Drèze equilibria and welfare maxima

We present an example of a production economy with incomplete markets, von Neumann–Morgenstern utility functions, and a unique Drèze equilibrium in order to illustrate and explain the following phenomenon. There exists a transfer scheme such that every shareholder’s utility after transfers and share adjustments increases the more the firm deviates from the Drèze equilibrium. However, shareholders’ welfare decreases the further the firm departs from the Drèze equilibrium. Shareholders’ welfare is defined as the sum of their utilities where every utility function is normalized such that the marginal utility of today’s consumption equals 1 at the Drèze equilibrium.     

Foreign Direct Investment in Sub-Saharan Africa: Motivating Factors and Policy Issues

Sub-Saharan Africa's (SSA) foreign direct investment (FDI) share has persistently averaged 1% of global flows. The location decision and perceptions of investors are therefore instructive for policy making. This article factor analyses a survey of perceptions, operations, and motivations of 758 foreign investors in 10 SSA countries. We find that the provision of transaction cost–reducing information on industries and markets and utility services to investors before and after a firm's FDI decision are significant factors. FDI location decision in SSA is influenced strongly by political economy considerations. Labor and production input variables are not influential.     

Wir wünschen guten Appetit!

Besser essen im Krankenhaus - Essen kann glücklich machen. Essen kann aber auch belastend sein. Gerade im Krankenhaus verschl?gt es vielen Senioren den Appetit. Es liegt in der Verantwortung der Pflegenden, sich dieses Problems anzunehmen. Doch wie gelingt es, auch unter schwierigen Bedingungen, den Bedürfnissen der Patienten gerecht zu werden?     

Workers’ participation in management in the EC countries

In the last few years the whole area of workers’ participation in management has been much discussed in the countries of the European Community (EC). There are, essentially, two ways of participation, i.e. at shop-floor level where works councils are widespread — though in a variety of types — and at the company board level by representative systems involving workers’ participation in management decisions of a policy nature. The latter will be the main subject of this survey.     

Kommunikation in schwierigen Situationen

Schüler bearbeiten ihre Konflikte - Belastende Situationen, Konflikte und Probleme sowohl in den praktischen Eins?tzen als auch in der Schule begleiten unseren Alltag als Auszubildende der Gesundheits- und Krankenpflege. Oft fühlen wir uns dabei hilflos und handlungsunf?hig. Wir haben dieses Thema daher in unserer Ausbildung bearbeitet.     

Are incomplete markets able to achieve minimal efficiency?

Summary. We consider economies with incomplete markets, one good per state, two periods, t = 0,1, private ownership of initial endowments, a single firm, and no assets other than shares in this firm. In Dierker, Dierker, Grodal (2002), we give an example of such an economy in which all market equilibria are constrained inefficient. In this paper, we weaken the concept of constrained efficiency by taking away the planners right to determine consumers investments. An allocation is called minimally constrained efficient if a planner, who can only determine the production plan and the distribution of consumption at t = 0, cannot find a Pareto improvement. We present an example with arbitrarily small income effects in which no market equilibrium is minimally constrained efficient.Received: 26 November 2002, Revised: 28 May 2003, JEL Classification Numbers: D2, D52, D61, G1.We are grateful to an anonymous referee for very valuable comments. E. and H. Dierker would like to thank the Institute of Economics, University of Copenhagen, for its hospitality and its financial support.     

The development and impact of nationalisation in Britain

The relationship between Government and economy, the best obtainable pattern of public and private sectors in market economies, is an issue of constant interest for economists and politicians of the Western world. Can nationalisation of industries, i.e. the alteration or termination of control or ownership of private property by the state, improve the economic situation of a country and its workers and consumers? Here is a survey on the more than thirty years’ development and impact of nationalisation in Great Britain.