This research integrates the international business and entrepreneurship literatures by examining the independent influences of innovativeness, proactiveness, and risk-taking on the ability of a firm ...to broaden its scope across international markets. For each dimension of entrepreneurial orientation, a cost–benefit framework is applied to highlight the trade-offs associated with different levels in the internationalization context. Based on a unique dataset of 500 SMEs spanning 10 industries, the results reflect the consequences of being “stuck in the middle” with respect to their strategic posture on innovativeness and proactiveness, but reveal a nuanced role for risk-taking behavior. The non-uniform and non-linear relationships from the findings contribute to a better understanding of when the individual dimensions of entrepreneurial orientation help or hinder entrepreneurial firms in the internationalization process.
•EO exerts multi-faceted impact on firm internationalization through its sub-dimensions.•Resource-limited firms do not need to achieve high levels on each sub-dimension in order to internationalize.•Being moderate on innovativeness and proactiveness leads to lower international scope than adopting extreme positions.•Moderate levels of risk-taking facilitate greater international scope than either low or high levels on this dimension.•The relationship between EO and firm outcomes is more nuanced and non-linear in the internationalization context.
Building communities in rural areas is an important factor in social and economic development. The purpose of this article is to analyze the benefits of community building in rural areas of ...Lithuania. The literature review discusses the concept of rural community, examines the content of the benefits of creating rural communities, and the research part analyzes the results of semi-structured interviews collected from communities in rural areas of Lithuania. The study found that building rural communities strengthens social ties and reduces social isolation. The community initiatives such as local markets and craft centers help create new business opportunities and jobs, increasing local income and encouraging entrepreneurship. In addition, communities, in cooperation with local authorities and international organizations, can receive financial support, which allows developing infrastructure and improving the quality of services. From a cultural point of view, organized festivals and other events help to maintain and popularize traditions, strengthen community identity and attract tourists.
It has become essential in policy and decision-making circles to think about the economic benefits (in addition to moral and scientific motivations) humans derive from well-functioning ecosystems. ...The concept of ecosystem services has been developed to address this link between ecosystems and human welfare. Since policy decisions are often evaluated through cost—benefit assessments, an economic analysis can help make ecosystem service research operational. In this paper we provide some simple economic analyses to discuss key concepts involved in formalizing ecosystem service research. These include the distinction between services and benefits, understanding the importance of marginal ecosystem changes, formalizing the idea of a safe minimum standard for ecosystem service provision, and discussing how to capture the public benefits of ecosystem services. We discuss how the integration of economic concepts and ecosystem services can provide policy and decision makers with a fuller spectrum of information for making conservation—conversion trade-offs. We include the results from a survey of the literature and a questionnaire of researchers regarding how ecosystem service research can be integrated into the policy process. We feel this discussion of economic concepts will be a practical aid for ecosystem service research to become more immediately policy relevant.
Efforts to ameliorate flooding have historically centred on engineered solutions such as dredging rivers, building levees, and constructing spillways. The potential for ecosystem-based adaptation ...(EbA) options is becoming increasingly apparent; however, implementation is often limited by a poor understanding of their costs and benefits.
This study compares the costs and benefits of a range of hard infrastructure and ecosystem-based adaptation options to mitigate flooding under climate change using data from two catchments in Fiji. We employ unique survey data to document the costs of flooding under various climate change scenarios. We then use a hydrological model to simulate the potential benefits of a range of hard infrastructure and EbA options and conduct a comprehensive cost–benefit analysis.
We find that under reasonable economic assumptions, planting riparian buffers is the most cost-effective option, yielding benefit–cost ratios between 2.8 and 21.6. However, the absolute level of protection provided by this strategy is low. Afforestation provides greater overall benefits, yielding net present values between 12.7 and 101.8 million Fijian dollars, although implementation costs would be substantial. Planting floodplains and reinforcing riverbanks provide some monetary benefits that are lower than riparian and upland planting. Elevating houses is not economically viable under any climate scenario.
