Naoufel Benfadil – March 2018 Page No.: 01-08
The Contingent Valuation Method (CVM) is one of many ingenious methods developed in the late 1970s and early 1980s to evaluate non-market goods. It represents the most promising approach developed to determine the public’s willingness to pay or to accept for public goods. However, like all sophisticated methods, it presents challenges and the use of contingent valuation surveys to obtain individuals answers to hypothetical situations is not easy at all. In order to be successful, we must follow some method guidelines perfectly and therefore evaluate and use the results of the CVM with confidence.
Page(s): 01-08 Date of Publication: 19 March 2018
Structure Research on Environment and Sustainable Development, University of Mohamed V,
Faculty of Legal, Economic and Social Sciences, Souissi, Rabat, Morocco
[2]. Alberini, A., and Cooper, J. (2000). Applications of the contingent valuation method in developing countries: A survey. Rome: FAO. Retrieved from https://www.fao.org/docrep/003/x8955e/x8955e00.htm#TopOfPage
[3]. Amegnaglo, C., Anaman, K., Mensah-Bonsu, A., Ebo Onumah, E., and Amoussouga Gero, F. (2017). Contingent valuation study of the benefits of seasonal climate forecasts for maize farmers in the Republic of Benin, West Africa. Climate Services, 6, 1-11. https://dx.doi.org/10.1016/j.cliser.2017.06.007
[4]. Baker, R. and Ruting, B. (2014). Environmental Policy Analysis: A Guide to Non-Market Valuation. Canberra: Australian Government, Productivity Commission. Retrieved from https://ageconsearch.umn.edu/bitstream/165810/2/Baker%20SP.pdf
[5]. Bockstael, N., Freeman, A., Kopp, R., Portney, P., and Smith, V. (2000). On Measuring Economic Values for Nature. Environmental Science and Technology, 34(8), 1384-1389. https://dx.doi.org/10.1021/es990673l
[6]. Carson, R. (2000). Contingent Valuation: A User’s Guide. Environmental Science and Technology, 34(8), 1413-1418. https://dx.doi.org/10.1021/es990728j
[7]. Carson, R. (2001). Resources and Environment: Contingent Valuation. International Encyclopedia Of The Social and Behavioral Sciences, 13272-13275. https://dx.doi.org/10.1016/b0-08-043076-7/04196-6
[8]. Dutta, M. (2016). Environmental Economics (Valuation methods). Presentation, Indian Institute of Technology Guwahati – Department of Humanities and Social Sciences, North Guwhati. Retrieved from https://www.iitg.ernet.in/scifac/qip/public_html/cd_cell/chapters/m_k_dutta_environmental_economics/unit3_valuation_methods.pdf
[9]. Evaluation contingente. (2013, Jun 5). Direction Régionale de l’Environnement, de l’Aménagement et du Logement (DREAL) Grand Est. Retrieved on 27 February 2017, from https://www.grand-est.developpement-durable.gouv.fr
[10]. Farrow, R., Goldburg, C., and Small, M. (2000). Economic Valuation of the Environment: A Special Issue. Environmental Science and Technology, 34(8), 1381-1383. https://dx.doi.org/10.1021/es000944o
[11]. Fischhoff, B. (2000). Informed Consent for Eliciting Environmental Values. Environmental Science and Technology, 34(8), 1439-1444. https://dx.doi.org/10.1021/es990726z
[12]. Fougere, F., and Seydi, A. (2016). Ethique de la méthode d’évaluation contingente (Master). Université d’Auvergne – Clermont-Ferrand 1 – CERDI. Retrieved from https://docplayer.fr/storage/48/24817917/1519758175/3lL4GIfV_J_YViyEl5Z9Fg/24817917.pdf
[13]. Kah, E. (2003). La méthode d’évaluation contingente appliquée aux déchets urbains. Espace Géographique, 32(1), 47-59. https://dx.doi.org/10.3917/eg.321.0047
[14]. Kyophilavong, P. (2011). Simple manual for estimating economic value of wetland for Lao policymakers. Laos: Lao Wetland Project (LWP) funded through UNDP. Retrieved from https://www.undp.org/content/dam/undp/documents/projects/LAO/00047641_Manual%20for%20estimating%20economic%20value%20of%20wetland%20.doc
[15]. Lamure, C., and Lambert, J. (1993). Impact des transports terrestres sur l’environnement : méthodes d’évaluation et coûts sociaux (2nd ed.). Arcueil: INRETS.
