16 to 5 yuan/ton of emission when the abatement technology is improved from removing 10 to 30 percent of emissions flow. Research limitations/implications – The lack of carbon capture and storage technology in the real-world limits the ability to estimate some of the results from the economic growth model. Originality/value – Unlike many other papers, the empirical analysis is based on conditions from the economic model. In contrast to previous work that models emissions as an input into the production process, the model and estimation are consistent with the joint nature of electricity and emissions production. [ABSTRACT FROM AUTHOR]

This paper proposes an integrating framework, based on theoretical concepts from the fields of strategic management and ecological economics, to enhance our understanding of environmental management practices (EMPs) and their relationship to sustainable competitive advantage. Starting with an expansion of the resource-based view of the firm to include the natural environment, the article next engages the interdisciplinary field of ecological economics and its thermodynamic approach to 'joint production' to provide additional insights into the challenges and opportunities brought by a bio-physically constrained economy. Informed by this understanding, the article then categorizes examples of EMPs drawn from the literature and discusses their potential impact on competitiveness. The paper concludes with a discussion of implications for future research in the hope that the proposed framework will stimulate debate and lead to a fuller understanding of the impact of environmental management in the 21st century. Copyright © 2009 John Wiley & Sons, Ltd and ERP Environment. [ABSTRACT FROM AUTHOR]

We examine the impact of dairy disaggregation and joint production on trade liberalisation outcomes in an economy-wide model. Depending on parameterisation, our model includes either (i) a single dairy commodity, (ii) several dairy commodities without joint production or (iii) several dairy commodities with joint production. In a numerical application, we consider the removal of US tariffs on dairy exports from New Zealand (the world's largest dairy exporter). We show that failing to account for joint production when dairy commodities are disaggregated leads to misleading results. Our preferred dairy production function differs from those used in other applied trade models. Our analysis can be used to determine when accounting for joint production in other sectors is important. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the contracting issues that arise in collaborative services, such as consulting, financial planning, and information technology outsourcing. In particular, we investigate how the choice of contract type--among fixed-fee, time-and-materials, and performance-based contracts--is driven by the service environment characteristics. We find that fixed-fee contracts contingent on performance are preferred when the service output is more sensitive to the vendor's effort, that time-and-materials contracts are optimal when the output is more sensitive to the buyer's effort, and that performance-based contracts dominate when the output is equally sensitive to both the buyer's and the vendor's inputs. We also discuss how the performance of these contracts is affected with output uncertainty, process improvement opportunities, and the involvement of multiple buyers and vendors in the joint-production process. Our model highlights the trade-offs underlying the choice of contracts in a collaborative service environment and identifies service process design changes that improve contract efficiency. [ABSTRACT FROM AUTHOR]

Duality methods for incomplete systems of consumer demand equations are adapted to the dual structure of variable cost functions in joint production. This allows identification of necessary and sufficient restrictions on technology and cost so that conditional factor demands can be written as functions of input prices,fixed inputs,and cost. These are observable when variable inputs are chosen and committed to production, hence the identified restrictions allow ex ante conditional demands to be studied using observable data. This class of production technologies is consistent with all von Neumann-Morgenstern utility functions when ex post production and/or output prices are uncertain. [ABSTRACT FROM AUTHOR]

Mushrooms are an important product of the pine stands of the Central Pyrenees of Catalonia. In places where the microclimate is reasonably moist, the value of mushrooms may be clearly higher than the value of timber production. This study examines the optimal economic management for both timber and mushrooms in even-aged Scots pine and Black pine stands in Catalonia. Empirical mushroom yield models were integrated in a stand growth simulator, which was linked with an optimization algorithm to find the optimal management schedule for Pinus sylvestris and Pinus nigra stands on different sites and with different mushroom prices. The results showed that on sites where the potential mushroom yield is high, mushrooms should be taken into account in stand management. Thinning treatments, which usually are unprofitable, were included in the optimal management schedule when mushroom production was included in the analysis. Although thinnings have a negative short-term effect on mushroom yields, their long-term effect is often positive because they reduce stand density to a level that is favorable for mushrooms. At elevations that are suitable for P. sylvestris (900 -1,500 m above sea level), the soil expectation value (SEV) of mushroom yields was commonly 4-10 times higher than the SEV of timber production. At somewhat lower elevations, where P. nigra dominates, the effect of mushrooms on the optimal stand management was smaller because mushroom yields are typically lower in P. nigra stands. [ABSTRACT FROM AUTHOR]