•We estimate costs and benefits of options to mitigate flooding in Fiji.•Ecosystem-based adaptation often yields higher net benefits than conventional options.•Afforesting upper catchments provide greatest overall net benefits.•Riparian buffers most cost-effective with benefit–cost ratios between 2.8 and 21.6.•Benefits increase by 100% or more when accounting for climate change
The long‐term benefit‐to‐risk ratio of sustained antipsychotic treatment for schizophrenia has recently been questioned. In this paper, we critically examine the literature on the long‐term efficacy ...and effectiveness of this treatment. We also review the evidence on the undesired effects, the impact on physical morbidity and mortality, as well as the neurobiological correlates of chronic exposure to antipsychotics. Finally, we summarize factors that affect the risk‐benefit ratio. There is consistent evidence supporting the efficacy of antipsychotics in the short term and mid term following stabilization of acute psychotic symptoms. There is insufficient evidence supporting the notion that this effect changes in the long term. Most, but not all, of the long‐term cohort studies find a decrease in efficacy during chronic treatment with antipsychotics. However, these results are inconclusive, given the extensive risk of bias, including increasing non‐adherence. On the other hand, long‐term studies based on national registries, which have lower risk of bias, find an advantage in terms of effectiveness during sustained antipsychotic treatment. Sustained antipsychotic treatment has been also consistently associated with lower mortality in people with schizophrenia compared to no antipsychotic treatment. Nevertheless, chronic antipsychotic use is associated with metabolic disturbance and tardive dyskinesia. The latter is the clearest undesired clinical consequence of brain functioning as a potential result of chronic antipsychotic exposure, likely from dopaminergic hypersensitivity, without otherwise clear evidence of other irreversible neurobiological changes. Adjunctive psychosocial interventions seem critical for achieving recovery. However, overall, the current literature does not support the safe reduction of antipsychotic dosages by 50% or more in stabilized individuals receiving adjunctive psychosocial interventions. In conclusion, the critical appraisal of the literature indicates that, although chronic antipsychotic use can be associated with undesirable neurologic and metabolic side effects, the evidence supporting its long‐term efficacy and effectiveness, including impact on life expectancy, outweighs the evidence against this practice, overall indicating a favorable benefit‐to‐risk ratio. However, the finding that a minority of individuals diagnosed initially with schizophrenia appear to be relapse free for long periods, despite absence of sustained antipsychotic treatment, calls for further research on patient‐level predictors of positive outcomes in people with an initial psychotic presentation.
•This study reports the first economic analysis of the Clean India Mission (SBM).•Annual economic gains from household sanitation are worth US$727 per household.•The average price paid for a toilet ...is US$396, which is double the subsidy received.•Financial returns on household spending over 10 years is 1.7 times the cost.•Returns to society on total spending over 10 years is 4.3 times the cost.•The poorest have a financial return of 2.6 and societal return of 5.7 times the cost.
The Swachh Bharat (Clean India) Mission (SBM) launched in October 2014 is the world’s largest sanitation campaign. Our aim was to estimate and compare major economic costs and benefits associated with sanitation improvement achieved during three years of SBM from households’ financial and economic perspectives and a broader societal perspective.
Cost-benefit model inputs were obtained from household surveys in the twelve Indian states that once contributed to over 90 percent of open defecation in India, published literature and secondary data. Monetized costs included household financial and time investments in building and maintaining toilets, and government’s investments on subsidies and campaign activities. Monetized benefits included reductions in medical costs and mortality associated with diarrheal diseases, productive time saved from fewer diarrhoea cases and accessing outside defecation options, and increase in the property value of having a toilet. Probabilistic uncertainty analysis assessed the combined effect of key modelling assumptions and sampling errors in the inputs to the cost-benefit model.
Investment costs average US$ 396 per latrine and average annual operational costs are US$ 37 (financial) and US$ 94 (time costs)11Conversion from INR to US$ made at the mid-2017 rate of 64.5 Indian Rupees (INR) to 1 US Dollar.. Annual benefits of US$ 727 per household are mainly from savings associated with reduced diarrhoea incidence (55%) and from sanitation access time savings (45%). The estimated Benefit-Cost Ratios (BCRs) are 1.7 (household financial perspective), 4.5 (household economic perspective) and 4.0 (societal perspective) under Open Defecation Free (ODF, corresponding to 100% toilet coverage and usage) scenario. However, under partial-ODF scenario with 85 percent toilet use rate, the BCRs are 1.1, 3.3 and 3.0, respectively. Probabilistic uncertainty analysis shows that the financial BCRs under the partial-ODF scenario can reduce to 0.7, but societal BCR will remain above 2.
This study shows the sanitation improvements under the SBM are highly cost-beneficial, more when communities are free of open defecation with all households using private improved sanitation facilities. Future SBM investments must ensure not only sustaining the universal toilet coverage and usage, but also ensure safe faecal waste management so that households continue to enjoy full benefits of sanitation.
Climate change and extreme weather events undermine smallholder household food and income security in southern Africa. Climate Smart Agriculture (CSA) technologies comprise a suite of interventions ...that aim to sustainably increase productivity whilst helping farmers adapt their farming systems to climate change and to manage risk more effectively. Cost-benefit analysis (CBA) and a mixed methods approach were used to assess the likelihood of investment in various CSA technology combinations. The data were drawn respectively from 1440, 696, and 1448 sample households in Malawi, Mozambique and Zambia, covering 3622, 2106 and 5212 maize-legume plots in these countries over two years. The cost-benefit analysis and stochastic dominance results showed that CSA options that combined soil and water conservation management practices based on the principles of conservation agriculture (CA), improved varieties, and associations of cereal-legume crop species were economically viable and worth implementing for risk averse smallholder farmers. A dynamic mixed multinomial logit demonstrated that women's bargaining power, drought shock, and access to CSA technology information positively influenced the probability of investing in CSA technology combinations. This study provides evidence of the importance of cultural context, social relevance and intra-household decision-making in tailoring suitable combinations of CSA for smallholder farmers in southern Africa.
