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Conventional wisdom and evidence from democracies suggest that more education should increase voter turnout. This paper revisits this issue by analyzing turnout in China's rural elections. Employing an instrumental variable strategy, I find that more education reduces turnout in rural elections. I provide suggestive evidence that more educated people may face higher opportunity costs of voting, which explain about a quarter of cross-province variation in education-turnout links. I also discuss the role of other factors, including Confucian culture and election stakes. [ABSTRACT FROM AUTHOR]

Purpose: In the hybrid knowledge-sharing platform where paid and nonpaid ("free") knowledge activities coexist, users' free knowledge contribution may be influenced by financial factors. From the perspective of opportunity cost, this study investigates the direct effect of how the amount of monetary income from users' contribution to paid knowledge activities influences their free knowledge contribution behavior in the future. Further, this study aims to verify the interaction effect of financial and nonfinancial factors (i.e. the experience of free knowledge contribution and social recognition) on free knowledge contribution. Design/methodology/approach: Objective data was collected from a hybrid knowledge-sharing platform in China and then analyzed by using zero-inflated negative binomial regression model. Findings: Results show that the amount of monetary income that knowledge suppliers gain from paid knowledge contribution negatively influences their free knowledge contribution. Experience of free knowledge contribution strengthens the negatively main effect, while social recognition has the weakening moderating role. Originality/value: Although some studies have explored and verified the positive spillover effect of financial incentives on free knowledge contribution, the quantity dimension is ignored. This study examines the hindering influence of the quantity of monetary income from the perspective of opportunity cost. By taking the characteristic of knowledge suppliers and platforms as moderators, this study deepens the understanding of the influence of monetary income on free knowledge contribution in the hybrid knowledge-sharing platform. [ABSTRACT FROM AUTHOR]

In contrast to the overpopulation predicted by the population explosion theory in the 1960s, the issue of depopulation has attracted increasing attention from governments and scholars around the world. To explore the driving factors that have affected the birth rate in China, we obtained data on the birth rates in 31 Chinese provinces from 1990 to 2019. We then conducted feasible generalized least-squares regression analysis to identify the key factors. The results show that marketization, education level, and the proportions of secondary and tertiary industries were the key factors contributing to the decreasing birth rate, whereas improvements of transportation and medical services supported the desire to have children. Although the degree of influence of different factors differed over time and across regions, the economic and educational factors remained important and should not be underestimated. We propose that if the government wants to increase the willingness of young men and women to have children and help China to maintain a sustainable population, it should reduce the economic and opportunity costs of childbearing and the burden of raising children. Our methodology and outcomes will provide a reference for other countries that must identify key driving factors to support the development of their own population policies. [ABSTRACT FROM AUTHOR]

National parks (NPs) are the flagship protected areas in China's conservation network and play a key role in the ecological protection of core objects and important natural landscapes. However, the shortage of spatial optimization methods based on quantitative indicators has limited the spatially explicit identification of national parks. Therefore, in this study, we selected the main area of the Tarim River (MTR) in Xinjiang as an example to optimize the spatial boundary of a national park. We constructed an evaluation system based on representativeness, ecological importance, and the foundation of the existing protected area. Subsequently, we comprehensively employed a species distribution model to simulate the habitat of the primary conservation targets. Additionally, we spatially optimized the region using an integer linear model, considering multiple scenarios. The results of this study show that fewer than 30% of the existing protected areas in the MTR protect conservation objects. Using different protection objects and quantitative goals, the spatial optimization results for the eight protection scenarios show that the most effective national park establishment scenario covers a total area of 15,009.3 km2, which is 8157.5 km2 more than the protected area already in place and would include the Tarim Populus National Nature Reserve and Luntai Tarim Populus Forest Park. The opportunity cost to be paid for protection according to this boundary is approximately USD 115.14 million. The protection ratios of each protection object for the expanded park are more than 50%, which is 27.7% higher than the protection effect produced by the existing protected area, so we recommend that Tarim National Park be set up on the basis of this boundary. [ABSTRACT FROM AUTHOR]

This paper focuses on the impact of the educational mismatch on workers' fertility intentions and explores the underlying mechanisms. Empirical research based on the China Family Panel Survey (CFPS) data shows that undereducation has a negative effect on the fertility intentions of women aged 18–35, whereas overeducation reports no effect, a finding that remains stable in the robustness test and the IV model. An explanation for this phenomenon is that undereducated female workers have a wage premium and higher expectations of career development, which implies a greater opportunity cost of fertility. The heterogeneity analysis shows that women with low socio-economic status, especially those who are less educated, from low-income households, and who are employed in the private sector, are more affected. It is therefore necessary to reduce the substitution risk in the labor market for this group and to lighten the fertility burden and pressure on women. [ABSTRACT FROM AUTHOR]

We estimate the impact of an unprecedented surge in ad hoc farm payments on grain inventories held by farmers. Payments thought to be decoupled from production may still distort markets if they affect other outcomes such as inventories. Through the Market Facilitation Program, US farmers received approximately 23 billion dollars over two marketing years. The economic theory of commodity storage suggests such a cash injection can increase inventories by lowering the opportunity cost of storage. Using a panel event study framework, we find Market Facilitation Program payments significantly increased grain storage by US farmers without similar impacts on off‐farm inventories. [ABSTRACT FROM AUTHOR]

Food safety risk, as an implicit cost of social and economic development, endangers the health of global residents, including China. To systematically understand the impact of socioeconomic development on food safety risk and to establish a sound modern governance system of food safety in China, this paper uses provincial panel data from 2011 to 2020 to explore the relationship between food safety risk and socio-economic development factors such as economic growth and income inequality by employing a two-way fixed effect model and moderating effect model. The results show that the food safety risk is a Kuznets curve, and the turning point is about RMB 58,104.59 per capita GDP (based on prices in 2011). However, under the moderating effect of income inequality, the turning point of the Kuznets curve of food safety risk will shift to the right, and the curve will be flattened. In other words, income inequality has a negative moderating effect on the "inverted U-shaped" relationship between economic growth and food safety risk. When dealing with food safety problems, the goal of stable and sustained economic growth and common prosperity should be incorporated into policy formulation to enhance the governance effectiveness of food safety risk. [ABSTRACT FROM AUTHOR]