Forestry joint production choices require clear relative values for multiple, and often conflicting, management objectives. Optimization is most difficult where values of forest attributes are: intangible, non-market, or sensitive. When most mathematical programming models are adapted for non-commensurable objectives, there is little guarantee that vague relative preference sets are met. We demonstrate how an iterative multiple objective programming approach finds preferred joint solutions in a Native American tribal forestry case where marketable outputs are managed in the context of traditional culturally based forest values. Without a priori specification of traditional tribal cultural values, conducting a series of feedback processes does appear to identify more preferable solutions than other types of multiple-objective models that do not use feedback. [ABSTRACT FROM AUTHOR]

Defense in baseball is a product of team production in which pitchers and fielders jointly prevent runs. This means that raw run-prevention statistics that economists often use to gauge the value of pitchers, such as earned run average, may not properly assign credit for their performances. Therefore, marginal revenue product derivations based on such statistics contain some erroneous information that may bias the estimates. In this article, the author examines a method for isolating pitcher contributions to the team production of defense. Evidence from the labor market suggests that pitchers are paid according to their individual contributions, consistent with the areas in which pitchers possess skill. [ABSTRACT FROM AUTHOR]

This research empirically investigates the well-known “poor-but-efficient” hypothesis formulated by Schultz (1964) assuming that small-scale farmers in developing countries are reasonably efficient in allocating their scarce resources by responding positively to price incentives. Deviating from Schultz it is assumed here that scale effects explain a considerable proportion of small-scale farmers' relative efficiency. The theoretical underpinnings of the scale efficiency concept are briefly reviewed before a normalized generalized Leontief (GL) profit function is modeled by using its output supply and input demand system to capture the joint production of cassava flour and maize by a sample of small-scale farmers in the Bragantina region of the Eastern Amazon, Brazil. The discussion of theoretical consistency and functional flexibility is considered by imposing convexity on the GL profit framework. The empirical results confirm our revised hypothesis that small farmers in traditional development settings are “poor-but-allocatively efficient” by clearly suggesting considerable inefficiency with respect to the scale of operations. [ABSTRACT FROM AUTHOR]

We carry out a textual analysis of Sraffa's main published contributions to pure economics in order to elaborate a rational reconstruction of an aspect of Sraffa's implicit methodology which has not yet been duly investigated. We refer to the threefold relationship between 'economic reality', 'the economist/observer' and 'economic theory'. We elucidate the constraints which, for Sraffa, should bind the economists' arbitrariness and we trace the elements of continuity and evolution from the 1925-6 critique of Marshallian economics to Production of Commodities. [ABSTRACT FROM AUTHOR]

Research on service compensation is rare. In this article we examine different compensation rules for integrated services (IS) which are produced jointly by a service provider and his client. Examples are consulting, advertising or management training. We distinguish three different compensation rules and compare them with joint profit maximization where both, service provider and client act as one organizational unit. The compensation rules are (1) the input based compensation (IBC) characterized by a compensation that is based on work hours or work days, (2) the sales based compensation (SBC) with the compensation based on client’s sales and (3) the profit based compensation (PBC) with compensation based on client’s profits. We can show that under reasonable, realistic conditions the IBC (surprisingly) leads to better results for the service provider and for the client as compared to the PBC and the SBC. [ABSTRACT FROM AUTHOR]

Sraffa's book artfully combines an exposition of key problems of capital theory, using economic logic, with mathematical arguments, and he created a school of disciples extending his ideas by means of both methods. His analysis of single product systems has turned out essentially to be flawless, but the problems of joint production cannot simply be solved on the basis of analogies with single production. A truncation approach and a dynamic approach are discussed in order to summarise his main results, to illustrate his method and to take stock of the recent developments of the theory. [ABSTRACT FROM AUTHOR]