Risk,standard deviation,and expected value: when should an individual start social security?

In choosing when to start collecting Social Security, the differences in expected net present values (NPVs) are small—but the corresponding standard deviations are not. Starting earlier is less risky. The case analyzed is single individuals in the U.S. system, but the methodology can be applied to couples and to the systems of other nations. Considering risk and return together places Social Security in the same risk/return framework as other capital investments. Behavioral, situational, and qualitative factors that often dominate decisions on when to start are linked with quantitative approaches to longevity risk and mortality risk.     

Resources in play: Bricolage in the Toy Store(y)

This paper analyzes the “Toy Store(y)” narrative by imagining the words and perspectives of several participants other than those from whose perspective the original story is told. By applying the lens of bricolage to a series of critical events and activities described in the Toy Store(y), I illustrate the theoretical and practical application of prior research findings on both bricolage and improvisation and extend these to make suggestions for useful future research and teaching in these areas.     

Determinants of absenteeism in a large Danish bank

An empirical study of the determinants of absenteeism in a large Danish bank is performed. The study is based on information from approx. 7,000 employees in 500 different units. Based on a review of the absence literature a model combining the psychological and economic approaches to absence studies is constructed. The model is based on hedonic theory and uses the frequency metric when measuring absence. The results of the empirical study show that there is indeed a significant negative relationship between job satisfaction and absence. Furthermore, the study shows that demographic variables for both employees and employers play an important role for the frequency of absence. One very interesting result is that the absenteeism for employees is very clearly related to observed absence by the unit manager.     

中国必须通过交换来获取贸易自由化

当国家经济低迷之时,失业人口会随之提升,一些国家往往通过限制进口来尽可能地保有就业岗位。实际上限制贸易并没有带来好处,但对丢掉工作的人来说．你并不关心这个,你的领导人也不关心．因为他们也想保住自己的位置。因此,反对贸易自由化的国家,其主要动因是保住就业。     

Consumer responses to new food quality information: are some consumers more sensitive than others?

Missing information prevails in consumer purchase decisions and studies on consumer preferences. Previous research ignores the relationship between consumer types and their responses to new quality attribute information. In this article, consumer responses to new attribute information are compared across consumer groups. Results show that single households with low income are more responsive to new information than married households with high income. Both groups respond to new information more intensively when a cue attribute, Certified U.S. Product , is presented to consumers.     

Foresighting methods and their role in researching small firms and sustainability

This paper is a report on the analysis underpinning research exploring the relationship between small firms and sustainability using foresighting methods. It identifies the main barriers preventing small firms from responding to the challenge of sustainability. The potential synergy between foresighting and small firms is outlined and a discussion of the literature linking foresighting methods and sustainability is presented. Sustainability is also compared with foresighting methods in order to identify complementary characteristics and the methodological underpinnings of foresighting is distinguished from different potential uses and interpretation of the methods. Finally, the paper assesses the utility of foresighting methods in the context of research on small firms and sustainability.     

Minimum Wages for Ronald McDonald Monopsonies: a Theory of Monopsonistic Competition

Recent empirical work on the effects of minimum wages has called into question the conventional wisdom that minimum wages invariably reduce employment. We develop a model of monopsonistic competition with free entry to analyse the effects of minimum wages, and our predictions fit the empirical results closely. Under monopsonistic competition, we find that a rise in the minimum wage raises employment per firm, causes firm exit and may increase or reduce industry employment. Minimum wages increase welfare if they raise industry employment but welfare effects are ambiguous if employment falls.     

Technical Note: Formulas for Perpetual Gradients

Virtually all engineering economy texts include the formula to find the present worth of a perpetual annuity, but only two seem to include the similar formula for a perpetual arithmetic gradient. This note adds a new formula for the present worth of a perpetual geometric gradient. Though no cash flow stream really lasts forever, there are many infrastructure projects whose lives are long enough to be economically “forever.” In addition, many endowment problems would be more realistic if they assumed a perpetual geometric gradient. Moreover, the simplicity of the formula may help practitioners and students develop a feel for the economics of long-lived gradients.