Search Results (9)

Financial risk aversion and financial risk tolerance are sometimes considered to be ‘opposite sides of the same coin’, with the implication being that risk aversion (a term describing the unwillingness of an investor to take risks based on a probability assessment) and risk tolerance (an investor’s willingness to engage in a behavior based on their subjective evaluation of the uncertainty of the outcomes) are inversely-related substitutes. The purpose of this paper is to present an alternative way of viewing these constructs. We show that risk aversion and risk tolerance act as complementary factors in models designed to describe the degree of risk observed in household investment portfolios. A series of multivariate tests were used to determine that financial risk aversion is inversely related to portfolio risk, whereas financial risk tolerance is positively associated with portfolio risk. When used in the same model, the amount of explained variance in portfolio risk was increased compared to models where one, but not the other, measure was used. Overall, financial risk tolerance exhibited the largest model effect, although financial risk aversion was also important across the models analyzed in this study. Full article

This Review initiates a wide-ranging discussion over 2023 by selecting and exploring core themes to be investigated more deeply in papers submitted to the Vaccines Special Issue on the “Future of Epidemic and Pandemic Vaccines to Serve Global Public Health Needs”. To tackle the SARS-CoV-2 pandemic, an acceleration of vaccine development across different technology platforms resulted in the emergency use authorization of multiple vaccines in less than a year. Despite this record speed, many limitations surfaced including unequal access to products and technologies, regulatory hurdles, restrictions on the flow of intellectual property needed to develop and manufacture vaccines, clinical trials challenges, development of vaccines that did not curtail or prevent transmission, unsustainable strategies for dealing with variants, and the distorted allocation of funding to favour dominant companies in affluent countries. Key to future epidemic and pandemic responses will be sustainable, global-public-health-driven vaccine development and manufacturing based on equitable access to platform technologies, decentralised and localised innovation, and multiple developers and manufacturers, especially in low- and middle-income countries (LMICs). There is talk of flexible, modular pandemic preparedness, of technology access pools based on non-exclusive global licensing agreements in exchange for fair compensation, of WHO-supported vaccine technology transfer hubs and spokes, and of the creation of vaccine prototypes ready for phase I/II trials, etc. However, all these concepts face extraordinary challenges shaped by current commercial incentives, the unwillingness of pharmaceutical companies and governments to share intellectual property and know-how, the precariousness of building capacity based solely on COVID-19 vaccines, the focus on large-scale manufacturing capacity rather than small-scale rapid-response innovation to stop outbreaks when and where they occur, and the inability of many resource-limited countries to afford next-generation vaccines for their national vaccine programmes. Once the current high subsidies are gone and interest has waned, sustaining vaccine innovation and manufacturing capability in interpandemic periods will require equitable access to vaccine innovation and manufacturing capabilities in all regions of the world based on many vaccines, not just “pandemic vaccines”. Public and philanthropic investments will need to leverage enforceable commitments to share vaccines and critical technology so that countries everywhere can establish and scale up vaccine development and manufacturing capability. This will only happen if we question all prior assumptions and learn the lessons offered by the current pandemic. We invite submissions to the special issue, which we hope will help guide the world towards a global vaccine research, development, and manufacturing ecosystem that better balances and integrates scientific, clinical trial, regulatory, and commercial interests and puts global public health needs first. Full article