• Wives with good looks have at least 0.43 fewer children on average. • The negative effect remains robust if we use an IV strategy. • The negative impact works through the bargaining power and the opportunity cost. • Wives' beauty reduces the probability of taking care of or tutoring their children. • Wives' beauty increases the probability of intergenerational care. Research on the economics of beauty has persistently emphasized beauty premiums in the labor market but ignored its influence within existing marriages. We examine the physical appearance of the wives and its influence on several post-marriage family outcomes using a conceptual framework that is widely applicable. Based on two data sets from China, we find beautiful women have at least 0.43 fewer children than average- or plain-looking women when controlling for other factors. The negative effect remains robust controlling for wages and the possible endogeneity of beauty. In terms of mechanisms, the negative impact seems to operate by altering bargaining power within the family and the opportunity cost of having children, but not through the quantity-quality interaction of children. For other outcomes, wives' good looks reduce the probability of their taking care of or tutoring their children and increase the probability of parents or in-laws caring for children or performing household chores in urban areas. [ABSTRACT FROM AUTHOR]

I examine the effect of China's integration into the world economy on high school education in Chinese prefectures between 1991 and 2005. I focus on the reduction in trade policy uncertainty faced by Chinese exporters in the U.S., and use Bartik-style local treatment measures in a difference-in-differences empirical framework. I find increases in high school education were attenuated in prefectures facing larger reductions in U.S. tariff uncertainty on unskilled-labor intensive goods — this result is driven by an increased opportunity cost of schooling due to the arrival of low-skill jobs upon the elimination of trade policy uncertainty with the U.S. [ABSTRACT FROM AUTHOR]

Land costs in agricultural production are rapidly becoming apparent and increasing in light of the market's rapid development in rural China. This study examines how agricultural operators' farming decisions are affected by explicit and implicit costs associated with land transfers. This study first categorizes explicit and implicit land costs theoretically and demonstrates that both types of land costs affect farmers' crop-planting selections. The study then uses the most recent household survey data from the Chinese Family Database (CFD) and the China Household Finance Survey (CHFS), released in 2017, to empirically test the theoretical analysis and examine the mechanisms underlying the impact of land costs on crop-planting selections. This study makes the case that higher land costs, both explicit and implicit, cause agricultural operators to grow more crops for cash and less for food. The impact of land costs on planting selection can vary depending on the heterogeneity of production areas and geography. In terms of production area heterogeneity, the explicit cost of land has a greater influence on planting decisions in non-major food-producing areas, whereas the implicit cost of land has a greater influence on planting decisions in major food-producing areas. In terms of topographic heterogeneity, the less flat the terrain, the more growers would choose to grow cash crops. A complementary relationship between the two forms of costs is also suggested by this study's confirmation that explicit and implicit land costs can positively reduce each other's impact on cropping decisions. Additional mechanism research revealed that explicit and implicit land costs impact crop crop-planting selections. The explicit cost of land primarily affects the local land transfer market effect, whereas the implicit cost of land affects the land transfer service. [ABSTRACT FROM AUTHOR]

Eco-compensation is an effective means of coordinating ecological protection and economic development, and the assessment of its standards is core content in the study of eco-compensation projects. To improve the operability of eco-compensation standards, taking Nujiang Prefecture as the study area, we combine the equivalent factor method and water footprint method to evaluate the ecosystem-service-value (ESV) spillover and use the market comparison method to calculate the opportunity cost. The final eco-compensation upper and lower limits model is constructed on the basis of the ESV spillover and opportunity cost. The results show the following: (1) the ecological protection of Nujiang Prefecture has been effective, based on the stabilization of its ESV after an initial increase. The main types of ecosystem services provided are regulation and provision services. Gongshan County makes the most significant contribution to the total ESV. (2) The ratio of the ESV self-consumption in Nujiang Prefecture shows a trend of first rising and then falling. This is mainly explained through the reduction in the use of industrial and agricultural water. After deducting self-consumption through the water footprint method, it can be observed that there is ecological spillover in Nujiang Prefecture. (3) The opportunity cost in Nujiang Prefecture increases yearly from 2005 to 2020 owing to ecological protection policies. Combined with the ESV spillover, it is determined that the rational range of the eco-compensation standard is between CNY 6.17 × 102 million and 120.01 × 102 million in 2005, between CNY 10.02 × 102 million and 128.25 × 102 million in 2010, between CNY 30.34 × 102 million and 197.12 × 102 million in 2015, and between CNY 41.97 × 102 million and 227.52 × 102 million in 2020. The current study can offer decision makers a more flexible eco-compensation standard while coordinating the contradiction between regional ecological protection and economic development. [ABSTRACT FROM AUTHOR]

Rural areas are the main reserves of biodiversity resources and are also important distribution areas for China' s natural re⁃ serves. Opportunity cost, as the main cost of the construction of natural reserves, is a potential driving factor in the spatial distribution of natural reserves. This study analyzed the decision-making mechanism of natural reserves from the perspective of county-level govern⁃ ments, using county-level panel data from 2005 to 2018 to empirically analyze the impact of opportunity cost in rural areas on the distri⁃ bution of natural reserves, and discussed the impact according to the location and level of natural reserves. On this basis, this study fur⁃ ther explored the impact of opportunity cost on the individual scale of natural reserves. The results showed that: ① In general, opportu⁃ nity cost was an important factor in determining the distribution of natural reserves. There was a significant negative relationship be⁃ tween the opportunity cost and natural reserve areas. Each 1% increase in the opportunity cost would reduce the natural reserve areas by 0.679%. ② In the eastern and central regions, opportunity cost had a significant negative impact on the natural reserve areas, while in the western and northeastern regions, opportunity cost had no significant impact on the natural reserve areas. ③ Opportunity cost had a significant negative impact on the areas of local-level natural reserves, while having no significant impact on the areas of national-lev⁃ el natural reserves. ④ As the opportunity cost increased, the size of a single natural reserve had a tendency to shrink, which could alle⁃ viate the pressure of the opportunity cost. However, the habitat of the reserve faced the risk of fragmentation, which was not conducive to biodiversity conservation. We suggest that in the process of further optimizing the layout of natural reserves, China should fully con⁃ sider the impact of opportunity cost in rural areas on the establishment and management of natural reserves, improve the multi-function⁃ al protected area system with national parks as the main body, strictly approve the adjustment of the scope and functional areas of natu⁃ ral reserves at all levels, include objects with high ecological protection value and rich biodiversity in the protection system, and estab⁃ lish a diversified and market-based ecological compensation mechanism for natural reserves to alleviate the conflict between the con⁃ struction of natural reserves and the development of surrounding communities, so as to achieve the dual goals of biodiversity conserva⁃ tion and economic development in rural areas. [ABSTRACT FROM AUTHOR]