[16]. Lopez, C. (2004, 7 Mai). Lecture 2: Direct methods for valuation of environmental goods. Retrieved from https://www.uio.no/studier/emner/sv/oekonomi/ECON4910/v04/undervisningsmateriale/Lecture2.pdf
[17]. Mitchell, R., and Carson, R. (1993). Using surveys to value public goods (3rd ed., pp. 1-90). Washington, D.C.: Resources for the Future.
[18]. Raboteur, J., and Rodes, M. (2006). Application de la méthode d’évaluation contingente aux récifs coralliens dans la Caraibe : étude appliquée à la zone de Pigeon de la Guadeloupe. Vertigo, 7 (1). https://dx.doi.org/10.4000/vertigo.2167
[19]. Spash, C. (2008). Contingent Valuation Design and Data Treatment: If You Can’t Shoot the Messenger, Change the Message. Environment And Planning C: Government And Policy, 26(1), 34-53. https://dx.doi.org/10.1068/cav4
[20]. Terra, S. (2005). Guide de bonnes pratiques pour la mise en œuvre de la méthode d’évaluation contingente. Paris: Ministère de l’Environnement. Retrieved from https://www.marine-ecosystem-services.eu/en/documents_en/2010-terra-etudes-contingentes-guide.pdf
[21]. Whitehead, J. (2006). A Practitioner’s Primer on the Contingent Valuation Method. Dans Alberini, A., and Kahn, J. (dir.), Handbook on Contingent Valuation (pp. 66-91). Massachusetts, USA: Presses Edward Elgar Publishing, Inc.
[22]. Whittington, D. (1998). Administering contingent valuation surveys in developing countries. World Development, 26(1), 21-30. https://dx.doi.org/10.1016/s0305-750x(97)00125-3
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Augustine Okon Jacob – March 2018 – Page No.: 09-14
This study examined whether or not stock market promotes industrial growth and development in Nigeria. To achieve this objective, multiple linear regression analysis was used to establish the relationship between capital market and industrial growth and development from 1985-2015. The result indicated that there is a jointed long- run positive relationship between industrial growth and development for all the stock market variables used. By 95.58% R-squared and 94.85% adjusted R-squared, the result showed that industrial growth and development in Nigeria is adequately explained by the model for the period between 1985 and 2015. By implication 94.85% of the variation in the growth of industrial activities is explained by the independent variables. The result of the study stabled a jointed long-run positive links between the stock market and industrial growth and development. The capital market variables captured in the model such as market capitalization, money supply, government expenditure and interest rate, they both have positive and negative relationship with industrial productivity, except the constant term and level of money supply (MS). Government is therefore advise to put up measures to stem up investors’ confidence and activities in the market and increase market capitalization so that it could contribute significantly to the sector, and suggested pursuit of policies geared towards rapid development of the stock market. Also, all sectors of the economy should act in a collaborative manner such that the optimum benefits of linkages between the stock market and industrial growth and development can be realized in Nigeria.
Page(s): 09-14 Date of Publication: 19 March 2018
Department of Management, School of Management Science, Heritage Polytechnic, Ikot Udota, Eket
[2]. Al-Fak, I. M. (2006). The Nigerian Capital Market and Socioeconomic Development. Paper Presented at the 4th Distinguished Faculty of Social Science Public Lecture, University of Benin, 26 July, 9-16.
[3]. Amadi, S.N., Onyema, J.I. and Odubo, T.D. (2002). Macroeconomic Variables and Stock Prices. A multivariate Analysis. Africa Journal of Development Studies, 2-1:159- 164.
[4]. Anyanwu, J. C. (1998). Stock Market Development and Nigerian Economic Growth, Nigerian Financial Review, 7(2): 6-13.
[5]. Aretis, P. D. and Luintel, K. (2001). “Financial Development and Economic Growth: The Roles of Stock Market”, Journal of Money, Credit and Banking, 33: 16-41.