Wastewater has significant potential as a source of clean energy. This energy can be used both within external sewer networks and on the scale of individual residential buildings, and the use of shower heat exchangers appears to be the most reasonable solution. However, in the case of Poland, the problem is still the unwillingness of society to use this type of solution, caused mainly by the lack of space for the installation of vertical drain water heat recovery (DWHR) units and the low efficiency of horizontal units. In response to this issue, the efficiency of a new compact shower heat exchanger designed to be mounted below the shower tray, as well as its linear counterpart, was investigated under various operating conditions. In addition, the financial efficiency of using the compact DWHR unit with average water consumption for showering was evaluated. For this purpose, discount methods were used to estimate the financial efficiency of investments. The study showed that the compact shower heat exchanger has higher efficiency than its linear counterpart. Depending on the temperature of cold water and the flow rate of both media through the heat exchanger, it achieves efficiencies ranging from 22.43% to 31.82%, while the efficiency of the linear DWHR unit did not exceed 23.03% in the study. The financial analysis showed that its use is particularly beneficial when the building uses an electric hot water heater. The investment’s sensitivity to changes in the independent variables is small in this case, even with low water consumption per shower. The only exceptions are investment outlays. Therefore, the compact DWHR unit is a clean energy device, which in many cases is financially viable. Full article

The objective of the study was to demonstrate attitudes towards wind energy facilities in the area of the Korsze Commune. The results of the study were processed using structure indices calculated from the respondents’ answers, which were analyzed in terms of social and economic factors. The study revealed that both the NIMBY syndrome and the lack of civic engagement influence attitudes towards renewable energy technologies in rural areas. The NIMBY (“not in my backyard”) term describes negative public attitudes towards proposed development projects. However, some trends towards more pronounced attitudes can be observed, depending on socioeconomic conditions. The research results imply that the measures taken to promote renewable energy technologies should be designed differently depending on the socioeconomic situation of the targeted audience. Young people might be reached via social media appropriate to their age, and through campaigns promoting local investments. For older people, traditional ways of communication can be used, but the information transmitted should include specific benefits for the whole society as well as for individual households. The conducted research revealed that, despite the fact that many authors deny the occurrence of NIMBY syndrome in relation to the wind energy, the NIMBY problem has occurred in the Korsze Commune. The biggest challenge in the survey was the unwillingness of the residents to participate in it, which only confirms the lack of social involvement. Full article

Since the worldwide COVID-19 pandemic was declared a year ago, the search for vaccines has become the top priority in order to restore normalcy after 2.5 million deaths worldwide, overloaded sanitary systems, and a huge economic burden. Vaccine development has represented a step towards the desired herd immunity in a short period of time, owing to a high level of investment, the focus of researchers, and the urge for the authorization of the faster administration of vaccines. Nevertheless, this objective may only be achieved by pursuing effective strategies and policies in various countries worldwide. In the present review, some aspects involved in accomplishing a successful vaccination program are addressed, in addition to the importance of vaccination in a pandemic in the face of unwillingness, conspiracy theories, or a lack of information among the public. Moreover, we provide some updated points related to the landscape of the clinical development of vaccine candidates, specifically, the top five vaccines that are already being assessed in Phase IV clinical trials (BNT162b2, mRNA-1273, AZD1222, Ad26.COV2.S, and CoronaVac). Full article

There is little information concerning how people in the Global South perceive the benefits and costs associated with urban green areas. There is even less information on how governance influences the way people value these highly complex socio-ecological systems. We used semi-structured surveys, statistical analyses, and econometrics to explore the perceptions of users regarding governance and the benefits and costs, or Ecosystem Services (ES) and Ecosystem Disservices (ED), provided by Neotropical green areas and their willingness to invest, or not, for their conservation. The study area was the El Salitre sub-watershed in Bogota, Colombia, and 10 different sites representative of its wetlands, parks, green areas, and socioeconomic contexts. Using a context-specific approach and methods, we identified the most important benefits and costs of green areas and the influence of governance on how people valued these. Our modelling shows that air quality and biodiversity were highly important benefits, while water regulation was the least important; despite the sub-watershed’s acute problems with stormwater runoff. In terms of costs, the feeling of insecurity due to crime was related to poor levels of maintenance and infrastructure in the studied green areas. Perceived transparency, corruption, and performance of government institutions influenced people’s Unwillingness to Invest (UTI) in green space conservation. Results show that socioeconomic backgrounds, government performance, and environmental education will play a role in the value or importance people place on the benefits, costs, and UTI in conservation efforts in urban green areas. Similarly, care is warranted when directly applying frameworks and typologies developed in high income countries (i.e., ES) to the unique realities of cities in the Global South. Accordingly, alternative frameworks such as Nature’s Contributions to People is promising. Full article