In order to curb the phenomenon of grassland degradation caused by human activity, China has begun the exploration of grassland eco-compensation, setting an example for the ecological protection of grasslands and sustainable use of resources around the world. At this stage, China has invested more than 170 billion yuan in grassland eco-compensation, benefiting 12 million farmer and herder households. The related research involves various perspectives, scopes, and methods, but lacks systematic reviewing. This study reviews the relevant theoretical and practical research and explores the connotations and effects of grassland eco-compensation in China. In general, the current grassland eco-compensation in China is a large-scale ecological-economic institutional arrangement with the following five characteristics: (1) the goals are to maintain the grassland ecosystem services and increase the income of herder households; (2) the main bodies are governments and herder households; (3) the main method is financial transfer payments; (4) the compensation standards are based on the opportunity costs of the herder households' responses as the lower limits and the grassland ecosystem service values as the upper limits; and (5) it is a comprehensive compensation system that requires legal, regulatory, technological support and long-term mechanisms. Since 2011, driven by the grassland eco-compensation policy, the income levels of herder households in each pilot area have generally increased, and the overall ecology of grasslands has slightly improved. However, there are still some areas where overload is common. Additionally, there are regional differences in the satisfaction degree of herder households, which is mainly affected by factors such as family income, compensation cognition and family holding grassland scale. Our analysis shows that the shortcomings of current theoretical research are mainly reflected in the low precision of scientific compensation standards, the lack of a basis for differentiated standards, and the single compensation method. The shortcoming of practical research is that most effect evaluations cannot reflect the role of eco-compensation in it. This study suggests that future work should focus on the response mechanism of herder households and the improvement of the compensation measures. At the same time, the scope of research should be expanded, and we should learn from advanced compensation experience in other fields. [ABSTRACT FROM AUTHOR]

Using a comprehensive manually collected dataset of regulatory enforcement actions against fraud in the Chinese capital market and a difference-in-differences (DID) research design, we examine the impact of such actions on the implied cost of equity and the role of the government as the controlling shareholder in moderating this relationship. We find that regulatory enforcement actions increase firms' cost of equity, and that government controlling shareholders can mitigate the effect of these actions. Our results are robust to various sensitivity tests, including alternative measures of the cost of equity, alternative samples, additional control variables, and an alternative DID design. Additional analysis provides supporting evidence that the effect of enforcement actions on the cost of equity arises from investors' perception of higher long-run information risk in the case of fraud firms. Further, government controlling shareholders can mitigate the impact of such actions on the cost of equity by lowering investors' perceived information risk. [ABSTRACT FROM AUTHOR]

This study measures the energy rebound effects of Chinese energy and coal power use in Chinese energy-intensive industries by using latent class stochastic frontier models like LMDI, and other various econometric estimation approach for coal-supplying regions in China ranging between 1992 and 2018. The findings reveals that China's coal sector's average capacity consumption is 0.81%, with a pattern of first increasing and then decreasing, falling to 0.68% in 2016 specifically. The coal capacity operation rate concerning low as well as depleted regions is generally strong, with limited space for expansion. In 2015 and 2016, the utilization rate of coal production potential in moderate-producing areas fell about 42%. Economic development variables affect the capacity utilization levels of moderate, weak, and depleted generating regions. At the same time, the price volatility cannot induce a practical improvement in the ability utilization rate, which means that China's coal industry is mainly un-marketized. China's energy efficiency increased about 19.98% among 2000 and 2016, while the rapidest expansion pattern has been noted in the eastern province at 39.86%, next to central (11.71%) and western regions (9.59%). The take back impact via the renewable energy and renewable productivity channels is estimated as 12.34% and 25.40%, respectively. Therefore, the take back impact is of significant importance regarding energy preservation, as China's cumulative renewable energy use is equal to China's aggregate energy use. On such findings, recent research also contributed by presenting novel policy implications for key stakeholders. [ABSTRACT FROM AUTHOR]

We apply a novel model‐based approach to constructing composite international financial indices (CIFIs) as measures of opportunity cost effects that arise due to openness in money demand models. These indices are tested on the People's Republic of China (PRC) and Taiwan Province of China (TPC), two economies which differ substantially in size and degree of financial openness. Results show that (a) stable money demand equations can be identified if accounting for foreign opportunity costs through CIFIs, (b) the monetary policy intervention in the PRC over the global financial crisis period temporarily mitigated disequilibrating foreign shocks to money demand, (c) CIFIs capture opportunity costs due to openness more adequately than commonly used US interest rates and (d) CIFI construction provides valuable insights into the channels through which foreign financial markets affect domestic money demand. [ABSTRACT FROM AUTHOR]

In China, most of peer-to-peer (P2P) lending platforms do not possess operational sustainability due to excessive defaults. To address this problem, the conflict of interests among P2P lending participants is discussed using a stakeholder approach. An evolutionary game model (EGM) of three players is developed to analyse the interactions among regulatory authorities, P2P lending platforms, and borrowers. Then, the asymptotic of the equilibrium and evolutionary stability strategies of the EGM are analysed. Results indicate that either the P2P lending platforms or borrowers will choose "noncompliant operation" or "default" strategies from a short-term perspective, and the strict supervision of the P2P lending platform in the short term is necessary for the sustainable operation of the platform. When supervision is intensified in the early stage and regulatory pressure becomes a normal state, P2P lending platforms and borrowers will actively select "compliant operation" and "repayment" strategies even if there is a lack of regulation in the future. Meanwhile, the behavioural strategies of P2P lending participants can be changed to conform to the sustainability of P2P lending by reducing the costs of strict supervision and increasing the damage caused by general supervision, reward and punishment coefficient for P2P lending platforms, repayment incentives of borrowers, and defaulting opportunity costs. Finally, suggestions for regulating the behaviours of P2P lending participants and promoting sustainability of P2P lending industry are discussed. [ABSTRACT FROM AUTHOR]