[6]. Capasso, S. (2006). “Stock Market Development and Economic Growth”. United Nations University Bank of Nigeria 2009, Statistical Bulletin, Research Paper No. 2006/102, 1 -25. Central. Available at www.cenbank.org/documents/Statbulletin.asp [Accessed 10 August 2010].
[7]. Demirgue-Kunt, A., and Levine, R. (1996). Stock Market Development and Financial Intermediaries: Stylizes Facts. The World Bank Economic Review 10(2): 241.
[8]. Donwa, O. and Odia, U. P. (2010). An Empirical Analysis of the Impact of the Nigeria Capital Market on the Socioeconomic Development. Journal of Social Science, 24 (2): 135-142.
[9]. Ewah, S.O.E., Esang, A.E. and Bassey, J.U. (2009). Appraisal of Capital Market efficiency on Economic Growth in Nigeria. International Journal of Business and Management. December, pp 219-225.
[10]. Elumide, H. and Asaolu, O. (2006). Stock Market Capitalization of Interest Rate in Nigeria: A Time Series Analysis. Euro Journal Publishing Inc. 2:57-72
[11]. Ezeoha, A., Ebele, O. and NdiOkereke, O. (2009). Stock Market Development and Private Investment Growth in Nigeria. Journal of Sustainable Development Africa, 11:2
[12]. Enisan, A.A and Olufisayo, A.O. (2009). Stock Market Development and Economic Growth: Evidence from Seven Sub- Sahara African Countries, Journal of Economics and Business, 61, 162-171.
[13]. Ibrahim, M.H. and Aziz, H.N. (2003). Macroeconomic Variables and the Malaysian Equity Market: A View through Rolling Sub-Samples. Journal of Economic Studies, 30: 6-27
[14]. Mishira, B. R. (2010). India Capital Market Efficiency and Growth, Finance and Administrative Sciences. European Journal of Economics, ISBN 1450-2275 Issue 27.
[15]. Okereke. O. (2000). Stock Market and Economic Growth: the Nigerian Experience. Research Journal of Finance and Accounting, 3(4): 2012.
[16]. Olowe, R.A. (1997). A Test of Strong – form Efficiency of the Nigeria Capital Market. Business system Review, 1: 16.
[17]. Oluwatoyin, H., Arestis, P. D. and Luintel, K. (2009). The Impact of Stock Market Earning on Nigeria per Capital Income. African Journal of Accounting, Economics, Finance and Banking Research. 5:5.
[18]. Sule, O.K and Momoh, O.C. (2009). The Impact of Stock Market Earnings on Nigeria per Capital: Journal of Accounting, Economics, Finance and Banking Research, 5(5): 77-89.
[19]. Securities and Exchange Commission (2014). Capital Market Authority. Retrieved on 3/8/2014 from www.cma,or,ke/index.php.
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Ibeabuchi U, Egbu, A. U and Kalu, A. O. – March 2018 Page No.: 15-24
Choosing a probability distribution to represent the precipitation depth at various durations has long been a topic of interest in climatology and hydrology. The annual rainfall data for 38 years (between 1972 and 2013) were collected from the Nigerian meteorological stations Agency (NIMET) for nine weather stations southern Nigeria. The data were then processed to identify the maximum and minimum rainfall received a day (24hrs duration). The mean, mode, median, skewedness and standard deviation for the study period was derived. The average nearest neighbor analysis was performed to study the distribution of weather stations and rainfall, the results revealed a dispersed (1.88) distribution and the rainfall is well distributed in the study area. The annual mean daily rainfall received was 2.24mm/day for Abeokuta, 1.36mm/day for Calabar and Enugu, 2.03 mm/day for Ikeja, 1.32 mm/day for Port Harcourt, 0.04 mm/day for Benin, and 0.01 mm/day for Ibadan. The median of 0.69mm/day was record for Abeokuta, 0.43mm/day for Calabar and Enugu, 0.59 mm/day for Ikeja, and 0.43 mm/day for Port Harcourt, while the mode of 0.01mm/day was record for Abeokuta, 0.04mm/day for Calabar and Enugu, 0.12 mm/day for Ikeja, and 0.04 mm/day for Port Harcourt. The standard deviation of 7.12 mm/day was record for Abeokuta, 3.10mm/day for Calabar and Enugu, 4.29 mm/day for Ikeja, and 2.59 mm/day for Port Harcourt. This indicates a very large range of fluctuation during the period of study between the coastal area and inland. The rainfall data were analyzed to identify the best fit probability distribution for each period of study using the Rainfall Distribution (Bulletin 17B). The Normal distribution method was used to study climate and weather extreme. The Ordinary Least Squares (OLS) regression was used to model and predict relationships of weather station in term of rainfall return period or occurrences, trend and location. The scientific results clearly established that the analytical procedure devised and tested in this study is suitably applied for the identification of the best fit probability distribution of weather parameters. Also, the study has presented facts on climate extremes for present and future study..
