How rational are investment decisions in the copper industry?

This paper examines ex-post 51 investment decisions made in regard to copper mines coming on stream from 1957 through 1999. It discusses two critical variables: investment timing and mine capacity choice. Using a 15% discount rate, results suggest that fewer than half of decisions were made at the right time – i.e., low price periods – confirming countercyclical investment as the optimal policy. In terms of capacity choice, the distortion is even higher, as 36 projects should have entered at least 40% larger or smaller. Realized investment decisions for timing and capacity choice would have caused a 49.1% loss over the NPV potentially achievable under optimal resolutions. Although the difference could be specifically attributed to copper price uncertainty, this paper discusses how investment evaluation methodologies could be contributing to firms not being fully rational (in the neoclassical sense) when investing.     

Is risk-sharing resource taxation in society's best interests if prices are log-normally distributed?

This paper contributes to our understanding of the perceived benefits for society of risk-sharing resource taxation. In the particular context of log-normally distributed prices a model is developed which enables comparison of risk-sharing resource taxation with an alternative in determining the overall return to society from auctioning an extraction lease. The main finding of the paper is a potential exception to the general preference for risk-sharing resource taxation if the bidding firms are effectively risk neutral. This exception is illustrated numerically in the context of the impact of increased price uncertainty, but it is shown not to be robust with respect to divergences from risk neutrality in the risk attitudes of firms. Consequently, it is concluded that the choice of risk-sharing resource taxation is likely to be in society's best interests, regardless of the probability distribution of prices.     

The evolution of municipal waste management in Europe: how different are national regimes?

The 1994 European Directive on Packaging and Packaging Waste allowed a diversity of conceptions of waste management to be developed and tested in various countries. Such a diversity may raise drawbacks related to the achievement of the single market and the European law of competition. The paper describes the main differences in waste management regimes in five countries: France, Germany, the Netherlands, Italy and Greece. This comparative approach allows us, first, to identify four main variables in order to characterize policy regimes, explaining the degree of orientation of waste regimes to cost-effectiveness. Second, we will show that implementation has resulted, in each country, in learning, correction and self-regulation, thus reducing the initial divergences between national regimes. Hence, efficient harmonization of waste management regimes may be achieved unexpectedly in a soft way without passing stringent European directives. Moreover, if policy-makers were to adopt explicitly the option of experimenting with competing organizational and policy concepts, as an approach to European harmonization, it would reveal, by 2004, the cost-effectiveness of alternative solutions at a time when European policy has to be reconsidered. Copyright © 2001 John Wiley & Sons, Ltd.     

Community‐based water supplies in Cikarang,Indonesia: are they sustainable?

Community‐based water supply (CBWS) is an example of how a community manages common pool resources (CPR). This results in an alternative approach to solve water supply problems in developing countries by enhancing community participation in managing water supply. This research evaluates the sustainability of five CBWS projects in Cikarang, Indonesia by using Ostrom's design principles, with additional sustainability factors found in the Sustainable Development Goal (SDG) on drinking water and groundwater sustainability. Quinn et al. (2007) criteria were used in the analysis, and the results show that the management of four CBWS institutions were absent and one CBWS institution was weak. With regards to the SDG's drinking water target, the CBWS institutions were unable to comply with safe water standards, and in terms of groundwater sustainability, efforts to monitor and sustain groundwater tables were absent. Results from this research suggest that more focus must be placed on water quality and groundwater sustainability for CBWS projects.     

Why be poor when we can be rich? Constructing responsible mining in El Pangui,Ecuador

Mining companies operating in Latin America are giving Corporate Social Responsibility (CSR) more attention than before, in part because of the rise in mining-related conflicts and criticism about the industry's social and environmental impacts. Companies propose that CSR could play an important role in mitigating conflict or lessening its risk. This article argues that the opposite may also be the case. As the mining conflict in El Pangui, Southeast Ecuador transforms social territorial dynamics, CSR also has a function in those transformations by contributing to the polarisation of conflict. The paper provides a brief ethnographic account of the ongoing conflict in El Pangui, and critically examines the moves made by the company, Corriente Resources Inc., to illustrate how CSR discourses and programmes may play an adverse role in social conflict.     

A question of justice: are holiday clubs serving the most deprived communities in England?

In response to the problem of holiday hunger, hundreds of local “holiday clubs” have recently been established across the UK. This research examines the spatial relationship between income, childhood deprivation, ethnicity and holiday clubs across 32,844 Lower Super Output Areas (LSOAs) in England to determine if these clubs are currently operating in an inclusive fashion. Data on the location of holiday clubs comes from a national survey. Binary logistic regression results suggest that holiday clubs are likely to operate in economically disadvantaged areas. At the same time, clubs are not distributed equally by ethnicity. That is, holiday clubs operated by voluntary organisations are more likely to be situated in LSOAs that are disproportionately white and English\British and less likely to be situated in LSOAs that are disproportionately ethnic minority. This finding has important implications for the pursuit of holiday clubs as a policy mechanism for addressing access to food in light of the state’s failure to adequately feed all of the country’s children.     