China's policy toward North Korea's nuclear weapons programme represents an empirical and theoretical puzzle. Contrary to political relationship theory, Beijing has opposed its ally North Korea acquiring nuclear weapons. And contrary to power projection theory, a favourable asymmetry in material power has not resulted in Beijing being able to persuade, or otherwise coerce Pyongyang into terminating its nuclear weapons programme. To understand China's policy on the North Korean nuclear proliferation issue, the concepts of power and power projection need to be understood differently, in relational power terms. The relational view of power calls for the specification of scope, domain, the means, and the opportunity cost of alternative policy options. Once this is done, the limits and complexities of Chinese policy come into clearer focus. [ABSTRACT FROM AUTHOR]

The policy of payments to National Key Ecological Function Zones (NKEFZs), a type of instrument for Ecological Fiscal Transfers, has been introduced in China. We employed propensity score matching and difference in difference estimation to investigate the effectiveness of this policy on the reduction of industrial pollution. We found evidence that the policy had reduced pollution-intensive activity in the NKEFZs. Meanwhile, implementation of the policy had been selective. First, the downstream NKEFZs with higher opportunity costs had lower efforts to reduce industrial pollution. Because performance-based payment mechanisms neglect opportunity costs, financial stress weakens the efforts to reduce pollution. Secondly, the NKEFZs policy suppresses air-polluting industries but not water-polluting industries. Local governments may reduce only the target pollutant (chemical oxygen demand) while ignoring non-target pollutants. There may be moral hazards under information asymmetry in pollution reduction. [ABSTRACT FROM AUTHOR]

Kuancheng Traditional Chestnut Cultivation System is located in the Beijing-Tianjin-Hebei Water Containment Function Area. The Traditional Chestnut Cultivation System is characterized by agroforestry compound, and some studies have shown that the compound planting of chestnut has better ecological benefits than the single chestnut planting mode. However, most of the local farmers in Kuancheng are mainly engaged in single chestnut cultivation. Through ecological compensation, farmers are being encouraged to change their chestnut planting mode, which can achieve the purpose of inheriting China's important agricultural heritage and improving the ecological benefits. This paper introduces preference coefficients to correct for opportunity costs, and through interviews and questionnaires, we obtained the input and output of the single chestnut cultivation, chestnut-maitake, chestnut-millet, and chestnut-chicken and the income of laborers working outside the home in the Kuancheng area. Through analysis and calculation, we obtained the following results: (1) Although the net income of the three chestnut composite modes is higher, their economic input is higher than that of a single chestnut planting mode, and the return on unit investment is lower. (2) The average income of young and middle-aged workers who work outside is higher than that of the local farming industry, so the local chestnut agroforestry plantation has a higher opportunity cost. (3) The final calculation shows that the chestnut-chicken agroforestry operation mode needs no compensation, the chestnut-maitake plantation mode is compensated at least 1608.5 USD ha–1 yr–1, and the minimum compensation for the chestnut-millet plantation mode is 198.3 USD ha–1 yr–1, which can guarantee that farmers receive the full value of their creations. Ultimately, farmers are incentivized to revive the traditional agroforestry production mode to achieve both economic and ecological benefits while inheriting agricultural heritage. [ABSTRACT FROM AUTHOR]

This paper expands upon a hitherto underexplored finding by Rich and Banerjee's 2015 model which finds that Taiwan has done comparatively better with non-democracies in Africa. The paper proposes that democratisation makes an African state more responsive to domestic economic imperatives and thus more likely to form relations with the demographically and economically larger People's Republic of China because of the prospective trade, aid and investment gains to be made once such a switch is affected. Seven case studies conducted over the 2001–2018 period yield results which are in line with this hypothesis. [ABSTRACT FROM AUTHOR]

Air transport delays are a major source of direct and opportunity costs in modern societies, being this problem is especially important in the case of China. In spite of this, our knowledge on delay generation is mostly based on intuition, and the scientific community has hitherto devoted little attention to this topic. We here present the first data-driven systemic study of air transport delays in China, of their evolution and causes, based on 11 million flights between 2016 and 2018. A significant fraction of the delays can be explained by a few variables, e.g., weather conditions and traffic levels, the most important factors being the presence of thunderstorms and the season of the year. Remaining delays can often be explained by en-route weather phenomena or by reactionary delays. This study contributes towards a better understanding of delays and their prediction through a data-driven methodology, leveraging on statistics and data mining concepts. [ABSTRACT FROM AUTHOR]

Background: In China, the disease burden of cervical cancer remains substantial. Human papillomavirus (HPV) vaccines are expensive and not yet centrally funded. To inform immunization policy, understanding the economic burden of the disease is necessary. This study adopted a societal perspective and investigated costs and quality of life changes associated with cervical cancer from diagnosis to one year after final discharge in Henan province, China. Methods: Inpatient records of cervical cancer patients admitted to the largest cancer hospital in Henan province between Jan. 2017 and Dec. 2018 were extracted. A telephone interview with four modules was conducted in Jun.-Jul. 2019 with a 40% random draw of patients to obtain direct non-medical costs and indirect costs associated with inpatients, costs associated with outpatient visits, and changes in quality of life status using the EQ-5D-5L instrument. Direct medical expenditures were converted to opportunity costs of care using cost-to-charge ratios obtained from hospital financial reports. For each clinical stage (IA-IV), total costs per case from diagnosis to one year after final discharge were extrapolated based on inpatient records, responses to the telephone interview, and recommendation on outpatient follow-ups by Chinese cervical cancer treatment guidelines. Loss in quality-adjusted life years was obtained using the 'under the curve' method and regression predictions. Results: A total of 3,506 inpatient records from 1,323 patients were obtained. Among 541 randomly selected patients, 309 completed at least one module of the telephone interview. The average total costs per case associated with cervical cancer from diagnosis to one year after final discharge ranged from $8,066-$22,888 (in 2018 US Dollar) and the quality-adjusted life years loss varied from 0.05–0.26 for IA-IV patients. Conclusions: The economic burden associated with cervical cancer is substantial in Henan province. Our study provided important baseline information for cost-effectiveness analysis of HPV immunization program in China. [ABSTRACT FROM AUTHOR]

