An heterodoxical interpretation of the employment problem in Latin America

In this paper, I wish to defend the following hypothesis: the relative excess of labor that has traditionally characterized Latin American labor markets has been decreasing at least since World War II. The occupational situation, though still quite serious, has been improving considerably in most Latin American countries, not deteriorating, as is commonly regarded to be the case (the orthodox position).     

Integration of law with accouting: A more comprehensive learning experience

Since accounting principles is often a surrogate for an introduction to business course, it is an ideal medium for introducing students to many aspects of commercial, civil, and criminal law. When using the approach suggested in this article, care must be taken not to detract from the accounting course or diminish the course content in any way. The accounting course may, however, be greatly enhanced by the allusions and references made by the accounting professor to the various laws.This approach to instructing accounting offers a number of benefits. Students are not only assisted in their immediate course work, but also throughout their entire business program. The accounting course is enhanced by comprehensive handout materials which are provided to the students and which can be retained by the students as ready references during the course and thereafter. (Examples of such supplemental materials are presented.) Upon conclusion of several terms of accounting, the students have obtained an otherwise unavailable exposure to the interrelationship of accounting and law.     

Valuation of complex financial instruments via basic components

This article presents a graphical approach to measuring financial instruments. It observes that the payoff contingencies of a large number of single-payoff financial instruments can be reduced to a piecewise-linear cash flow, which can be replicated with a handful of basic building blocks. Four such building blocks are identified, and they all relate to the concept of options. To demonstrate, this method is used to value several financial instruments: truncated standard call options, truncated standard put options, truncated binary call options, and hybrid foreign-currency put options.     

Conceptual structures as damped harmonic oscillators

This paper serves to examine certain hypotheses about the effect of information on cognitive processing generated by the Galileo model. This model proposes that objects of cognition are points within a multidimensional continuum, the definition of any object being its structural relation to all other objects in the continuum, and any change in structure can be modeled by Newtonian mechanics. This paper tests the hypothesis that new information will induce motion described by the equation for a damped harmonic oscillator, and that regions of the continuum where information is not directed will display motion as described by DeBroglie's equation. Results tentatively support the hypotheses, and the relation of this conceptualization with compatible models of physical reality is discussed.     

International joint ventures: Theoretical considerations

This paper constructs models to investigate the rationale for a multinational corporation to enter into a joint venture to serve a host market. In particular, the model examines the impact of profit sharing, cost reductions, risk reductions, and competition reductions on the profits of international joint ventures. The results may explain the ‘recent’ popularity of international joint ventures. The models show that (1) a joint venture is the dominant entry strategy when there is a formidable local competitor and the risks of operation are high, (2) a wholly owned subsidiary is preferred if a multinational corporation has a significant cost advantage, (3) a joint venture is preferred to a wholly owned subsidiary if significant cost reductions can be achieved through combining the strengths of a multinational corporation and a local firm, and (4) multiple licensing is preferred if the number of local firms is large.     

Economic Returns to Feed Barley Yield-increasing and Disease Resistance Research at the Alberta Field Crop Development Centre

The Alberta Field Crop Development Centre (FCDC) at Lacombe has carried out an extensive research and development program on feed barley since 1973. Prior to 2002, FCDC released 11 hulled and six hull-less barley varieties that have been adopted by farmers. The primary objective of this study is to estimate an economic rate of return to the FCDC barley research and development program from 1973 to 2001. A secondary objective is to include benefits arising from research that improved feed barley disease resistance in new cultivars in addition to benefits from purely higher-yielding cultivar research. The analysis uses an ex post economic surplus methodology. Benefits are identified and empirically investigated for three separate FCDC feed barley research thrusts:
• benefits arising from FCDC research that developed new, higher-yielding feed barley cultivars that give a yield advantage
• benefits arising from FCDC research that improved feed barley disease resistance in new cultivars that result in yield loss avoidance from disease
• benefits arising from FCDC research that developed new feed barley cultivars that yield higher silage production.
Of the total benefits from research on feed grain varieties, 52% can be attributed to yield advantage research and 48% to yield loss avoidance research. The overall internal rate of return with base elasticity parameters is estimated at 27%, ranging between 23% and 31%, depending on the assumptions made about the yield advantage and base variety. The IRR was sensitive to changes in supply elasticities and ranges from 20% (∈= 1.5) to 54% (∈= 0.1).