Revenue Sharing and Competitive Balance When Teams are not Wage Takers

Recent papers have enriched the conventional modeling of teams’ behavior through a game theoretic background at the competition level (introducing a contest success function). We take a step forward and consider contest on the talent market as well. Each team takes into account the fact that the price to be paid recruiting talent is a function that depends on both its own demand and the demands from the rival teams. For the two-team model, we show that the removal of the assumption that teams are price takers implies that the invariance proposition only survives if the price-function for talent is linear increasing. The extension to the n-team model shows that this result no longer holds; in fact, revenue sharing improves the competitive balance. More generally, an improvement in competitive balance is the most likely if one rules out the possibility of a very convex price-function. In addition revenue sharing can reduce the economic inefficiency of teams’ behavior, and so profits may increase.     

廉租住房租金定价模型探讨

本借鉴美国和日本等国政府在解决低收入家庭住房问题的做法，结合我国国情，提出应当逐渐放宽廉租住房受益范围，并对低收入家庭进一步细分，采取差别式廉租住房租金；提出廉租住房租金定价原则和租金定价模型。     

The British National Minimum Wage

Great Britain has had statutory regulation of minimum pay for much of this century but never previously had a national minimum wage (NMW). This paper outlines the history of minimum wage regulation culminating in 1997 with the establishment of the Low Pay Commission (LPC) and the introduction of the NMW in 1999. The main issues considered by the LPC were the definition of the NMW, the rate itself, and what to do about younger workers. Although there is general agreement that minimum wage systems reduce wage inequality, their impact on the distribution of household income is more controversial. Evidence presented suggests the NMW may have a more egalitarian impact on household incomes than is sometimes asserted. The Report of the LPC is only the beginning of the story. Responses to it were generally favourable; parliamentary regulations are needed to translate the recommendations into law; the NMW has to be enforced and evaluated. This necessary follow-up to the Report is discussed in the concluding sections.     

Successful Wage Concertation: The Economic Effects of Wage Pacts and Their Alternatives

Recent debates on pacts have focused on the prerequisites for their emergence, whereas questions of their efficacy have receded into the background. In particular, systematic analyses of the effectiveness of pacts in terms of their capacity to enhance economic performance are missing. The aim of this article is therefore to assess the economic impact of pacts. As the majority of pacts concern wages, the assessment will concentrate on a comparison of the performance of pacts with alternative governance mechanisms for wage policies, that is, alternative pay‐setting modes. The findings show that when wage pacts are endowed with the ability to govern lower‐level pay determination, they are better at enhancing economic performance than other forms of coordination.     

Influence of Rent Differentials on the Choice between Office Rent Contracts with and without Relocation Provisions

In this paper we concern ourselves empirically with the influence of rent differentials on the choice between rent contracts with and without relocation provisions investigating the effects of relocation provisions on office rents. The study departs from the extant literature by using a switching simultaneous-equations model to estimate hedonic rent functions for alternative office lease contracts with choices of relocation provisions. The empirical results suggest that price considerations and certain lease terms are important determinants of the choice of office relocation rights. The results also suggest that certain tenant characteristics, like tenant size and creditworthiness, have only a marginal effect on the choice of relocation rights.     

Office Rent in the Chicago CBD

This study focuses on the Chicago CBD office market, an important market at the local, regional, national and international levels. The purpose of this study is to develop a hedonic regression model that explains the variation in office rent per square foot. Five functional forms (linear, reciprocal, logarithmic, semi-log and log-linear) of the model are considered. A generally log-linear model is determined to be the best model based on a series of Box-Cox/Box-Tidwell type transformations and likelihood ratio tests. The regression results reveal that the model has very high explanatory power. The methodology of this study differs substantially from that of previous studies on this topic. Perhaps most importantly, the unit of analysis is the office unit rather than the building. This choice suggested the use of specific lease terms for actual transactions and location of the unit within the building as new variables. Finally, the modeling of location of the building within the CBD was found to be a critical step.     

Measuring the Efficiency Cost of Rent Control

This paper estimates the burden of lost producer surplus imposed on landlords by rent control. The approach employed measures the reduction in Marshallian quasi-rent from the side of the derived demand for factors rather than the short-run supply of housing.
A constant elasticity of substitution production function is employed to derive the input demand equation. The equation is estimated using post-war rent control data from five major New York State cities. It turns out that rent control reduced quasi-rent about 15%. The deadweight loss is estimated at 1.5% of gross rental payments or about 5% of net income before debt charges.     

The Impact of the National Minimum Wage in Small Firms

The introduction of the National Minimum Wage (NMW) had potentially significant implications for small firms. Orthodox economic theory predicts adverse consequences, though institutional analysis points to potential efficiency as well as fairness effects. Using longitudinal data on 55 firms, this paper examines the impact of the NMW in small firms in clothing manufacture and hotel and catering. Different patterns of adjustment were observed, explained by both size and sector characteristics. Overall, the impact of the NMW was mediated by the informality of employment relations in the small firm.     

Office Rent Determinants in the Chicago Area

This paper analyzes 1990 office asking rents in the Chicago metropolitan area. It carefully specifies a measure of the present value of a lease, taking account of important properties of rent offers. This present value is the dependent variable in the statistical analysis. The sample data analyzed pertain to 543 offices that contain about 80% of the office space in the metropolitan area. The present value of asking rents is related to many building characteristics and to each building's location. The analysis demonstrates that asking rents depend on about fifteen characteristics of the building and on a careful specification of its location.     

剖析有差别计件工资制的作用机理

有差别计件工资制历经一百多年的发展,仍有着强大的生命力。本文试图从经济学和管理学的领域剖析有差别计件工资制的作用机理,阐明这种计酬方式的现实意义。     

The Role of Job Attributes in Understanding the Public-Private Wage Differential

This study uses a unique data set for Great Britain to investigate the impact of differences in job attributes on the public-private wage differential. The study reveals that (1) there are substantial differences in wage structure between the two sectors, particularly finding that the public-sector wage structure is less sensitive to differences in the attributes of jobs, and (2) differences in job attributes play in a major role in accounting for pay differences across sectors.     

The Social Cost of Rent Seeking by Labor Unions in the United States

The conventional welfare loss to trade unions and collective bargaining has been put at some fraction of 1.0 percent. Added to this should be the costs of resources deployed by the parties as they compete for monopoly gains. These additional social costs turn out to be on the same order as the conventional welfare loss. The analysis finds in passing that the investment by union members in paying dues yields very handsome dividends.     

Progressive Revenue Sharing in Major League Baseball: The Effect on Player Transfers and Talent Distribution

Major League Baseball’s system of sharing revenue between clubs was altered significantly in 1997. The arrangement progressively redistributes income from the highest toward the lowest revenue-generating clubs. The purpose of the new method was to alleviate growing disparity in revenue generation. However, under the progressive system the lowest revenue producing clubs bear the highest marginal tax rates, and theoretically problems of competitive imbalance may be amplified. Changes in talent distribution are observed by analyzing player mobility; an empirical model of player transfers is developed and tested. Confirmation is obtained that low revenue clubs acted on increased incentives to divest talent.