Social responsibility fulfillment helps modern enterprises achieve sustainable development. Based on empirical data on China's A-share listed companies in 2013–2016, this paper examines the impact of corporate social responsibility performance on a company's financing costs from the perspective of targeted poverty alleviation. Specifically, we find that enterprises' engagement in poverty alleviation social responsibility helps to reduce the cost of equity capital. The result is robust to using alternative indicators of the cost of equity capital, propensity score matching method, change model and sample removed financial sector. Furthermore, we find that the negative relationship between enterprises' engagement in poverty relief and the cost of equity capital is mainly concentrated in private enterprises and in the central and eastern regions of China. Moreover, the negative relationship mainly exists after China's listed companies were forced to disclose information on poverty alleviation. This paper also finds that institutional investors' shareholding plays a partial mediating role in this reduction effect and that enterprises' poverty alleviation efforts help companies improve their financial performance and firm value. This study enriches the relevant literature on corporate social responsibility and the cost of equity capital and has reference value for corporate sustainable development. It also provides a theoretical basis for corporate poverty alleviation work in developing countries and the economic results of CSR. [ABSTRACT FROM AUTHOR]

Women's entrepreneurship in China remains an under-researched topic from a marital angle, especially the significant effects of marital status in hypergamy, a type of marriage in which the socioeconomic status of the woman is lower than that of the man. This paper fills this research gap by investigating the relationship between marriage and women's entrepreneurship, particularly different effects of marital status based on the data from the 2017 Chinese General Social Survey (CGSS), a nationwide survey in mainland China. The findings reveal that women in education-based hypergamy (men's education levels are higher than women's) are less likely to establish a business, whereas women in income-based hypergamy (men's incomes are higher than women's) are more likely to undertake entrepreneurship. In addition, raising more children would strengthen the negative impact of education-based hypergamy on women entrepreneurs. Moreover, we examine the mediation roles of decision-making power and social capital for the underlying mechanisms of education-based hypergamy and income-based hypergamy respectively. Our study contributes to existing literature on the correlation between marriage (hypergamy in particular) and female entrepreneurship in China, meanwhile applies the theories of power-dependence, opportunity cost and bargaining to better comprehend the martial influence on female entrepreneurship, and draws practical implications for developing countries. [ABSTRACT FROM AUTHOR]

To maintain self-sufficiency in rice production and national food security, the Chinese government strongly supports research that aims at increasing the productivity of rice cultivation. Rice with genetic material from Bacillus thuringiensis (Bt rice) is transgenic rice that can reduce lepidopteran pest damage and the use of insecticides. It was developed in the 1990s and earned biosafety certificates in 2009. However, because of political reasons, its commercialization in China has been postponed, and, to date, Bt rice is not grown in China. We assess the opportunity cost of postponement of Bt rice commercialization in China between the years 2009 and 2019 and consider the external costs of pesticide use and potential technology spill-overs of Bt rice. We estimate the cost of postponement of Bt rice over the analyzed period to be 12 billion United States (US) dollars per year. [ABSTRACT FROM AUTHOR]

Land degradation is a global problem that seriously threatens human society. However, in China and elsewhere, ecological restoration still largely relies on a traditional approach that focuses only on ecological factors and ignores socioeconomic factors. To improve the effectiveness of ecological restoration and maximize its economic and ecological benefits, a more efficient approach is needed that provides support for policy development and land management and thereby promotes environmental conservation. We devised a framework for assessing the value of ecosystem services that remain after subtracting costs, such as the opportunity costs, costs of forest protection, and costs for the people who are affected by the program; that is, the net value of ecosystem services (NVES). To understand the difference between the value of a resource and the net value of the ecosystem service it provides, we used data on VES, timber sales, and afforestation costs from China's massive national afforestation programs to calculate the net value of forest ecosystem services in China. Accounting for the abovementioned costs revealed an NVES of ¥6.1 × 1012 for forests in 2014, which was 35.9% less than the value calculated without accounting for costs. As a result, the NVES associated with afforestation was 55.9% less than the NVES of natural forests. In some regions, NVES was negative because of the huge costs of human‐made plantations, high evapotranspiration rates (thus, high water opportunity costs), and low forest survival rates. To maximize the ecological benefits of conservation, it is necessary to account for as many costs as possible so that management decisions can be based on NVES, thereby helping managers choose projects that maximize both economic and ecological benefits. Article impact statement: Accounting for the effects of costs on the value of ecosystem services provides a net value that more strongly supports policy development. [ABSTRACT FROM AUTHOR]

The construction of the Yangtze River Economic Belt is a major strategic measure for coordinating China's regional development. In promoting regional integration, the belt has shown a trend in industrial gradient transfers, especially polluting industries. Measuring the impact of environmental regulations on the economic output and marginal changes in the output caused by pollution reduction is particularly practical and important. This paper analyzes the ecoefficiency, environmental regulation opportunity costs, and interregional industrial transfer strategies for the provinces in the belt under a scenario paradigm. The nonparametric method is used to construct an ecoefficiency measure model. The ecoefficiency changes and differences under various regulations are measured from the temporal (historical) and spatial (provincial) perspectives, respectively. The ecoefficient provinces in the eastern region can be considered benchmarks for the central and western regions to achieve ecoefficiency. A comparative analysis is conducted to assess the opportunity costs of regulations on different pollutants. The results show that a certain degree of difference in regulations must be maintained across the belt to coordinate economic and environmental development. Based on the potential differences in regulations, an appropriate gradient transfer direction for polluting industries is proposed for the provinces, and related policy recommendations are provided. [ABSTRACT FROM AUTHOR]

The two leading on-demand service ride-sharing platforms in China have used very different destination information sharing models in the past period of time: Didi Chuxing uses an ex-ante destination information model (ADI) in which drivers can acquire the passengers' destination information before receiving the orders, whereas Uber in China uses an ex-post destination information model (PDI) in which participants can only obtain the information after receiving the requests. This work compares ADI and PDI to study their impacts on the decisions as well as revenue/welfare of all stakeholders. We show that the PDI model generates more revenue for the platform than the ADI model in most cases, but it undermines the welfare of the passengers. This stands in sharp contrast with the existing views which argue that the ADI model can result in lower consumer surplus. Moreover, the platform can attract participants to choose the PDI model by increasing subsidies or degree of subsidies. Drivers are better off under the PDI model in most scenarios. The only exception is when both the opportunity cost and subsidy are lower or the subsidy is higher. Under this condition, the drivers can be worse off under the PDI model. Finally, if the platform adopts a new subsidy scheme which is related to the income of the participants, drivers are always better off under the PDI model but this model is still not good for the passengers. Besides, the higher demand state and equitable payoff are, the more social welfare under the ADI model it will generate. [ABSTRACT FROM AUTHOR]

