Prospecting for Economic Returns to Research: Adding Informational Value at the Market Fringe

Abstract.  Private markets constantly assess project investment opportunities across a spectrum of such possibilities. The market's perspective on the boundary of viable projects, however, may be more limited than socially optimal due to informational constraints. In the case of economic development projects in particular, this boundary could be extended by public researchers. This paper constructs a method to estimate the private and social value‐added of such research, providing a new means to understand and assess the public/private sector interface. The framework uses agents' evolving subjective perceptions through Bayesian updating to value research information, along with methods to estimate functional forms and relative optima. Two case studies of regional development research on value‐added agriculture in Colorado highlight the utility of the approach.     

The Conservatives' Search for a Middle Way in Housing, 1951-64

The Conservatives returned to power in 1951, determined to createa property-owning democracy by freeing the market in land andhousing. But freeing the market proved to be no panacea andaroused much criticism. Most important, public housing continuedto expand as the major alternative to private home ownership,in part because the supply of private rented housing declinedprecipitously. Dismayed at this situation, the Conservativesbecame increasingly concerned to find an affordable alternativeto the continued expansion of public housing. To achieve thisgoal, they attempted to foster novel types of private ownershipin the form of societies that could provide either some sortof co-operative housing or rental housing at cost. Ultimately,these attempts to create a middle way in housing failed becausethey ignored the realities of the property market.     

What's in a Name? Extracting Econometric Drivers to Assess The Impact of National Park Designation*

Public land designations are often primarily political decisions that may also have substantial local economic impacts. This paper econometrically estimates the visitation effect of the conversion of National Monuments to National Parks through the eight designation changes that have occurred between 1979 and 2000. The study finds robust and significant impacts of such conversions, yielding 11,642 additional visitors annually, even after controlling for likely site acreage expansion and other site visitation trends. Furthermore, these new visitors do not appear to occur at the expense of visitation at alternative sites. Using these findings, the paper explores the local economic impact of the Great Sand Dunes conversion on Colorado's San Luis Valley.     

ENTREPRENEURSHIP,INFORMATION, AND GROWTH

We examine the contribution to economic growth of entrepreneurial marketplace information within a regional endogenous growth framework. Entrepreneurs are posited to provide an input to economic growth through the information revealed by their successes and failures. We empirically identify this information source with the regional variation in establishment births and deaths. To account for the potential endogeneity caused by forward‐looking entrepreneurs, we utilize instruments based on historic mining activity. We find that the information spillover component of local establishment birth and death rates have significant positive effects on subsequent entrepreneurship and employment growth for U.S. counties and metropolitan areas.     

Rock Stars and Bad Apples: Moral Economies of Alternative Food Networks and Precarious Farm Work Regimes

Alternative food networks face both challenges and opportunities in rethinking the role of precarious employment in food system transformation. We explore how alternative food networks in British Columbia, Canada have engaged with flexible and precarious work regimes for farmworkers, including both temporary migrant workers and un(der)paid agricultural interns. Based on in‐depth interviews, participant observation and document analysis, we find that alternative food actors often normalize a precarious work regime using a moral economy frame. This framing describes precarious farm employment as either a necessary challenge in the transition to sustainability, or merely involving a few individual “bad apple” farmers. Further, this framing involves an aversion to “one‐size‐fits‐all” regulation by the state in favor of consumer‐driven regulation of labor standards. Our analysis suggests that a moral economy framing can obscure systemic inequities in precarious farm employment and dampen the impetus for structural change through collective food movement organizing.     

A Note on the Geographic Interdependencies of Retail Market Areas

Central place theory describes an orderly hierarchy of places, with particular retail services developing for lower-ordered places as they reach a threshold. Yet it is likely that nearby areas could serve simultaneously as a source of demand and a source of competing supply for retail stores in a place. This paper contributes to the understanding of local economic development by modeling and estimating the geographic interdependence between a place and its neighboring areas. The simultaneous equation Tobit results suggest that such geographical interdependence exists for most retail industries, with spatial competition on the supply side being particularly important.