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Abstract Policies regarding tourism management can be separated into (1) tourism promotion policies and (2) environmental restoration policies. Because of the close relationship between the number of visitors and environmental qua...
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Abstract Policies regarding tourism management can be separated into (1) tourism promotion policies and (2) environmental restoration policies. Because of the close relationship between the number of visitors and environmental quality, both policy types should be jointly designed and implemented. This paper studies the optimal use of these two policies in tourism management. In the case of Khao Laem Ya–Mu Koh Samet National Park in Thailand, the optimal policy balance requires the substantially higher restoration expenditure than the promotion expenditure at all time. With optimal policy balance, the number of visitors at the steady state increases more than twice, whereas the water quality remains unchanged. The implementation of the optimal policy balance would yield an additional benefit in terms of net present value of approximately $120 million over 50 years. The results from sensitivity analysis affirm the importance of restoration over promotion policy and suggest that improving effectiveness of restoration expenditure and reducing visitor impact on environmental quality can significantly increase benefits from tourism.
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This paper presents a model of a bottleneck facility that performs two distinct types of operations: "regular" and "repair." Both switch-over time and cost are incurred when the facility switches from performing one type of operat...
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This paper presents a model of a bottleneck facility that performs two distinct types of operations: "regular" and "repair." Both switch-over time and cost are incurred when the facility switches from performing one type of operation to a different type. Upon the completion of a batch of jobs in the regular mode, each batch is subjected to a test, where the entire batch (of jobs) will be classified accordingly as either nondefective, repairable, or nonrepairable. A nondefective batch continues its process downstream, a nonrepairable batch is scrapped, and a repairable batch can be cycled back to the bottleneck facility for repair. The objective of this paper is to determine the optimal repair policy for the bottleneck facility so that the long run average operating profit is maximized. We first characterize the optimal repair policy by showing that the optimal repair policy must take one of the two forms: a "repair-none" policy under which all repairable batches are scrapped, or a "repair-all" policy under which all repairable batches are repaired. We then develop optimality conditions for the repair-none policy and the repair-all policy. When the repair-all policy is optimal, we further show that there exists an optimal "threshold" operating policy that can be described as follows: upon completion of a regular batch, switch over to the repair mode only if the number of available repairable batches exceeds a certain threshold value. We also evaluate the impact of batch sizes, yield, and switchover cost on the optimal operating policy.
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The implications of private information regarding a worker's skills for optimal tax policy in an open economy are explored. Two cases are considered. In one general skills are private information and in the other sector-specific s...
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The implications of private information regarding a worker's skills for optimal tax policy in an open economy are explored. Two cases are considered. In one general skills are private information and in the other sector-specific skills are private information. It is shown that for a* small open economy tariffs and other equivalent trade distortions are not part of the optimal tax policy in either case. In both cases the optimal policy distorts the labor-leisure choice but only in the case of sector-specific skills as private information are labor allocation decisions distorted. For a large country, distortions that are equivalent to the standard optimal tariff formula characterize the optimal tax policy.
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This paper evaluates the welfare properties of nominal GDP targeting in the context of a New Keynesian model with both price and wage rigidity. In particular, we compare nominal GDP targeting to inflation and output gap targeting ...
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This paper evaluates the welfare properties of nominal GDP targeting in the context of a New Keynesian model with both price and wage rigidity. In particular, we compare nominal GDP targeting to inflation and output gap targeting as well as to a conventional Taylor rule. These comparisons are made on the basis of welfare losses relative to a hypothetical equilibrium with flexible prices and wages. Output gap targeting is the most desirable of the rules under consideration, but nominal GDP targeting performs almost as well. Nominal GDP targeting is associated with smaller welfare losses than a Taylor rule and significantly outperforms inflation targeting. Relative to inflation targeting and a Taylor rule, nominal GDP targeting performs best conditional on supply shocks and when wages are sticky relative to prices. Nominal GDP targeting may outperform output gap targeting if the gap is observed with noise, and has more desirable properties related to equilibrium determinacy than does gap targeting. (C) 2016 Elsevier B.V. All rights reserved.
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This paper surveys the current state of the literature on international monetary policy coordination. It relates recent policy discussions to the lessons from the literature. It proposes several avenues for future research. (C) 20...
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This paper surveys the current state of the literature on international monetary policy coordination. It relates recent policy discussions to the lessons from the literature. It proposes several avenues for future research. (C) 2015 Elsevier Ltd. All rights reserved.