Page(s): 15-24 Date of Publication: 19 March 2018
Egbu, A. U
Kalu, A. O.
[2]. Bedient, P B and Wayne, C H (2002). Hydrology and Floodplain Analysis. Prentice-Hall, Inc., Upper Saddle River.
[3]. Dan’azumi, S. Shamsudin, S. and A. A. Rahman (2010). Probability Distribution of Rainfall Depth at Hourly Time-Scale, World Academy of Science, Engineering and Technology 48.
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[5]. Ebdon, D (1985). Statistics in Geography. Blackwell.
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[7]. Hamilton, L C (1992). Regression with Graphics. Brooks/Cole.
[8]. IPCC, (2012). Managing the Risks of Extreme Events and Disasters to Advance Climate Change Adaptation. A Special Report of Working Groups I and II of the Intergovernmental Panel on Climate Change [Field, C.B., V. Barros, T.F. Stocker, D. Qin, D.J. Dokken, K.L. Ebi, M.D. Mastrandrea, K.J. Mach, G.-K. Plattner, S.K. Allen, M. Tignor, and P.M. Midgley (eds.)]. Cambridge University Press, Cambridge, UK, and New York, NY, USA, 582 pp.
[9]. Mitchell, A (2205). The ESRI Guide to GIS Analysis, Volume 2. ESRI Press.
[10]. Mohita, A. S. and Jai B., S., (2010). Use of Probability Distribution in Rainfall Analysis, New York Science Journal ; 3(9), https://www.sciencepub.net/newyork
[11]. Raudkivi, A J (1979). Hydrology, an introduction to hydrological processes and modeling. Pergamum press, New York.
[12]. Taoa, D. Q., V. T. V. Nguyena, and A. Bourqueb (2002).On Selection of Probability Distributions for Representing Extreme Precipitations in Southern Quebec. Annual Conference of the Canadian Society for Civil Engineering, Montréal, Québec, Canada, 5-8 Juin 2002 / June 5-8, 2002.
[13]. Wooldridge, J. M (2003). Introductory Econometrics: A Modern Approach. South-Western, Mason, Ohio.
[14]. Thompson, L. M (1969). Weather and technology in the production of wheat in the United States. Jour. Soil and weather conservation 24, pp. 219-224.
[15]. Thompson, L. M (1975). Weather Variability, climatic change and grain science 188, pp. 535-541.
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Olive Nerurkar – March 2018 Page No.: 25-26
In January, 2017, a new General Manager Rishi Anand was appointed to take over the City Luxury Hotel a 187 room property located in Mumbai. The hotel was plagued with problems of lower than average guest satisfaction scores, low sales and profits, employee morale and motivation was low, and departments were not working together. According to Mr Anand, “The Hotel could not focus on the necessary changes required to improve guest satisfaction, employee satisfaction and operational performance in the last few years.
Page(s): 25-26 Date of Publication: 01 April 2018
Associate Prof, Symbiosis Centre for Management Studies, Symbiosis International (Deemed University), Vimanagar, Pune, Maharashtra, India
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M. Tamizharasan – March 2018 – Page No.: 27-32
India is the world largest producer of major agriculture products and it is based on agro-climatic conditions and rich in natural resources and it improves the living conditions of rural people. Indian agriculture products are strong position in the global market in recent times. This study explained why there is increase in agriculture imports and decline in agriculture exports in India. The objectives of the study is divided into three categories such as: the first objective is the growth of agriculture imports and exports, balance of trade, the second objective is the Share of agriculture imports and exports and trend analysis and the third objective is the share of agriculture GDP to total GDP and the relationship between agriculture imports and exports and total GDP. This study is based on the time series data from 1990-91 to 2014-15 of the value of crores in Rupees. The data were collected from Agricultural Statistics at A Glance 2016 and Hand Book of Statistics on The Indian Economy 2016-17. The study analysis of agriculture imports and exports are calculate based on annual growth rate, index numbers, percentage, compound growth rate and the simple linear regression model and semi-log linear regression models are used.
