ON THE EMERGENCE OF TOYBOYS: THE TIMING OF MARRIAGE WITH AGING AND UNCERTAIN CAREERS*

We explore how gender bias in career opportunities affects matching in a marriage market with search frictions and where an individual’s fitness decays with age. We document a “being left on the shelf” effect where young singles, who find the marriage market rapidly thins with age, rush into early partnership. Singles with stronger career opportunities, however, have a greater option value to defer marriage. More equal career opportunities for women (captured by greater schooling and better occupations) potentially explain the recent emergence of toyboy unions, in which the woman is at least 5 years older than her partner.     

Case study in disaster relief: A descriptive analysis of agency partnerships in the aftermath of the January 12th, 2010 Haitian earthquake

This study analyzes the disaster response and recovery efforts following the January 12th, 2010 Haitian earthquake through the eyes of 18 different relief agencies. Focusing on the formation and maintenance of partnerships after the catastrophic earthquake, this paper explores the concepts of cooperation, mutual understanding, and connectivity among agencies responding to the earthquake. The case study is based on results from interviews and interactions with 18 agencies during a month-long trip to Haiti in the summer of 2010. Of the agencies interviewed, it was found that agencies that had no partnerships or presence in Haiti prior to the earthquake were most likely to build new clinics, orphanages, and schools. Additionally, we found that agencies were more likely to develop new partnerships from new contacts rather than dormant contacts. By studying the partnerships between local and international agencies, it was found that their relationships were less stable than partnerships between international agencies. This study hopes to increase understanding and applicability of research in disaster relief networks by providing a new perspective into how agencies work together.     

Turnover Externalities with Marketplace Trading

This article considers equilibrium decentralized trade when there is a marketplace where buyers and sellers meet costlessly. Since buyers have idiosyncratic match payoffs for each seller's good, some buyers, rather than trade with the current stock of sellers, wait for new sellers to enter the marketplace to obtain a good they like. A turnover externality exists where all traders are better off with higher entry rates of new traders. Furthermore, this turnover externality supports multiple Pareto-rankable equilibria. This provides new insights into similar results obtained in the random-matching literature.     

Business models among SMTEs: identifying attitudes to environmental costs and their implications for sustainable tourism

This paper examines how environmental resources and costs feature in business models of small- and medium-sized tourism enterprises (SMTEs). Several studies have pointed to the generally positive nature of the relationship between the economic and environmental performance of tourism firms. Yet, although business models act as a vector between these aspects of firm performance, they have been overlooked in sustainable tourism discourse. The paper reports findings from discussion groups of SMTE businesses in South West England during the global economic downturn. Environmental costs and cost control were afforded relatively little importance in terms of value creation; conversely, there was a strong and predictable emphasis on revenue generation. Indirect tactics emerged for dealing with guests’ environmental behaviours which reflected this prevailing commercial logic. Green credentials were routinely de-emphasized, sometimes regarded as liabilities, in a form of greenhushing. Responses were framed by reference to social media and how online reviews may negatively impact on future value capture. Conceptually, the business model emerged as an important lens for understanding how environmental resources and costs were valourized. The paper highlights the need to ensure that contemporary approaches to environmental management in SMTEs reflect the current and fast-changing conditions that frame business models.     

Fund Advisor Compensation in Closed-End Funds

This paper examines the relation between the premium on closed-end funds and organizational features of the funds and advisors, including the compensation scheme of the investment advisor. We find that the fund premium is larger when: (a) the advisor's compensation is more sensitive to fund performance; (b) the assets managed by the advisor are concentrated in the fund in question; (c) the advisor manages other funds with low compensation sensitivity to performance and with low concentration of assets managed by the advisor; and (d) the advisor's compensation contract evaluates performance relative to a benchmark.     

The application of artificial intelligence to medicine

This article reviews current developments in artificial intelligence as they apply to medicine. Initial applications of this approach to medicine are being actively pursued in medical diagnosis, interpretation of data from chemical studies, and the development of computer models of human behavioural processes. Of special interest is a new research programme established at Stanford University called SUMEX, one of whose major goals is the application of artificial intelligence to medicine. Within the framework of SUMEX, research is actively under way in a number of aspects of biomedical research and clinical medicine. Some of the work reviewed includes the DENDRAL and META-DENDRAL programs, the Protein Crystallography System, SECS, MYCIN, DIALOG, CASNET, the Present Illness Program, PARRY, and Believer. Suggestions for future applications of artificial intelligence to medicine will include clinical patient-record information systems, pharmacology, prosthetics, gerontology, and radiology.     

Strategic Bargaining and Competitive Bidding in a Dynamic Market Equilibrium

This paper extends the bargaining and matching literature, such as Rubinstein and Wolinsky (1985), by considering a new matching process. We assume that a central information agency exists, such as real estate agencies in the housing market and employment agencies (or newspapers) in the labour market, which puts traders into direct contact with each other. With heterogeneity of trader preferences, equilibrium trade is characterized by existing traders on each side of the market trying to match with the flow of new traders on the other side (since existing traders have already sampled and rejected each other). Two procedures of trade co-exist, namely a strategic bilateral bargaining process and a competitive bidding process, depending on the number of potential matches a new trader obtains. We characterize the unique symmetric Markov perfect equilibrium to this stochastic trading game.     

The Union Makes Us Strong? A Study of the Dynamics of Workplace Union Leadership at Two UK Manufacturing Plants

This paper draws on qualitative case study evidence to investigate the way in which union leaders involved in two workplace organizations deal with the process of managing their role within the employment relationship. In particular, the influence of their leadership style on the commitment and participation of rank-and-file members is considered. The paper highlights the dialectical relationship between local leaders and members in terms of trade union democracy and local leadership style.