Do pensions foster education? An empirical perspective

The paper examines the effect of population ageing on public education spending. On the one hand, ageing is expected to have a negative effect on education, as an increasing number of retirees results in ‘intergenerational conflict’ and, hence, the condemnation of education expenditure. On the other hand, ageing, in combination with pay-as-you-go pension systems, offers incentives for the working-age generation to invest in the public education of the young in order to ‘reap’ the benefits (that is, higher income tax/contributions) of their greater future productivity. Empirical evidence derived from the application of a fixed effects approach to panel data for OECD countries shows that the increasing share of elderly people has a non-linear effect on education spending. This indicates a certain degree of intergenerational conflict. Nevertheless, we find that future population ageing, which reinforces the mechanism linking public education and pensions, reflects positively on education expenditure. Furthermore, by disaggregating total education expenditure by educational levels, we observe that this effect is led by levels of non-compulsory education, probably as a reflection of the direct connection to labor productivity.     

Managing tourism investment opportunities under uncertainty: a real options approach

This paper provides an empirical example of the valuation of real options in a large‐scale tourism project. The main aim of this article is to elaborate the investment decision process in the evaluation of a ski centre enlargement project by employing elements of the real options methodology. Monte Carlo simulation was used to value the options as it offers the flexibility to directly simulate the uncertainty factors. Traditional discount cash flow analysis points the investment as profitable, although the real options approach proves it as not economically feasible. Copyright © 2006 John Wiley & Sons, Ltd.     

Political viability of public pensions and education. An empirical application

Public intergenerational transfers (IGTs) may emerge from the failure of private arrangements to provide optimal economic resources for the young and old. We investigate the political sustainability of the public system of IGTs by seeking to determine the outcome if the decision to reallocate economic resources per se was put to the vote. Exploiting the particular nature of the data from the National Transfer Accounts data in a political economy application in which generations cooperate under certain conditions, we show that most of the developed countries would vote in favour of a joint public education and pension system.     

Women at workequality versus inequality: barriers for advancing in the workplace

This study aimed at identifying the factors that working women in Cyprus are faced with which lead to experience discrimination, examining possible barriers that affect women's advancement and identifying organizational practices that assist them in achieving work–life balance. The data were collected by the distribution of a questionnaire, which was on a voluntary, anonymous and confidential basis and targeted women of four different occupational levels. Several barriers were identified, preventing them from advancement such as stereotypes, conflicting work and family obligations, lack of women role models and low levels of self-confidence. This research enhances women's awareness of the existence of gender discrimination at work and the barriers in their career advancement. It highlights the creation of company programs such as mentoring programs, refresher courses, flexible work hours and on-site childcare, which could help women in developing and advancing their careers as well as achieving work–life balance.