This article analyzes the question of how the size of bribes should impact criminal sanctions. In contrast to the commonly held view that punishment should increase with the size of the bribe, we argue to the contrary: that the punishment of the bribee should decrease with the size of the bribe. Our conclusion is based both on a philosophical argument and an economic argument. We argue that all else being equal, as an agent’s reservation price for selling public interests decreases, the culpability of the agent willing to receive a bribe increases. In addition, from an economic perspective, the expected social harm of an official acting with a low reservation price for bribes is much greater than one acting with a high reservation price: both the susceptibility of being bribed as well as the potential for social harm is much greater when the reservation price is low.

We reviewed economic and environmental studies on global plastic pollution and we estimate the global cost of actions toward zero plastic pollution in all countries by 2040 to be US$ 18.3–158.4 trillion (cost of a 47% reduction of plastic production included). If no actions are undertaken, we estimate the cost of damages caused by plastic pollution from 2016 to 2040 to be US$ 13.7–281.8 trillion. These ranges suggest it is possible that the costs of inaction are significantly higher than those of action. Plastic product sales will also generate a global benefit in the form of incomes (salaries, dividends etc.) estimated to be US$ 38.0 trillion over 2016–2040 in the case of inaction, and US$ 32.7–33.1 trillion in case of action. Calculating benefit minus costs provides the net benefits: US$ −120.4 to 19.7 trillion in case of action and US$ −243.8 to 24.3 trillion in case of inaction. Net benefit ranges suggest action and inaction will both be beneficial when considering the high estimates. However, the low estimates show net benefits might be negative, which suggests inaction might generate a net cost for society that will be twice the cost of action. Our estimates are preliminary (several cost and benefit data are lacking).

With its varied landscape of hills and mountains, New Zealand has an abundance of marginal land on its slopes. This land is currently used in a variety of enterprises, such as pasture and farmland. However, marginal land is typically associated with higher rates of erosion, shallow topsoil, expensive fencing, and other issues like livestock deaths from falls. There is currently interest in deploying these marginal lands to different uses to align with several environmental and production-related goals. This paper contributes to the discussion on marginal land by exploring three different scenarios related to afforestation in the Manawatu catchment area. To analyze these scenarios, we bring together several complex and spatially explicit data sets which are linked using economic modeling tools and benefits transfer methods. The combination of these tools and data sets allows us to produce several important quantitative and qualitative outputs. Where possible, quantitative predictions are monetized, allowing a benefit-cost analysis of the proposed scenarios.

This review examines key economic concepts in relation to the price and value of water for the supply and demand of household water. It responds to a series of questions about water and how it is used. These include (1) Why water is (or is not) priced and valued (or not)?; (2) What are the key economic concepts for pricing water?; (3) How is water priced and how are water supply assets valued for full cost recovery?; (4) Who bears the costs and enjoys the benefits of water use?; and (5) When is the price of water expected to change? Examples are provided to demonstrate the universality of the economic concepts while highlighting how their application must be bespoke and account for different socio-economic contexts and bio-physical conditions where water is supplied and demanded.

This study addresses the assessment of crop water stress index (CWSI) of bell pepper (Capsicum annuum L.) and net income generated under regulated deficit irrigation (RDI), conventional deficit irrigation and partial root-zone drying (PRD) and full irrigation (I100) using surface- and subsurface-drip systems (DI and SDI) during 2016 and 2017 in the Mediterranean region. The experimental design was split-plots with four replications. RDI was supplied with 50% of I100 during vegetative stage until flowering, then received 100% of crop water requirement. PRD50 received 50% of I100, but from alternative laterals each watering. The results revealed that CWSI was correlated significantly (P < 0.01) and negatively with yield, yield per plant, total soluble solid, ETa, fruit weight and plant height indicating that yield of bell pepper declined with increasing CWSI values (P < 0.01). Bell pepper should be irrigated at mean CWSI value of 0.20 without any yield reduction. CWSI in the RDI and I75 treatments were slightly greater than 0.20. Irrigation treatments had significant effect on yield and quality traits. The highest total soluble solutes were found in PRD50 and I50. The DI I100 treatment generated the highest net income followed by the SDI I100 and RDI. In conclusion, RDI and I75 appear to be good alternatives to I100 for sustainable bell pepper production in the Mediterranean region.

There is a great deal of variability in estimates of the lifetime medical care cost externality of obesity, partly due to a lack of transparency in the methodology behind these cost models. Several important factors must be considered in producing the best possible estimate, including age-related weight gain, differential life expectancy, identifiability, and cost model selection. In particular, age-related weight gain represents an important new component to recent cost estimates. Without accounting for age-related weight gain, a study relies on the untenable assumption that people remain the same weight throughout their lives, leading to a fundamental misunderstanding of the evolution and development of the obesity crisis. This study seeks to inform future researchers on the best methods and data available both to estimate age-related weight gain and to accurately and consistently estimate obesity’s lifetime external medical care costs. This should help both to create a more standardized approach to cost estimation as well as encourage more transparency between all parties interested in the question of obesity’s lifetime cost and, ultimately, evaluating the benefits and costs of interventions targeting obesity at various points in the life course.

Mineral deposits of base metals, precious metals, and rare earth elements have been discovered on deep seabeds, and the commercial exploitation of these resources seems poised to begin after faltering for many years. The development of seabed resources could be socially beneficial if all goes well, but the industry faces daunting challenges and uncertainties. Emerging regulations and contracting mechanisms are the principal means for managing these uncertainties. This article recommends a complementary approach: the use of ex ante benefit–cost analysis of proposed seabed mining contracts that incorporates a fundamental uncertainty evaluation. We argue that such an ex ante evaluation will improve the state of information for the decision-making, reducing the risk of regulatory noncompliance or costly contract disputes after seabed mining begins.

Obtaining a level of consensus over the definition, construction and measurement of the concept of quality of life would allow for an improved degree of standardization in the assessment of clinical intervention for people with mental health problems. One of the many benefits of this standardization would be the ability to make valid and reliable comparisons between various interventions and across different groups or settings, which is of particular interest to economists. There are, however, a host of sociocultural issues that present fundamental obstacles to the satisfactory attainment of consensus over definitions and domains of quality of life. This paper considers the arguments pertinent to each of these two alternative perspectives, the economic and the sociocultural (or anthropological), and draws out the lessons that these perspectives — despite the apparent polarity that exists between them — can offer to the improved measurement of quality of life for those with mental health problems.

Economic analysis is a theoretical approach, not an empirical one. It is a way of thinking, not a way of testing. An analysis that has an empirical component can be economic without being quantitative: economics is not statistics. An atheoretical analysis can never be economic, no matter how impressive its regressions: statistics is not economics.

In economic evaluation, the healthcare perspective has gradually given way to use of the societal perspective, as this perspective is often advocated for support in making optimal societal decisions. In practice, economic evaluations conducted from the societal perspective ignore, fail to measure and/or fail to monetize many of the costs that fall outside of the healthcare sector. To limit bias and increase decision-supportive power, researchers could strengthen their evaluations by adhering to a few basic principles. Five “pillars for the societal perspective” are proposed. First, who bears the cost and who does not is irrelevant. Second, it is imperative to consider including costs for sectors outside the healthcare sector. Third, both high frequent costs and costs with high unit prices should be considered. Fourth, double counting should be avoided. And fifth, researchers should reflect on choices related to costs, i.e. cost omission and problems with identifying, measuring, and valuing costs.