Page(s): 27-32 Date of Publication: 01 April 2018
Ph.D., Research Scholar, Department of Econometrics, School of Economics, Madurai Kamaraj University, Madurai-625 021, Tamil Nadu, India
[2]. Bhalla, G.S. and Gurmail Singh (2009-10), “Economic Liberalisation and Indian Agriculture: A Statewise Analysis,” Economic and Political Weekly, Vol. 44, No. 52, pp. 34-44.
[3]. Biswajit Dhar and Murali Kallummal (2004), “Trade Liberalisation and Agriculture: Challenges before India,” Social Scientist, Vol. 32, No. 7/8, pp. 48-57.
[4]. Dhanmanjirt Sathe and Deshpande, R.S. (2006-2007), “Sustaining Agricultural Trade: Policy and Impact,” Economic and Political Weekly, Vol. 41, No. 52, pp. 5337-5344.
[5]. Kanaka, S. and Chinadurai, M. (2012), “A Study of Comparative Advantage of Indian Agricultural Exports,” Journal of Management and Science, Vol. 2, No. 3, pp. 1-9.
[6]. Sandip Das (2012), “Agricultural Products Exports in India,” Foreign Trade Overview, YOJANA, pp. 12-14.
[7]. Sunny Thomas and Waheeda Sheikh, C. “Growth and Composition of Indian Agricultural Exports during Reform Era,” National Monthly Refereed Journal of Research in Commerce & Management, ABHINAV, Vol. 1, Issue. 6, pp. 92-104.
[8]. Vandana Tyagi (2012), “India’s Agriculture: Challenges for Growth & Development in Present Scenario,” IJMRA-International Journal of Physical and Social Science, Vol. 2, Issue. 5, pp. 116-128.
[9]. “AGRI-EXPORTS ADVATAGE,” ABI-Monthly Publications, Vol. IX, Issue. 1, (Jan. 2015), pp. 1-12.
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UDEORAH, Sylvester Alor F., OBAYORI, Joseph Bidemi , ONUCHUKU, Okey – March 2018 – Page No.: 33-36
The paper examined the impact of health care expenditure on economic growth in Nigeria for the period of 1980 to 2016. The data used in the study were sourced from Central Bank of Nigeria (CBN) statistical bulletin. The study used Real Gross Domestic Product (RGDP) as proxy for economic growth as the dependent variable; health care expenditure (HE) as the major independent variable while education expenditure (EE) as a check regressor to enhance the explanatory power of the model. The study used descriptive statistics and Generalized Method of Moments (GMM) test as the estimation techniques of data analysis. The Kwiatkowski, Phillips, Schemidt and Shin, (KPSS) unit root test preceded the GMM test in order to establish the stationarity of the variables. The descriptive statistics result revealed that RGDP has an average of N31292.50billion; health care expenditure has an average of N10322.47billion while education expenditure has an average of N45895.95billion during the period of study. The GMM result revealed that the coefficient of health care expenditure with positive sign which conformed to economics theory is not statistically significant at 5% level. The coefficient of education expenditure conformed to economics theory (i.e. positive) and statistically significant at 5% level. The study concluded that health care expenditure had no significant impact on economic growth while education expenditure had positive significant impact on economic growth in Nigeria during the period of study. The study recommended that the government should redesign her policy toward health care expenditure in particular and human capital development in general and put in place machineries for implementing and monitoring this policy for effective implementation. This will make health care expenditure to significantly impact economic growth in Nigeria.
Page(s): 33-36 Date of Publication: 09 April 2018
Department of Economics, Faculty of Social Sciences University of Port Harcourt, Nigeria OBAYORI, Joseph Bidemi
Department of Economics, Faculty of Social Sciences Nnamdi Azikiwe University, Awka, Nigeria ONUCHUKU, Okey
Department of Economics, Faculty of Social Sciences University of Port Harcourt, Nigeria
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