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on Accounting and Auditing |
| By: | Alan B. Krueger (Princeton University and NBER); Daniel Kahneman (Princeton University); David Schkade (University of California, San Diego); Norbert Schwarz (University of Michigan); Arthur A. Stone (Stony Brook University) |
| Abstract: | This monograph proposes a new approach for measuring features of society’s subjective well-being, based on time allocation and affective experience. We call this approach National Time Accounting (NTA). National Time Accounting is a set of methods for measuring, comparing and analyzing how people spend and experience their time -- across countries, over historical time, or between groups of people within a country at a given time. The approach is based on evaluated time use, or the flow of emotional experience during daily activities. After reviewing evidence on the validity of subjective well-being measures, we present and evaluate diary-based survey techniques designed to measure individuals’ emotional experiences and time use. We illustrate NTA with: (1) a new cross-sectional survey on time use and emotional experience for a representative sample of 4,000 Americans; (2) historical data on the amount of time devoted to various activities in the United States since 1965; and (3) a comparison of time use and wellbeing in the United States and France. In our applications, we focus mainly on the Uindex, a measure of the percentage of time that people spend in an unpleasant state, defined as an instance in which the most intense emotion is a negative one. The U-index helps to overcome some of the limitations of interpersonal comparisons of subjective well-being. National Time Accounting strikes us as a fertile area for future research because of advances in subjective measurement and because time use data are now regularly collected in many countries. |
| Date: | 2008–03 |
| URL: | http://d.repec.org/n?u=RePEc:pri:indrel:1061&r=acc |
| By: | Grant Allan, Graham Ault, Peter McGregor and Kim Swales (Department of Economics, University of Strathclyde); Graham Ault (Institute for Energy and Environment, Electronic and Electrical Engineering Department, University of Strathclyde); Peter McGregor (Department of Economics, University of Strathclyde; Institute for Energy and Environment, Electronic and Electrical Engineering Department, University of Strathclyde); Kim Swales (Department of Economics, University of Strathclyde) |
| Abstract: | As demand for electricity from renewable energy sources grows, there is increasing interest, and public and financial support, for local communities to become involved in the development of renewable energy projects. In the UK, “Community Benefit” payments are the most common financial link between renewable energy projects and local communities. These are “goodwill” payments from the project developer for the community to spend as it wishes. However, if an ownership stake in the renewable energy project were possible, receipts to the local community would potentially be considerably higher. The local economic impacts of these receipts are difficult to quantify using traditional Input-Output techniques, but can be more appropriately handled within a Social Accounting Matrix (SAM) framework where income flows between agents can be traced in detail. We use a SAM for the Shetland Islands to evaluate the potential local economic and employment impact of a large onshore wind energy project proposed for the Islands. Sensitivity analysis is used to show how the local impact varies with: the level of Community Benefit payments; the portion of intermediate inputs being sourced from within the local economy; and the level of any local community ownership of the project. By a substantial margin, local ownership confers the greatest economic impacts for the local community. |
| Keywords: | renewable energy; rural economic impacts; revenue sharing; community ownership |
| JEL: | Q42 R15 O18 |
| Date: | 2008–10 |
| URL: | http://d.repec.org/n?u=RePEc:str:wpaper:0811&r=acc |
| By: | Fausti, Scott W.; Qasmi, Bashir A.; Li, Jing; Diersen, Matthew A. |
| Abstract: | Mandatory livestock price reporting (MPR) was implemented in April 2001. Empirical evidence indicates a significant change in the weekly variability of publicly reported fed cattle grid premiums and discounts occurred after MPR implementation. We evaluated the effect of increased market transparency resulting from implementation of MPR on grid premium and discount dispersion lelvels. Empirical results suggest that increased trransparency is compatible with either an increase or a decrease in dispersion. These results suggest that during the pre-MPR periods, the weekly premium and discount point estimators were derived from a non-representative sample. |
| Keywords: | fed cattle, grid pricing, market transparency, price dispersion, Demand and Price Analysis, Livestock Production/Industries, |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:ags:waeabi:37833&r=acc |
| By: | Hasan, Zubair |
| Abstract: | This paper deals with three basic issues in Islamic banking: First, how the profit sharing ratios in mudaraba contracts are in principle determined? Second, do the actual sharing ratios result in an equitable division of profit between the banks on the one hand and the depositors on the other? Finally, can the central bank use the profit sharing ratio along with the rate of interest for credit control so as to mitigate leverage lure in a dual banking system? The paper provides an explanation as answer to the first question. The response to the second is negative but positive to the third. It suggests a policy tool the central banks can possibly use to prevent the sort of credit turmoil as the world is facing today in 2008 because of leverage lure. The tool may also help improve return to investors and thus establish some equity in the distribution of profits. |
| Keywords: | Key words: Islamic banking; Two-tier mudaraba; Profit sharing ratio; Division of profit; Leverage lure |
| JEL: | G38 G24 G21 |
| Date: | 2008–09–14 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:11737&r=acc |