Working Papers
Financial Integration in the Pacific Basin Region: RIP by PANIC Attack?
We exploit advances in panel data econometrics to test whether real interest parity holds in the Pacific Basin region. We test for a unit root in the difference between either the US, Japanese or Euro area real interest rate and the real interest rates from a panel of eleven Pacific Basin economies. Unlike extant studies […]
Read MoreJapanese 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 […]
Read MoreEnvironmental Resources and Economic Growth
This chapter assesses the nature and degree of environmental degradation and resource depletion in China and their relationship to economic activity and environmental policies. We describe regulatory and other policies and consider their governmental economy determinants. Inasmuch as this objective can only be partially achieved, we hope to contribute to a research agenda for environmental […]
Read MoreBeyond the lamppost: Optimal prevention and control of the Brown Tree Snake in Hawaii
We develop an integrated model for the prevention and control of an invasive species. The generality of the model allows its use for both existing and potential threats to the system of interest. The deterministic nature of arrivals in the model enables clear examination of the tradeoffs inherent when choosing between prevention and control strategies. […]
Read MoreLearning-by-catching: Uncertain invasive-species populations and the value of information
This paper develops a model of invasive species control when the species’ population size is unknown. In the face of an uncertain population size, a resource manager’s species-control efforts provide two potential benefits: (1) a direct benefit of possibly reducing the population of invasive species, and (2) an indirect benefit of information acquisition (due to […]
Read MoreCollusive Duopoly: The Economic Effects of Aloha and Hawaiian Airlines’ Agreement to Reduce Capacity
In the aftermath of the terrorist attacks on September 11, 2001 (9/11), Congress passed the Aviation and Transportation Security Act (ATSA). Section 116, Air Transportation Arrangements in Certain States, provided a foundation for Aloha Airlines and Hawaiian Airlines to obtain temporary antitrust immunity for their agreement to coordinate a reduction in passenger seat capacity on […]
Read MoreThe Economic Value of Watershed Conservation
Watershed conservation creates benefits within and beyond the management area of interest. Direct benefits are those realized in the watershed itself, such as improved water quality and quantity. Additionally, the health of a watershed has profound implications on near-shore resources below its reaches, including beaches and coral reefs. This chapter reviews the major benefits of […]
Read MoreEconomic lessons from control efforts for an invasive species: Miconia calvescens in Hawaii
Once established, invasive species can rapidly and irreversibly alter ecosystems and degrade the value of ecosystem services. Optimal control of an unwanted species solves for a trajectory of removals that minimizes the present value of removal costs and residual damages from the remaining population. The shrubby tree, Miconia calvescens, is used to illustrate dynamic policy […]
Read MoreLabor Market Effects of Employer-Provided Health Insurance
This is an experimental study in economics of mandated benefits. Most individuals who have health insurance in the US obtain it through their employer. Some states either have or are considering government mandates that require employers to provide insurance to all full-time workers. We use an experimental laboratory to investigate possible effects of alternative health […]
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