Factors affecting the selection of clothes on daily basis: male and female differences

The major objective of the study was to test the theories of the function of dress that individuals apply to everyday practice. The study examined the extent to which Maslow's theory of motivation is relevant to male and female practice regarding the selection of daily clothes, the order of importance and the attention to clothing functions demonstrated by males and females, and the inter-relationship between the different clothing functions. The study is based on data collected from male and female students at a midwestern university in the month of April. The Friedman two-way ANOVA by ranks revealed that weather function was the single most important clothing function for males which influenced the selection of daily clothing, while social activity was the most important clothing function which influenced females. Females indicated a higher degree of consideration of each clothing function than males. These findings suggest that females tend to dress more for social reasons, are more sensitive to clothing needs and possess a greater degree of clothing awareness than males. The correlation coefficients of clothing function for males and females indicated that there was a high degree of correlation between several clothing functions. The correlation coefficients of clothing functions for females were more consistent than those for males, indicating that females consistently consider several clothing functions concurrently while males do not. This finding conforms with the theory of functions of dress which illustrates the multiple nature of motivation of clothing behaviour and the interdependent characteristics of Maslow's five basic human needs.     

Bounded Rationality and Use of Alternative Financial Services

The increasing pervasiveness of high‐cost alternative financial services (AFS) has captured the attention of policymakers, consumer educators, and financial counselors. Using data from the 2009 to 2012 waves of the National Financial Capability Study (NFCS), this article investigates AFS borrowing behaviors through the lens of a boundedly rational choice framework, with an emphasis on overconfidence. Through repeated testing of isolated samples of individuals with characteristics that make them less likely to objectively need such products, the roles of actual (objective) and perceived (subjective) financial knowledge in the decision‐making process are explored. Consistent results indicate that individuals with lower objective financial knowledge and those that are overconfident in their self‐assessed knowledge level are significantly more likely to utilize AFS instruments. These results suggest that a significant portion of AFS users may select these products without conducting adequate search, resulting in less than optimal financial decisions holding all else equal.     

ARE DISAGREEMENTS AMONG MALE AND FEMALE ECONOMISTS MARGINAL AT BEST?: A SURVEY OF AEA MEMBERS AND THEIR VIEWS ON ECONOMICS AND ECONOMIC POLICY

The authors survey economists in the United States holding membership in the American Economic Association (AEA) to determine if there are significant differences in views between male and female economists on important policy issues. Controlling for place of current employment (academic institution with graduate program, academic institution—undergraduate only, government, for‐profit institution) and decade of PhD, the authors find many areas in which economists agree. However, important differences exist in the views of male and female economists on issues including the minimum wage, views on labor standards, health insurance, and especially on explanations for the gender wage gap and issues of equal opportunity in the labor market and the economics profession itself. These results lend support to the notion that gender diversity in policy‐making circles may be an important aspect in broadening the menu of public policy choices. (JEL A11, J78, A14)     

Family Decision Making and Resource Protection Adequacy

This study examines the correlation between resource protection and the intrahousehold distribution of bargaining power. Using data from the Health and Retirement Study, the analysis quantifies potential changes in the surviving individual's living standard to evaluate the adequacy of resource protection. Individuals who generate a larger share of family income, are more financially knowledgeable, or have the “final say” in family decisions leverage their bargaining power to secure higher protection of their hypothetical widowhood living standard. Consequently, spouses with more bargaining power are less likely to experience declines of their living standard in the event of their spouse passing away and are more likely to be overprotected.     

Optimal employment contracts and the returns to monitoring in a principal-agent context

Abstract. In this paper we study a two-person firm consisting of a principal and an agent. The principal hires the agent to provide some input into the production process. The output of the production process is determined by the agent's input and an exogenous state realization. Subsequent to joining the firm, but prior to choosing his input, the agent privately observes the state realization. The principal employs an imperfect monitoring system that publicly reports on the state realization. Our purpose in studying this model is to better understand the effects of monitoring on the design of the optimal employment contract and the determinants of the value of monitoring in a model with asymmetric information. Résumé. Les auteurs étudient une entreprise constituée de deux personnes, un mandant et un mandataire. Le mandant embauche le mandataire pour sa contribution au processus de fabrication. Le résultat du processus de fabrication est déterminé par la contribution du mandataire et par la réalisation d'un état exogène. Après s'être joint à l'entreprise, mais avant de déterminer quelle sera sa contribution, le mandataire observe, en privé, la réalisation de cet état exogène. Le mandant a recours à un système de suivi imparfait qui fait le point, à l'intention du public, sur la réalisation de l'état en question. L'étude de ce modèle permet une meilleure compréhension des conséquences du suivi sur la nature de contrat d'emploi optimal et des déterminants de la valeur du suivi dans un modèle caractérisé par une information asymétrique.     

Do Managerial Motives Influence Firm Risk Reduction Strategies?

This article finds evidence consistent with the hypothesis that managers consider personal risk when making decisions that affect firm risk. I find that Chief Executive Officers (CEOs) with more personal wealth vested in firm equity tend to diversify. CEOs who are specialists at the existing technology tend to buy similar technologies. When specialists have many years vested, they tend to diversify, however. Poor performance in the existing lines of business is associated with movements into new lines of business.     

The Pricing of Best Efforts New Issues

This paper offers an explanation for the underpricing of best efforts new issues and demonstrates that best efforts contracts allow issuers to use information from the market. If investors obtain information which indicates that a project will not be profitable, their demand will be low and the offering will be withdrawn. If this information is costly, investors will have to be compensated for its purchase through a lower offering price, which means that issuers will have to underprice. This result is consistent with the empirical observation that underpricing is considerably greater for best efforts than for firm commitment contracts.     

ORGANIZATIONAL AND OCCUPATIONAL COMMITMENT: KNOWLEDGE WORKERS IN LARGE CORPORATIONS*

Previous discussion of knowledge work and workers tends to overlook the importance of contextual knowledge in shaping the organizational form of knowledge workers who are employees in large corporations. This paper proposes a model to understand the way knowledge base and organizational form are related to the work commitment, effort and job satisfaction of knowledge workers. The model is derived from (1) a critical examination of the market model of knowledge work organization, and (2) the results of empirical research conducted in two large corporations. We argue that contextual knowledge is important in the relationships between the corporation and knowledge workers. A dualistic model and an enclave organizational form are suggested to examine the relationships between the commitment, work effort and job satisfaction of knowledge workers. We noted from our empirical cases that enclave‐like work teams enhanced the expertise and job autonomy of knowledge workers vis‐à‐vis management. These work teams together with the performance‐based pay system, however, led to unmet job expectations including limited employee influence over decision‐making and careers, and communication gaps with senior management. Under these circumstances, and in contrast to the impact of occupational commitment, organizational commitment did not contribute to work effort. The study highlights the importance of management’s strategy in shaping the organizational form of knowledge work. The paper concludes by noting general implications of our study for the management of expertise and for further research.