Who are our informal recyclers? An inquiry to uncover crisis and potential in Victoria,Canada

What is considered garbage embodies a recoverable economic value, and environmental cost if not recycled. Throughout the world, the often marginalised and impoverished population earns a living through informal recycling. This is also true for Victoria, British Columbia, one of the most affluent cities in Canada. This paper discusses results of a participatory socio-economic survey involving informal recyclers in Victoria, BC to determine their livelihood determinants. The findings reveal that “binning” is an important survival strategy to generate income. A new waste-management model that considers the social and environmental context is needed. Inclusive public policies can respond to the livelihood concerns outlined in this paper by facilitating access to recyclable materials, devising occupational safety improvements and educating about alternative strategies for resource recovery. This model can contribute to the overall sustainability of the community by reducing the waste of resources and people, empowering marginalised populations and reducing the environmental impacts of natural resource use and waste disposal.     

What are the implications of human rights for minerals taxation?

This article examines the relationship between a state's taxation of mineral revenues and the human rights obligation to use ‘maximum available resources’ to further citizens' welfare. These both have implications for understanding the other but there has been little attention to their interaction.Contemporary (economic and policy) approaches to mineral taxation revolve around economic rent and providing a ‘neutral’ economic environment that does not influence investment decisions. There is no reference to human rights obligations—these are just part of the state's general responsibilities for which it can legitimately raise taxes. Taxation analysis largely ignores whether the state wants money to ensure there is adequate food for the population, or instead to stage the Miss Universe pageant.Human rights has relevance for the state's management of resources. The requirement for states to apply ‘maximum available resources’ to fulfil human rights suggests that mineral extraction (and taxation) should occur as fast as possible to be applied for the human rights of the current population A more considered analysis weighs against such a literal interpretation. Nevertheless, the requirement of using ‘maximum available resources’ to fulfil human rights has important implications for mineral taxation.     

Environmental preference and restoration: (How) are they related?

Does the widely documented tendency to prefer natural over built environments owe to the perception of greater restorative potential in natural environments? In the present experimental study we tested the mediating role of restoration in environmental preferences. Participants viewed a frightening movie, and then were shown a video of either a natural or a built environment. We used two examples of each type of environment. Participants’ mood ratings were assessed before and after they viewed the frightening movie, and again after viewing the environmental video. Participants also rated the beauty of the environment shown (to indicate preference) and performed a test of concentration after viewing the environmental video. The results indicate that participants perceived the natural environments as more beautiful than the built environments. In addition, viewing natural environments elicited greater improvement in mood and marginally better concentration than viewing built environments. Mediational analyses revealed that affective restoration accounted for a substantial proportion of the preference for the natural over the built environments. Together, these results help substantiate the adaptive function of people's environmental preferences.     

The good,the bad,and the statutory: are statutory or non-statutory natural resource management plans higher in quality?

Numerous governments around the world have adopted statutory mandates on plan content based on the assumption that they lead to greater consistency and higher quality of plans. While a number of studies have examined the relationship between mandates to develop plans and plan quality, there has been limited study of the influence of state mandates for plan content on plan quality in a regional natural resource management (NRM) planning context. This paper explores the relationship between the quality of regional NRM plans between statutory and non-statutory NRM regions in New South Wales and Queensland, Australia. An analysis of 22 regional NRM plans indicates that there is no evidence of a relationship between plan quality and the presence of statutory mandates for regional NRM plans in New South Wales and Queensland. However, the paper identifies and discusses several other factors with unexpected relationships with an impact on the quality of NRM plans in New South Wales and Queensland, Australia.     

Do We Care About Synbiodiversity? Questions Arising from an Investigation into Whether There are GM Crops in the Svalbard Global Seed Vault

The Svalbard Global Seed Vault provides a backup of seed collections from genebanks around the world. It’s unique character has made it iconic in the public imagination as a ‘Noah’s Ark’ for crop plants. Its remote location and strict controls on access have, however, also lent it an air of mystery, swirling with conspiracy theories. In this paper, I first clarify the aims of the Vault, the history of its development and the policies and practices of its current operation. Given concerns around its potential links to the biotechnology industry, I go on to ask whether GM crops are currently stored in the Vault. Presenting several reasons for why GM crops are formally excluded, while indicating the potential for both change and unintentional contamination, I am compelled to question whether GM crops should be excluded. Answering this requires an interrogation of their potential conservation value as modern contributors to crop biodiversity. In exploring this issue, I suggest that there has been surprisingly little discussion of the moral status and conservation value of bio-technological crop plants and indeed, of how we care for all the techno-lifeforms we are currently engaged in co-creating. I suggest that these are becoming important issues as biotechnological techniques and applications begin to rapidly evolve and diversify (e.g. through genome editing and synthetic biology). Emphasizing the scope for a refreshed interdisciplinary research agenda exploring the interface between biotechnology and biodiversity conservation, I conclude the article by proposing new concepts of synbiodiversity and symbiodiversity to encourage further debate.