The value of any new therapeutic strategy or treatment is determined by the magnitude of its clinical benefit balanced against its cost. Evidence for clinical benefit from new treatment options is ...derived from clinical research, in particular phase III randomised trials, which generate unbiased data regarding the efficacy, benefit and safety of new therapeutic approaches. To date, there is no standard tool for grading the magnitude of clinical benefit of cancer therapies, which may range from trivial (median progression-free survival advantage of only a few weeks) to substantial (improved long-term survival). Indeed, in the absence of a standardised approach for grading the magnitude of clinical benefit, conclusions and recommendations derived from studies are often hotly disputed and very modest incremental advances have often been presented, discussed and promoted as major advances or ‘breakthroughs’. Recognising the importance of presenting clear and unbiased statements regarding the magnitude of the clinical benefit from new therapeutic approaches derived from high-quality clinical trials, the European Society for Medical Oncology (ESMO) has developed a validated and reproducible tool to assess the magnitude of clinical benefit for cancer medicines, the ESMO Magnitude of Clinical Benefit Scale (ESMO-MCBS). This tool uses a rational, structured and consistent approach to derive a relative ranking of the magnitude of clinically meaningful benefit that can be expected from a new anti-cancer treatment. The ESMO-MCBS is an important first step to the critical public policy issue of value in cancer care, helping to frame the appropriate use of limited public and personal resources to deliver cost-effective and affordable cancer care. The ESMO-MCBS will be a dynamic tool and its criteria will be revised on a regular basis.
Significance Most current cost−benefit analyses of climate change suggest global climate policy should be relatively weak. However, relatively few studies account for the market or nonmarket impacts ...of passing environmental tipping points that cause abrupt and irreversible damages. We use a stochastic dynamic model of the climate and economy to quantify the effect of tipping points on climate change policy. We show that environmental tipping points can profoundly alter cost−benefit analysis, justifying a much more stringent climate policy, which takes the form of a higher immediate price on carbon.
Most current cost−benefit analyses of climate change policies suggest an optimal global climate policy that is significantly less stringent than the level required to meet the internationally agreed 2 °C target. This is partly because the sum of estimated economic damage of climate change across various sectors, such as energy use and changes in agricultural production, results in only a small economic loss or even a small economic gain in the gross world product under predicted levels of climate change. However, those cost−benefit analyses rarely take account of environmental tipping points leading to abrupt and irreversible impacts on market and nonmarket goods and services, including those provided by the climate and by ecosystems. Here we show that including environmental tipping point impacts in a stochastic dynamic integrated assessment model profoundly alters cost−benefit assessment of global climate policy. The risk of a tipping point, even if it only has nonmarket impacts, could substantially increase the present optimal carbon tax. For example, a risk of only 5% loss in nonmarket goods that occurs with a 5% annual probability at 4 °C increase of the global surface temperature causes an immediate two-thirds increase in optimal carbon tax. If the tipping point also has a 5% impact on market goods, the optimal carbon tax increases by more than a factor of 3. Hence existing cost−benefit assessments of global climate policy may be significantly underestimating the needs for controlling climate change.
Despite the importance of invasive pests, few studies address the costs and benefits of the strategies used to control them. The present work assesses the economic impact of the Eucalyptus snout ...beetle, Gonipterus platensis, and the benefits resulting from its biological control with Anaphes nitens in Portugal, over a 20-year period. Comparisons were made between the real situation (with A. nitens) and three scenarios without biological control: 1) replacement of Eucalyptus globulus by resistant eucalypts; 2) insecticide use; and 3) offset of yield losses by imported wood. A cost-benefit analysis was performed to evaluate a programme that aimed to accelerate A. nitens establishment. Although A. nitens provides adequate pest control in several regions, 46% of the area planted with eucalypts is affected by the beetle, causing wood losses of 648 M euros over 20 years. Losses in the three hypothetical scenarios were estimated at 2451 M-7164 M euros, resulting in benefits from biological control of 1803 M–6516 M euros, despite the fact that only partial success was achieved. Anticipating biological control by just one, two, or three years resulted in benefit-cost ratios of 67, 190, and 347, respectively. Because nonmarket values were not accounted for, these figures are likely underestimated.
•Eucalypt wood losses due to Gonipterus platensis in Continental Portugal added up to 648M euros over the last 20 years.•In the absence of biological control by Anaphes nitens, wood losses would be 3.7 to 11 times higher than with this insect.•A biological control programme aiming to anticipate the establishment of A. nitens resulted in positive benefit-cost ratio.
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