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We analyze a finite horizon, single product, periodic review model in which pricing and production/inventory decisions are made simultaneously. Demands in different periods are random variables that are independent of each other a...
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We analyze a finite horizon, single product, periodic review model in which pricing and production/inventory decisions are made simultaneously. Demands in different periods are random variables that are independent of each other and their distributions depend on the product price. Pricing and ordering decisions are made at the beginning of each period and all shortages are backlogged. Ordering cost includes both a fixed cost and a variable cost proportional to the amount ordered. The objective is to find an inventory policy and a pricing strategy maximizing expected profit over the finite horizon. We show that when the demand model is additive, the profit-to-go functions are k-concave and hence an (s, S, p) policy is optimal. In such a policy, the period inventory is managed based on the classical (s, S) policy and price is determined based on the inventory position at the beginning of each period. For more general demand functions, i.e., multiplicative plus additive functions, we demonstrate that the profit-to-go function is not necessarily k-concave and an (s, S, p) policy is not necessarily optimal. We introduce a new concept, the symmetric k-concave functions, and apply it to provide a characterization of the optimal policy.
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We show that an executive is optimistic about her company's prospects if and only if she retains some of the shares received whenever she exercises company stock options. Empirically, an indicator of optimism based on this idea ma...
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We show that an executive is optimistic about her company's prospects if and only if she retains some of the shares received whenever she exercises company stock options. Empirically, an indicator of optimism based on this idea matches the expected relations between optimism and corporate decision-making better than commonly used indicators based on the timing of option exercise. This makes sense, as our model of an executive's optimal option exercise and portfolio choice demonstrates that the timing of option exercise depends just as much on stock and other executive characteristics as it does on optimism. (C) 2015 Elsevier B.V. All rights reserved.
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This paper examines optimal monetary policy under heterogeneous expectations. To this end, we develop a stochastic New Keynesian model with a cost-push shock and coexis-tence of one-step-ahead rational and adaptive expectations in...
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This paper examines optimal monetary policy under heterogeneous expectations. To this end, we develop a stochastic New Keynesian model with a cost-push shock and coexis-tence of one-step-ahead rational and adaptive expectations in decentralized markets. On the one side, heterogeneous expectations imply an amplification mechanism that has many adverse consequences missing under the rational expectations paradigm. On the other side, even discretionary optimal monetary policy can manipulate expectations via a novel chan-nel. We argue that the incorporation of heterogeneous expectations in both the design and implementation of discretionary optimal monetary policy to exploit this channel lowers macroeconomic volatility. We find that: (1.) a more hawkish policy can reduce losses due to volatility, but an overly hawkish policy does not; (2.) overestimating the share of ra-tional expectations in the design and implementation of policy creates additional losses, while the underestimation does not; (3.) credible commitment eliminates or mitigates many of the ramifications of heterogeneous expectations. (c) 2021 The Author(s). Published by Elsevier B.V. This is an open access article under the CC BY license ( http://creativecommons.org/licenses/by/4.0/ )
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This paper examines the optimal monetary policy and central bank transparency in an economy where firms set prices under informational frictions. The economy is subject to two types of shocks determining the efficient output level...
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This paper examines the optimal monetary policy and central bank transparency in an economy where firms set prices under informational frictions. The economy is subject to two types of shocks determining the efficient output level and firms' desired markups. To minimize the welfare-reducing output gap and price dispersion between firms, the central bank controls firms' incentives and expectations by using a monetary instrument and disclosing information on the realized shocks. This paper shows that an optimal policy comprises the disclosure of a linear combination of the two shocks and the adjustment of monetary instruments contingent on the disclosed information.
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We study the welfare properties of an economy where both monetary and fiscal policies follow simple rules, and where a subset of agents is liquidity constrained. The welfare benefits of optimizing the fiscal rule are far larger th...
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We study the welfare properties of an economy where both monetary and fiscal policies follow simple rules, and where a subset of agents is liquidity constrained. The welfare benefits of optimizing the fiscal rule are far larger than those of optimizing the monetary rule. The optimized fiscal rule implements strong automatic stabilizers that primarily stabilize the income of liquidity-constrained agents, rather than output. Transfers targeted to liquidity-constrained agents are the preferred fiscal instrument. The optimized monetary rule exhibits super-inertia and a weak inflation response. Optimized simple rules perform as well as the optimal policy under the timeless perspective.
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