Fertility,Female Labor Supply,and Family Policy

The present paper develops an overlapping generations general equilibrium model for Germany in order to study the impact of public policy on household labor supply and fertility decisions. Starting from a benchmark equilibrium which reflects the current German family policy regime we introduce various reforms of the tax and child benefit system and quantify the consequences for birth rates and female labor supply. Our simulations indicate three central results: First, higher transfers to families (either direct, in‐kind or via family splitting) may increase birth rates significantly, but they may come at the cost of lower female employment. Second, the introduction of individual taxation (instead of joint taxation of couples) would increase female employment but might further reduce current birth rates in Germany. Third, it is possible to increase birth rates and female employment rates simultaneously if the government invests in child care facilities for children of all ages.     

Board Independence and Internal Committees in the BRICs

To be successful in global markets, companies from the emerging countries need the approval of foreign investors and other stakeholders. In this regard, Brazil, Russia, India, and China （BRIC） have progressively strengthened their corporate governance rules to help their companies overcome the competitors from the old industrialized countries. Directors＇ non-executive qualification, independence, and professional expertise represent basic requirements for effective corporate governance, so they should be carefully considered to guarantee a proper board composition and an adequate establishment of internal committees in listed companies. The paper intends to compare the legislative and regulatory frameworks adopted by the four countries; then it aims at answering to the following research questions by means of an empirical investigation： Have BRIC companies appointed non-executive and independent board members？ What do BRIC companies do in order to assure an effective participation of non-executive and independent board members to corporate governance activities？ Have BRIC companies established internal committees？ The research examines the appointment of non-executive directors and independent directors to the boards of 100 BRIC leading firms, as well as their involvement in internal committees focused on matters requiring motivated and impartial opinions. Although the laws and recommendations seem to favor a general convergence of corporate governance principles among the four BRIC and towards the international best practices, some differences and peculiarities emerge from a firm-level perspective. Indeed, the Indian and the Chinese companies analyzed appear more inclined than the Brazilian and the Russian ones to reassure their international stakeholders about board independence and effective committees.     

Robust design in multivariate systems using genetic algorithms

This paper presents a methodology based on genetic algorithms, which finds feasible and reasonably adequate solutions to problems of robust design in multivariate systems. We use a genetic algorithm to determine the appropriate control factor levels for simultaneously optimizing all of the responses of the system, considering the noise factors which affect it. The algorithm is guided by a desirability function which works with only one fitness function although the system may have many responses. We validated the methodology using data obtained from a real system and also from a process simulator, considering univariate and multivariate systems. In all cases, the methodology delivered feasible solutions, which accomplished the goals of robust design: obtain responses very close to the target values of each of them, and with minimum variability. Regarding the adjustment of the mean of each response to the target value, the algorithm performed very well. However, only in some of the multivariate cases, the algorithm was able to significantly reduce the variability of the responses.     

Pigou on philosophy and religion

Abstract

This article discusses a group of essays on ethical issues written by Pigou between 1900 and 1908. It is argued that they contain the foundations of his economic philosophy. Pigou's research on the meaning and content of the good merged into his definition of welfare, and his interest in religion as a subjective experience resurfaced in the subjective framework of his economics. A methodological pragmatism informed his economics as well as his ethics; moreover, the endorsement of interpersonal comparisons of the good in the ethical texts was consistent with Pigou's adoption of utility comparisons in welfare economics. Pigou's philosophical pessimism was reflected in his analysis of the economic evils of society, eventually leading to his advocacy of governmental intervention to foster economic welfare. The article contends that Pigou's philosophy derived not only from Sidgwick, as commonly believed, but also from G.E. Moore's Principia Ethica.     

Life cycle employment and fertility across institutional environments

In this paper, we formulate a dynamic utility maximization model of female labor force participation and fertility choices and estimate approximate decision rules using data on married women in Italy, Spain and France. The estimated decision rules indicate that first-order state dependence is the most important factor determining female labor supply behavior in all three countries. We also find that cross-country differences in state dependence effects are consistent with the order of country-level measures of labor market flexibility and child care availability. Counterfactual simulations of the model indicate that female employment rates in Italy and Spain could reach EU target levels were French social policies to be adopted in those countries.     

Stationarity without degeneracy in a model of commodity money

We develop a model of macroeconomic heterogeneity inspired by the Kiyotaki–Wright (J Polit Econ 97:924–954, 1989) formulation of commodity money, with the addition of linear utility and idiosyncratic shocks to savings. We consider two environments. In the benchmark case, the consumer in a meeting is chosen randomly. In the auctions case, the individual holding more money can be selected to be the consumer. We show that in both environments socially optimal trading decisions (that are individually acceptable) are stationary and solve a tractable static optimization problem. Savings decisions in the benchmark case are remarkably invariant to mean-preserving changes in the distribution of shocks. This result is overturned in the auctions case.     

Gender and sustainable tourism: reflections on theory and practice

Despite the rich and diverse tradition of research on the gender dimensions of tourism, such studies have had little impact on transforming unequal gendered power relations in the sector itself. In this paper, we are concerned with why this is the case and what steps might be taken to redress this situation. The paper argues that the challenges inherent in gender mainstreaming processes within public policies worldwide are replicated and – to some extent – exacerbated in the tourism sector. We contend that, despite its substantive insight into the sector, the impact of such literature has been minimal. We further suggest that this is, in part, due to the sustainable tourism paradigm's resistance to incorporating gender equality and gender analysis as core principles. In order to develop these arguments, we reflect on our experiences as specialist consultants in gender and sustainable tourism, drawing out some of the key tensions of integrating gender into sustainable tourism projects. In conclusion, we argue that there is substantive work to be done for gender to be integrated into the theory and practice of sustainable tourism, offering recommendations as to how this process might be improved.     

Corporate sustainability in action

Recent developments in management have highlighted the need for research on corporate sustainability strategies at the value chain level and in particular in the context of franchising. Although franchising is a widespread phenomenon, there is little empirical evidence of how companies approach the issue. By employing a multi-method research approach, this study explores the importance that franchisors assign to sustainability and the way they deal with it. Our findings show that franchisors adopt three main different sustainability strategies, with an increasing relevance of social sustainability as an enabler of environmental sustainability. The study sheds some light also on the interplay between the franchisor–franchisee relationship features and the company's approach toward sustainability. Preliminary propositions are presented as a starting point for further research in this area.