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Products: UHERO Working Papers

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Environmental Valuation and the Hawaiian Economy

Economic planning and policy analysis are commonly criticized for their failure to properly account for adverse effects of economic development on the environment and other interactions between nature and the market economy. The limited and piecemeal curbs on land development projects, e.g. as provided by environmental impact requirements, fail to diagnose the major negative impacts of the economy on development and to direct available resources to the most serious environmental problems in a cost-effective manner.

working paper

Inter-district Water Allocation with Conjunctive Use


Published: Roumasset, J. and Smith, R., 2001.  Inter-district water allocation with conjunctive use. Water Resources Update, 118, 68-73.

Constrained conjunctive-use for endogenously separable water markets: managing the Waihole-Waikane aqueduct

An internal solution to an optimal control problem involving conjunctive-use of surface and groundwater may be inapplicable if water is not sufficiently fungible across space and time. We provide a more general solution and apply it to the problem of allocating a limited amount of water from the Ko‘olau mountains to two Oahu water districts separated by those mountains. The solution involves initially allocating all of the mountain water to the district supplied by groundwater but eventually allocating all of the water to the district supplied by surface water. The conditions for an internal solution hold only in the intervening years when some mountain water is allocated to each district.

Published: Smith, R. B. W. and Roumasset, J., 2000.  Constrained conjunctive-use for endogenously separable water markets: managing the Waihole-Waikane aqueduct.  Agricultural Economics, 24 (1). 61-71.

Report on the Economic Impact of the University of Hawai'i System December 2000


Uhero project report

Privatizing Public Services with Externalities: Water and Wastewater Systems


Published: Roumasset, J., 2000. Privatizing public services with externalities: water and wastewater systems,” Water Resources Update, 117 (October 2000).

Population Aging and Japanese International Travel in the 21st Century


Published: Sakai, M., Brown, J. and Mak, J., 2000. Population aging and Japanese international travel in the 21st Century.  Journal of Travel Research, 38 (3), 212-220.

Optimal allocation of ground and surface water on O'ahu: water wars in paradise


Published: Moncur, J., Roumasset, J. and Smith, R., 1998.  Optimal allocation of ground and surface water on O'ahu: Water wars in paradise. Conflict and Cooperation on Trans-Boundary Water Resources, Richard E. Just and Sinaia Netanyahu, eds., Boston: Kluwer Academic Publishers. pp. 333-348.

Political economy of protecting unique recreational resources: Hanauma Bay, Hawai'i


Published: Mak, J. and Moncur, J., 1998. Political economy of protecting unique recreational resources: Hanauma Bay, Hawai'i.  Ambio, 27 (3), 217-223.

Japanese Investment in Hawaii: Past and Future

The volume of Japanese direct investments in Hawaii surged during the late 1980s. This corresponds to the rapid expansion of Japanese overseas investment in general with the sharp rise of the yen value vis-a-vis the U.S. dollar after the 1985 Plaza Accord. Between 1985 and 1995, Japanese invested no less than $12 billion in Hawaii compared to $850 million in the preceding 10 years. The highest single year of Japanese investment in Hawaii was in 1989 when net investment reached nearly $5 billion. Since 1989 annual investment volumes have fallen sharply. In the past few years, Japanese investors have begun divesting some of their assets in Hawaii so that the cumulative total of investments is less today than it was during the early 1990s (See Chart 1.0).

working paper

Private versus Public Financing of State Destination Promotion

Until 1993 all U.S. state governments actively financed the promotion of travel to their states. In recent years, however, there has been growing public sentiment that governments should not directly engage in or fund tourism promotion. Colorado voters abolished their state's tourism board in 1993, while four other states are also looking for ways to privately fund state travel promotion. This article examines whether current efforts to induce greater private funding of destination travel promotion are likely to succeed. It is suggested that a broad-based, dedicated travel industry promotion tax is an effective way to reduce free riding by travel businesses and increase private funding of destination promotion.

Published:  Bonham, C. and Mak, J., 1996. Private versus public financing of state destination promotion.  Journal of Travel Research, 35 (2), 3-10.

Intervention Analysis with Cointegrated Time Series: the Case of the Hawai‘i Hotel Room Tax


Published: Bonham, C. and Gangnes, B., 1996. Intervention analysis with cointegrated time series: The case of the Hawai‘i hotel room tax," Applied Economics, 28 (10), 1281-93.

Testing the Rationality of Price Forecasts: Comment


Publilshed: Bonham, C. and Cohen, R., 1995.  Testing the rationality of price forecasts: Comment.  The American Economic Review, 85 (1), 284-289.

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