Pensions and Deferred Befefits as Strategic Compensation

This paper examines labor-oriented aspects of pensions and deferred benefits. Recent work has embedded pensions in the framework of optimal compensation schemes that induce workers to behave in certain ways. Most pension formaulas present workers with securities that look like optioons the tendency for turnover rates to fall as vesting approaches, even though there has been no change in the naive valuation of pension accrual. The paper also discusses the use of pensions as severance pay and notes that the various pension formaulas have different incentive effects.     

Vitamin supplementation practices: health/nutrition education implications

A sample of 310 supplement users, 216 nonsupplement users and 247 inconsistent (user/nonuser) supplementers were followed for 18 months to examine the consistency of supplementation. Since supplementation is often not required for a healthy diet, factors associated with persistence or stability of supplement use have implications for appropriate health/nutrition education. Consistent supplementation (at least 18 months' duration) was associated (P < 0·01) with (i) female sex, (ii) health beliefs in the efficacy of supplementation, (iii) seeking health information from physicians, nurses, dietitians and nutritionists, (iv) using periodicals, TV/radio and books for sources of nutrition information, (v) older age, (vi) higher income and (vii) higher levels of education. Nonusers were more likely to attribute health to chance on the Multidimensional Health Locus of Control scale, and inconsistent users were more likely to have experienced a change in employment status, relocation to another town/city and a higher number of ‘change’ events in the previous 18 months. Based on the characteristics of the consistent supplement user, ‘academic controversy’ may be an effective educational strategy to employ, if changes in supplementation attitudes and beliefs are desired.     

NASH BARGAINING AND CO-OPERATIVES

This paper develops the generalised Nash bargaining solution for a bargaining co-operative selling its output to a single buyer. Three assumptions for co-operative members' behaviour are examined: profit maximisation, co-operative surplus maximisation and maximising members' price. Solutions are compared and comparative statics presented for these alternative assumptions and the bargaining over price and quantity transacted. The most striking feature of the results is that pursuing the objective of maximising members' price does not necessarily lead to the highest members' price     

THE IMPACT OF WIFE'S EMPLOYMENT AND EARNINGS ON FAMILY NET WORTH ACCUMULATION

The major focus of this research was the relationship between wife's earnings and employment and family net worth accumulation. Multiple regression analysis of data from the National Longitudinal Surveys found that, for the total sample, family income had a much greater impact than wife's earnings on change in net worth during the 1967–1972 period. Wife's employment was not related to the dependent variable once the effects of other factors were taken into account When the sample was segmented into four groups on the basis of 1967 net worth, independent variables had differential impacts on net worth change. For each group the multiple regression model explained a much greater proportion of total variance than it did for the sample as a whole. Among the two groups in the mid ranges of 1967 net worth, wife's employment was positively related to net worth change even after taking wife's earnings and other factors into account.     

Proprietary Costs and the Disclosure of Information About Customers

In deciding how much information about their firms’ customers to disclose, managers face a trade off between the benefits of reducing information asymmetry with capital market participants and the costs of aiding competitors by revealing proprietary information. This paper investigates the determinants of managers’ choices to disclose information about their firms’ customers using a comprehensive data set of customer‐information disclosures over the period 1976–2006. We find robust evidence in support of the hypothesis that proprietary costs are an important factor in firms’ disclosure choices regarding information about large customers.