Rural resettlement, an effective measure to eliminate poverty and improve the ecological environment, develops rapidly in China. Since farmland abandonment closely relates to the stability of migration as well as the national food security, the research regarding whether resettlement accelerates farmland abandonment in mountainous areas is of great importance in China. We used panel Logit and panel Tobit models to analyze the influencing mechanism of resettlement on farmland abandonment with data of 1578 households in 8 counties in prefectures of Shangluo, Ankang, and Hanzhong, the southern part of Shaanxi province. The results show that farmers' resettlement behavior had a significant positive effect on farmland abandonment behavior. The coefficient of migration period was significant at 1% in all regressions, and farmers were more likely to abandon farmland when migration distance was larger than 0.5 kilometer. All types of migration can accelerate farmland abandonment, among which engineering resettlement had the largest effects on farmers' land abandonment behavior, while disaster avoidance resettlement had the least effects. In addition, householder characteristics, household characteristics, resource endowment characteristics, and land rental market are all important influencing factors of farmers' land abandonment behavior. We thus conclude that farmers' enthusiasm of agricultural production decreases after migration, and the phenomenon for land abandonment becomes more obvious with the implementation of resettlement and relocation project in Southern Shaanxi. The transformation to town life and increased time opportunity cost of farming are the main reasons for resettled farmers' land abandonment behavior. The government is suggested to reallocate farmland to engineering resettled farmers, and encourage resettled farmers to participate in the slopping land conversion program with more supporting policies, as well as solve the livelihood problem by developing characteristic industries. In addition, land rental market should be promoted by establishing the information platform of land transfer in all resettlement areas. [ABSTRACT FROM AUTHOR]

Abstract The upper and lower limits of eco-compensation standards are theoretically determined respectively by ecosystem service value and opportunity cost. However, there are some unresolved problems in the study of the upper limit. The relationship between ecological service values and compensation standard is vague and there exists a huge gap in capital amount in practical applications. This paper proposes a solution of ecological service value analysis based eco-compensation standard in a real case between three administrative districts in E'zhou City, China. This research analysed the relationship of eco-compensation based on the principle of maximum entropy production and designed the calculation method of eco-compensation standard for adjacent administrative districts. It explored the research gap in the field of eco-compensation standard. As a result, Liangzi Lake district received 235.03 and 41.17 million CNY respectively from E'cheng and Huarong district in 2016. This study provides a novel and objective system solution of eco-compensation standard, which would facilitate the governments' financial transfer decision. [ABSTRACT FROM AUTHOR]

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We examine the effect of retirement on healthcare utilization in China using longitudinal data. We use a nonparametric fuzzy regression discontinuity design, exploiting the statutory retirement age in urban China as a source of exogenous variation in retirement. In contrast to previous results for developed countries, we find that in China retirement increases healthcare utilization. This increase can be attributed to deteriorating health and in particular to the reduced opportunity cost of time after retirement. For the sample as a whole, income is not a dominating mechanism. People with low education, however, are more likely to forego recommended inpatient care after retirement. [ABSTRACT FROM AUTHOR]

Wetlands generate a wide range of ecosystem services that support human well‐being and socioeconomic development. However, calculation of the value of these services generally fails to account for their costs. In order to understand the difference between the value and the net value of ecosystem services (VES and NES, respectively), we used government statistics and data from published papers about the values and costs of wetland services to calculate their NES in mainland China. After accounting for the opportunity costs, investment in wetland conservation and protection, and management to prevent natural disasters, the NES of China's wetlands totaled 828.1 × 109 RMB in 2014, which is 36.4% less than the VES of 1,301.9 × 109 RMB calculated using the traditional approach. From 1952 to 2014, the NES of wetlands across the country (adjusted for inflation) decreased from 2,215.9 × 109 RMB to 828.1 × 109 RMB. Accounting for the costs to determine the net value of ecosystem services will provide a better foundation to support land planning and utilization. Plain Language Summary: Calculating the value of ecosystem services is important to support planning and land utilization. However, the traditional valuation approach fails to account for the costs of these services, and the resulting overestimated values may lead to unwise decisions. In this paper, we propose a model to estimate the costs of wetland ecosystem services, which include the opportunity costs of water and land, investments in wetland conservation and protection, as well as management to prevent natural disasters, thereby providing a better (more holistic) estimate based on the net value. The net value provides stronger support for decision‐making to support ecological conservation and environmental protection and will provide guidance for future land management. Key Points: The net ecosystem services value can reveal the real benefits of an ecosystemThe net value is more practical than the payment for ecosystem servicesThe net ecosystem services value provides decision‐making for ecological conservation and environmental protection [ABSTRACT FROM AUTHOR]

Estimated coefficients in hedonic price models are generally assumed to be constant throughout the entire study area. However, increasing evidence reveals that the marginal prices of housing characteristics may vary over space and that the spatial heterogeneity problem in implicit housing prices should be given attention. Taking Hangzhou, China, as an example, this study uses the micro data of 603 residential communities in 2014 to examine spatial heterogeneity in implicit housing prices. On the basis of the traditional hedonic price model, we establish spatial expansion and geographically weighted regression (GWR) models for comparative analysis. Results show that the spatial expansion and GWR models have excellent goodness of fit and can improve the traditional hedonic price model. The mixed geographically weighted regression (MGWR) model further reveals that the implicit prices of nine housing characteristics vary significantly over space and that the impacts of the four remaining housing characteristics on housing prices are fixed throughout the entire study area. Unlike the traditional hedonic price model and spatial expansion model, the GWR/MGWR model has the unique advantage of visually providing the spatial distribution of implicit housing prices and accurately describing spatial heterogeneity. [ABSTRACT FROM PUBLISHER]