Propelled by rapid urbanization, city administrations in low- and middle-income countries face a raft of challenges to secure food and nutrition for its poor urban dwellers. Urban agriculture (UA) seems a viable intervention to address urban food insecurity, however, experience has shown that urban gardens do not expand at the expected rate. Tackling this issue requires a deeper understanding of the main constraints that block UA expansion. Benin is not an exception; the country witnesses a breathtaking growth of its main cities that is in synchronization with a mounting food insecurity. Our research aims, therefore, to identify the main constraints for the expansion of UA in Benin, and adopt a three-pronged approach combined with a systematic literature review, a survey held among experienced urban gardeners, and in-depth interviews with stakeholders. Altogether, the synthesis shows a predominance of five main constraints: lack of land and tenure insecurity, insufficient government support, restricted market access, limited access to productive factors, and inequality issues. Specifically, while the review showed that most barriers are linked and could be tackled together, the survey indicated a political unwillingness which in our in-depth interviews is explained by the unperceived benefits of investing in UA and the lack of enforcement of urban development plans. We suggest that Beninese authorities and academics move in synchronization where the former coordinates the planning of urban gardens and the latter provides evidence to trigger public and private investments in UA. The findings could be the basis for further research on UA in West Africa and the wider continent. Full article

Although the two concepts of lean and sustainable construction have been developed due to different incentives, and they do not pursue the same exact goals, there exists considerable commonality between them. This paper discusses the potentials for integrating the two approaches and their practices and how the resulting synergy from combining the two methods can potentially lead to higher levels of fulfilling the individual goals of each of them. Some limitations and challenges to implementing the integrated approach are also discussed. Based on a comprehensive review of existing papers related to sustainable and lean construction topics, the commonality between the two approaches is discussed and grouped in five categories of (1) cost savings, (2) waste minimization, (3) Jobsite safety improvement, (4) reduced energy consumption, and (5) customers’ satisfaction improvement. The challenges of this integration are similarly identified and discussed in the four main categories of (1) additional initial costs to the project, (2) difficulty of providing specialized expertise, (3) contractors’ unwillingness to adopt the additional requirements, and (4) challenges to establish a high level of teamwork. Industry professionals were then interviewed to rank the elements in each of the two categories of opportunities and challenges. The results of the study highlight how future research can pursue the development of a new Green-Lean approach by investing in the communalities and meeting the challenges of this integration. Full article

European sheep and goat farming faces diverse challenges at global or local scales and constitutes an important sector for many countries, playing important sociocultural, economic and environmental roles. A closer examination of the overall sustainability of the sector is necessary to assess the performance of different farm types in various geographical settings. This comparative study evaluates the use of a common sustainability assessment (SA) tool for the major European countries in the sheep and goat sector. In particular, the study reports the results of a SA using the Public Goods (PG) Tool, adapted within the Innovation for Sustainable Sheep and Goat Production in Europe (iSAGE) Horizon 2020 project, which includes questions accounting for 13 dimensions of a sheep and goat farm sustainability. In total, 206 farmers from Greece, Italy, Spain, Finland, United Kingdom, France and Turkey were interviewed, all of which were typical of specific types of a pan-European sheep and goat farm typologies elaborated within iSAGE. The study resulted in composite indicators of performance in each dimension for each country. Finland, Italy and the United Kingdom performed better than other countries, while Turkey and Greece performed below average in most categories. The results highlight challenges for each country but also at the European level, the latter mainly relating to generational renewal and an unwillingness to invest in the adoption of a more sustainable approach with long-term results. Full article