August 2015

A model for evaluating recreation benefits with reference dependent preference

In environmental valuation studies, it is commonly assumed that a utility arises from an absolute amount of environmental quality. This criterion, called absolute evaluation, is used in methods including the travel cost method and the contingent valuation method. Studies in experimental economics, however, have indicated that an individual’s criterion depends on reference dependent preference (RDP)—a...

Author(s): Tadahiro Okuyama and Yasuhisa Hayashiyama

August 2015

Banking sector reforms and output growth of manufacturing sector in Nigeria (1970-2011)

The study investigated empirically the effect of banking sector reforms on the output of manufacturing sector in the Nigerian economy between 1970 and 2011 with a view to examining the extent of the impact of banking sector reforms on the manufacturing sector. The study employed annual secondary time series data from 1970-2011, sourced from the Central Bank of Nigeria’s statistical bulletin and annual report and...

Author(s): Olanrewaju, Oluwagbenga Gideon, Aremo, Adeleke Gabriel and Aiyegbusi Oluwole Oladipo