Agricultural land carbon opportunity cost (COC) characterizes potentials for carbon sequestration through ecosystem restoration, which is a critical component for formulating nature-based solutions to mitigate climate change. Yet existing relevant estimates still stayed at global scale, lacking estimates at national and provincial scale. Here, we integrated multi-source downscaled data to estimate the magnitude of land COC for 20 categories of crops and livestock in 30 provinces of China. Results show that beef got the highest land COC with about 29% of the national total, and COC per unit production of beef was much higher than that of other products. The high beef-induced COC was primarily caused by vast amount of grass feed consumed by beef cattle, resulting in native forest land being cleared into grazing land. Moreover, both land COC and crops yield per unit area of cropland enhanced with latitude decrease, but the increase rate of the former was much higher than that of the latter. Therefore, improving utilization efficiency of existing grazing land and raising yields per unit area of existing croplands in low-latitude provinces, rather than clearing new native forest land into grazing land and cropland, would have great functions on declining national total land COC for agricultural products. The research could also contribute to discussions of local tradeoffs between land carbon storage and agricultural production and then inform climate mitigation strategies. • Land carbon opportunity cost (COC) by province-product in China was estimated. • Sichuan, Hunan, and Guangxi had the largest capacity to restore carbon. • Beef production contributed the most (29%) of national total COC. • Land COC per unit yield enhanced substantially with decreasing latitude. • Tradeoffs between carbon stock and agricultural production needs to be discussed. [ABSTRACT FROM AUTHOR]

Decarbonizing commercial vehicles, including buses, trucks, and special purpose vehicles, is essential for China to achieve its carbon neutrality target by 2060. However, understanding the adoption barriers of alternative fuel technologies for commercial vehicles has largely been limited to the total cost of ownership approach that mainly considers tangible costs. This study proposes a perceived cost of ownership (PCO) model, which monetizes both tangible and implicit costs, including charging annoyance for buses and trucks by size and classification under different use scenarios. In the case study for China's current bus and truck market, the PCO of alternative fuel technologies, such as battery electric vehicles (BEVs) and fuel cell electric vehicles (FCEVs) are 27%–129% and 31%–86% higher than the most economically competitive powertrains – the compressed natural/liquefied petroleum gas technology and hybrid electric technology. BEVs could be cost-effective in the mini/midsize bus segment or in the daily short-distance driving scenario, and FCEVs could firstly be deployed in cities with a low hydrogen price. Though the implicit costs caused by range anxiety and charging annoyance account for at least 27% of BEV's PCO, making BEV uncompetitive, the battery swapping technique could reduce the implicit cost and overall cash outflow for BEV owners. • A perceived cost-of-ownership model for China's bus and truck market is built. • BEV and FCEV are less economical than CNG/LPG and HEV powertrains now. • BEV's implicit cost accounts for over 27% of its total perceived ownership cost. • The battery swapping technique could lower the overall cash outflow to BEV owners. • BEV and FCEV trucks could be more economical in short daily distance scenarios. [ABSTRACT FROM AUTHOR]

We study competition as an impetus for firms to reposition-to abandon their current positioning strategy and adopt a new one. We predict that as a strong firm moves closer, competition erodes the profitability of situated firms and prompts them to reposition. We expect this effect is pronounced the greater difference in competitive strength. However, we expect that countervailing forces exist such that the viability of alternative positions and the opportunity cost of abandoning a current position mitigate this effect. Evidence from a natural experiment in China's satellite television industry supports our hypotheses. This research adds to the existing literature on repositioning, which emphasizes the phenomenon as opportunity-driven, and to the competitive interaction literature, which typically does not distinguish between noncounterattack strategies. Copyright © 2013 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

The Chinese commodity futures markets neglect the existence of the risk hedge and diversification between futures contracts, thus leading to overcharge futures portfolio holders' maintenance margins. To this end, this paper proposes a new method, namely, the multivariate t-Copula-POT-PSRM method, which combines three models, that is, the multivariate t-Copula, the peaks over threshold (POT), and the power spectral risk measures (PSRM), to set futures portfolios' maintenance margins. In the empirical analysis, we first construct four kinds of futures portfolios and set their maintenance margins by using the new method. Then, we introduce two evaluation indicators, namely, the prudence index (PI) and the opportunity cost index (OCI), to assess the effectiveness of the proposed method. We also compare the outcomes of the two evaluation indicators of the new method with those of the widely used linear additive model. The empirical results show that the new method can, respectively, lower the OCI value of all four kinds of futures portfolios for the In-sample period and theOut-of-sample period without significantly reducing the PI value as against the traditional model, which implies that the proposed method can be used to balance security and investment efficiency in the futures market. [ABSTRACT FROM AUTHOR]

The Chinese labor market has transitioned from a dual labor market to a neoclassical labor market. With wages increasing for skilled workers, the impact on schooling must be considered by policy-makers. Taking advantage of national representative data for 2005 and 2010, the present paper examines the hypothesis that increasing opportunity costs reduce children's schooling. The empirical result is of particular relevance to poor areas, where people tend to have high discount rates and place more value on real time income. Although the total public investment in education has been increasing, our findings suggest that targeting relevant regions and compensating opportunity costs will improve the efficiency of education investments. [ABSTRACT FROM AUTHOR]

This paper explores the influence of land holding on rural-urban migration using China's 2008 household survey data. It shows that the contradictory findings of existing published literature can be explained by introducing a migration distance variable. The empirical studies show that land holding plays a different role in short-distance and long-distance migration. Land holding has a U-shaped curve association with the probability of short-distance migration and has an inverted-U-shaped association with the probability of long-distance migration. Therefore, the government needs to provide more job information and migration subsidies to farmers who have little land to overcome difficulties in the process of migration so as to reduce rural-urban inequality. [ABSTRACT FROM AUTHOR]

The cost of ecological and environmental protection is a core part of ecological compensation standards and consists of direct costs, opportunity costs and development. This paper uses Naqu, a section of the Chang Tang Nature Reserve, Tibet as a case study to assess direct and opportunity costs of wildlife conservation to herdsmen. A standard sheep unit has been established for determining the animal carrying capacity of grasslands across China, and we used this to convert wild animals into standard sheep units. This approach links the grassland ecosystem, herbivorous wild animals and their valuation together. Our results show that the total cost of wildlife conservation reached 5.69 billion Chinese Yuan (CNY). The opportunity cost was 4.5 billion CNY, accounting for 79% and direct cost. The biggest economic loss to herdsmen was the opportunity cost in Chang Tang Nature Reserve and means that herdsmen have to give up economic income from livestock husbandry when grazing is banned. Opportunity cost assessment is integral to establishing ecological compensation. The average value of wildlife conservation was 1482 CNY per capita and 57 CNY per hectare according to population and the area of moderately and seriously degraded grassland. The period of ecological compensation should last five to ten years after grazing is banned. [ABSTRACT FROM AUTHOR]

