Sectoral Productivity in the United States: Recent Developments and the Role of IT

Abstract. This paper introduces new estimates of recent productivity developments in the United States, using an appropriate theoretical framework for aggregating industry multi-factor productivity (MFP) to sectors and the total economy. Our work sheds light on the sources of the continued strong performance of US productivity since 2000. We find that the major sectoral players in the late 1990s pickup were not contributors to the more recent surge in productivity. Rather, striking gains in MFP in the finance and business service sector, a resurgence in MFP growth in the industrial sector, and an end to drops elsewhere more than account for the aggregate acceleration in productivity in recent years. Further, some evidence is found for a link between IT intensity and the recent productivity acceleration.     

Hirschman's loyalty: Attitude or behavior?

Over the past two decades there has been much controversy over what Hirschman intended by the term loyalty in his bookExit, Voice, and Loyalty. Some have interpreted Hirschman's loyalty as an attitude that deters exit and promotes voice. Others have interpreted Hirschman's loyalty as a distinct behavior, like exit and voice, that results from dissatisfaction. This article examines both views of loyalty simultaneously. First, comprehensive and reliable scales to measure the behavioral responses to dissatisfaction are developed. Second, the relationship between loyalty and the behavioral responses to dissatisfaction are examined. Results of this research indicate that both interpretations are important and together help us better understand how employees behave when they are dissatisfied.     

A fair go? The gender pay gap among corporate executives in Australian firms

In virtually all economies, executive positions are highly male dominated. This study examines the pay gap between male executives and female executives in large Australian firms from 2011 to 2014 to evaluate whether female executives are paid equitably compared with male executives. The mean pay comparison shows that female executives earn 80.7% of the total pay earned by male executives. A large part of the gender pay gap is explained by differences in positions held; female executives are particularly underrepresented in highly paid executive positions. After controlling for executive position and other relevant individual and firm characteristics, there remains a 15.1% gender gap in total pay. Our findings suggest that to achieve the goal of gender equity, both the proportion of women at executive level and the executive-level gender pay gap need to be monitored.     

Facing the gap: exploring research on local knowledge of insect-provided services in agroecosystems

Sustainable agroecosystems must be managed to support biodiversity conservation and food production, which occur at the interface of regional/national policy frameworks, and local knowledge and perspectives. This paper examines the current breadth of research examining farmer knowledge of beneficial insect activities that provide ecosystem services (or benefits) in agroecosystems. We identify patterns and gaps in the literature and opportunities for future research. We found 34 studies that explicitly focused on and documented local knowledge of how insect taxa provided ecosystem services in agroecosystems, the majority of which were immediately observable in farmers’ daily practice: pest control (n?=?26), pollination (n?=?4). We suggest that there is a need for greater investigation of local knowledge of the breadth of ecosystem services provided by insects and identify key research areas that are opportunities for investigation.     

So what do I get? The bank's view of lending relationships

While many empirical studies document borrower benefits of lending relationships, less is known about lender benefits. A relationship lender's informational advantage over a non-relationship lender may generate a higher probability of selling information-sensitive products to its borrowers. Our results show that the probability of a relationship lender providing a future loan is 42%, while for a non-relationship lender, this probability is 3%. Consistent with theory, we find that borrowers with greater information asymmetries are significantly likely to obtain future loans from their relationship lenders. Relationship lenders are likely to be chosen to provide debt/equity underwriting services, but this effect is economically small.     

Risk-free decision-making

This paper addresses the topic of “risk-free decision-making”, a term which refers to the fact that people are acting “as if” their decisions are “risk-free”. Various social theories are discussed as possible explanations for the growth of this behavior and specific examples are given. Much of the information was drawn from personal experience, current sociological and psychological literature and news events.     

Environmental Preservation Demand

Abstract . When the demand for environmental preservation is not explicitly revealed in markets, motivating attitudes toward environmental preservation become important. A survey approach allows revelation and measurement of demand for environmental preservation. Indices which measure the altruistic, bequest, intrinsic, and option to use motives and other attitudes are utilized as determinants in a model that measures the demand for environmental preservation. Demand is more likely with greater preservation motives. Preservation demand also depends on individual preferences for economic development, perceptions of affordability and responsibility for preservation of the wetlands.