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"...as a matter of fact, all that is computerized gained such an amount of reality that nothing could be more mistaken than to call the products of the information technology industry 'virtual'."
Agro-biodiversity can provide natural insurance to risk averse farmers. We employ a conceptual ecological-economic model to analyze the choice of agrobiodiversity by risk averse farmers who have access to financial insurance. We study the implications for individually and socially optimal agro-ecosystem management and policy design when on-farm agro-biodiversity, through ecosystem processes at higher hierarchical levels, generates a positive externality on other farmers. We show that for the individual farmer natural insurance from agro-biodiversty and financial insurance are substitutes. While an improved access to financial insurance leads to lower agro-biodiversity, the e_ects on the market failure problem (due to the external benefits of on-farm agro-biodiversity) and on welfare are determined by properties of the agro-ecosystem and agro-biodiversity’s external benefits. We derive a specific condition on agro-ecosystem functioning under which, if financial insurance becomes more accessible, welfare in the absence of regulation increases or decreases.
The European Union’s Council Regulation on support for rural development by the European Agricultural Fund for Rural Development has introduced auctioning as a new instrument for granting agri-environmental payments and awarding conservation contracts for the recent multi-annual budgetary plan. This paper therefore deals with the conception and results of two case study auctions for conservation contracts. Results of two field experiments show much differentiated bid prices in the model-region and budgetary cost-effectiveness gains of up to 21% in the first auction and up to 36% in the repeated auction. Besides these promising results, some critical aspects as well as lessons to be learned will also be discussed in this paper to improve the design and performance of upcoming conservation auctions.
The significance of selecting suitable talent
A company’s success is significantly influenced by the professionalism and quality of decision-making, especially selecting decisions to hire suitable talent. The term “talent” can be taken to mean as someone who has talent (talent as the sum of one’s abilities) and someone who is a talent. Leadership talent makes a difference in organizational success, has the potential to succeed as a leader, and thus will
hold corresponding pivotal positions. In this book, we focus on the selection and acquisition of leadership talent, since such talent is more difficult to find in the market and, at the same time, more challenging to select. Selecting these talented individuals is one of the most critical components of effective organizations. Hardly any other corporate decision has such significant effects on corporate success as talent selection. Recruiting and personnel selection are also the first steps in promoting capability building and creating successful teams. For example, Warren Buffet, renowned for his investing prowess, says, “I have only two jobs. One is to attract and keep outstanding managers to run our various operations”. This highlights the need for an effective and efficient personnel selection process and to improve the diagnostic performance of such procedures. In addition, the increasing diversity of applicants, global competitiveness, and the lack of qualified personnel in specific labor and job markets also increase the importance of high-quality personnel selection processes.