Abstract: The Ecological compensation mechanism is one of the key means of resolving the utilization and conflict of river basin upstream and downstream water resources. The theoretical basis of ecological compensation includes environment externality theory, ecological service value theory, ecological assets theory and public goods. As a system innovation of river basin management, the analysis framework of river basin ecological compensation include: the identification of compensation scope and system diagnosis, compensation subject, object and definition of the responsibilities, the basic principles of river basin ecological compensation, compensation standard and environment compensation agreement, compensation method and method of raising capital, construction of ecological compensation system, compensation policy framework and construction of the compensation system, practice and pilot experiences of compensation policies. Currently, the Chinese river basin ecological compensation mainly relies on government-oriented fiscal transfer payment and ecological investment. Basing on Chinese ecological compensation issues, policy suggestions are made about ecological compensation: construct national level ecological compensation framework basing on main function classifications and implement ecological compensation on different levels; increase return from ecological capital investment and construct multiple-channel financing mechanism; sort out system mechanism, and construct integrated management institution of river basin and conduct capital utilization, regional development planning and management through three stages: preliminary compensation, industrial structure adjustment and optimal development compensation; construct ecological compensation standard basing on direct losses, opportunity costs and loss of development right restriction. [Copyright &y& Elsevier]

Abstract: In this paper, the market value method, shadow engineering method, opportunity cost method, substitute expense method and data of investigate are used to value the ecosystem service functions of the plain forestry in China. The valuation reveals that the total ecological value is estimated up to RMB 3097.49×108 Yuan per annum, of which, about RMB 306.77×108 Yuan is of the output of standing trees, about RMB 903.15×108 Yuan of erosion control, about RMB 496.39×108 Yuan of carbon fixation and oxygen production, about RMB 948.41×108 Yuan of air quality purifying, about RMB 393.78×108 Yuan of reducing wind and stabilizing sand, and about RMB 48.98×108 Yuan of recreation and ecotourism. the ecosystem service functions of the plain forestry in China provides the average value of RMB 12346.26 Yuan/(hm2·a). Compared to the direct benefits of forest ecosystem, indirect benefits are more important for the survival of human being. [Copyright &y& Elsevier]

Chinese Sturgeon Natural Reserve (CSNR) is a typical river ecosystem in the middle of the Yangtze River. An evaluation system of the river ecosystem services of CSNR was established using the so-called 'Market Price Approach', 'Expense Payment Method', 'Contingent Valuation Method', 'Substituted Value Method', 'Cost Analysis Method' and 'Opportunity Cost Method'. The results showed that the total values of the ecosystem goods and services of the natural reserve amount to an estimated 73.57 million USD. The use-values and non use-values were 72.5 and 27.5%, respectively. The direct use values, including fisheries, water supplies and others, reach a total of about 24.23 million USD; On the other hand, the indirect use values, which include endangered species, purification costs and degradation losses, have been estimated at cost levels of approximately 29.12 million USD, indicating with 39.6% its important role of the total value. Meanwhile the non-use values of CSNR in the Yichang Reaches of the Yangtze River were assessed by a contingent valuation method (CVM) and the willingness to pay (WTP), The study shows that the annual non-use values of CSNR is up to 20.22 million USD, of which its existence values is in the range of 8.59 million USD, its bequest values 8.03 million USD, and the option values around 3.6 million USD. This preliminary analysis indicates that this natural reserve represents a special hydro-ecosystem in China with the sturgeon as target species, which is highly valued. The value of endangered aquatic species is up to 25.2% of the total, which places much emphasis on aquatic species. Investment in scientific research and management is presently quite low, amounting to only 0.7% of the total; this fact incidates that research work should be given more concern and support. Limited by the data availability, data processing capacity and time given, result of this initial investigation only represents part of CSNR's assessable value, however, considering the reality that lots of water resource and hydropower projects are now on the way, this valuation will still be helpful to inform the public with the importance of protecting endangered aquatic wildlife and such special hydro-ecosystem. [ABSTRACT FROM AUTHOR]

Although China extended the length of compensation for the Upland Conversion Program (UCP), the sustainability of the program after government compensation expires is still a pending problem. This article proposes an alternative scheme of compensation payment based on the carbon sink of the UCP. Taking Yunnan province as an example, this article explores the feasibility of the scheme by comparing the value and opportunity cost of carbon sink. It is found that it is feasible to change the UCP to a carbon offset project if its length is more than 20 years when the discount rate is 7% and the current bid price (Yuan 91.8/ton) for Chinese carbon offset project prevails. The feasibility becomes higher as site productivity or discount rate decreases, or as the project period is prolonged, ceteris paribus. Increase in carbon sink or price can also make a carbon offset project more feasible. Unlike the existing compensation scheme, this proposed scheme can also provide an incentive for plantation management. [ABSTRACT FROM AUTHOR]

This paper aims to analyze the mobilization efficiency of venture capital (VC) in China. It has been found that the dearth of venture capitalists, absence of appropriate exit channels, and lack of open, active, mature, and stable equity-driven capital markets result in low mobilization efficiency in China's VC markets. Therefore, government should take an appropriate role to facilitate VC development by educating entrepreneurs, providing a more favorable entrepreneurial environment, thereby reducing time, financial and opportunity costs, encouraging private investment funds to absorb the country's tremendous savings, and encouraging institutional investors to further develop capital markets. [ABSTRACT FROM AUTHOR]

This paper studies empirically the determinants of Chinese commercial banks' net interest margins from 1996 to 2003. It applies an extension to the Ho and Saunders (1981) model to identify the elements affecting net interest margins. The results indicate that the determinants of net interest margins in the Chinese market include market competition structure, average operating costs, degree of risk aversion, transaction size, implicit interest payments, opportunity cost of reserve, and management efficiency. [ABSTRACT FROM AUTHOR]