Agricultural Policies and Structural Change in French Dairy Farms: A Nonstationary Markov Model

The aim of this paper is to gain an understanding into how agricultural policies have affected structural change in the French dairy sector. A nonstationary Markov model is estimated using a Generalized Cross Entropy approach. Results show that while the price of cow's milk encourages farm growth, direct payments and quota restriction favor small farms. The price signal is a key factor of structural change. As a result, higher milk prices may accelerate the trend toward the further growth of dairy farms. Settlement policy and technical change seem not to slow this trend.     

Graduate Employability and the Principle of Potentiality: An Aspect of the Ethics of HRM

The recruitment of the next generation of workers is of central concern to contemporary HRM. This paper focuses on university campuses as a major site of this process, and particularly as a new domain in which HRM??s ethical claims are configured, in which it sets and answers a range of ethical questions as it outlines the ??ethos?? of the ideal future worker. At the heart of this ethos lies what we call the ??principle of potentiality??. This principle is explored through a sample of graduate recruitment programmes from the Times Top 100 Graduate Employers, interpreted as ethical exhortations in HRM??s attempt to shape the character of future workers. The paper brings the work of Georg Simmel to the study of HRM??s ethics and raises the uncomfortable question that, within discourses of endless potentiality, lie ethical dangers which bespeak an unrecognised ??tragedy of culture??. We argue that HRM fashions an ethos of work which de-recognises human limits, makes a false promise of absolute freedom, and thus becomes a tragic proposition for the individual.     

Low Paid Employment in Britain: Estimating State‐Dependence and Stepping Stone Effects

Using 18 waves of the British Household Panel Study, this paper examines state‐dependence and stepping stone effects of low pay. The results show that both state‐dependence and stepping stone effects of low pay are present. However, there is no evidence to support a low‐pay no‐pay cycle. The introduction of the national minimum wage does not appear to have affected state‐dependence and stepping stone effects of low pay.     

Are the Energy Efficiency Technologies efficient?

This paper investigates a rather neglected issue regarding the impact of Energy Efficiency Technologies (EETs) on firms' productive performance. Possible influences may arise in the context of internal cost of adjustment, learning by doing effects and the capital vintage. A unique dataset was used which has resulted from a survey carried out among a sample of Greek EET adopters in the manufacturing sector. An econometric framework based on nested non-neutral frontiers, was developed to estimate the influence and the decomposition of EETs on firms' productive performance. The empirical findings reveal that the EETs affect positively the firms' technical efficiency and negatively the deterministic part of the frontier. Significant variations among industries and size groups appear to be present. Some policy implications are derived based on the empirical evidence supporting a mix of energy and technology directions.     

Public–Private Sector Wage Differentials in Australia

This paper examines public–private sector wage differentials in Australia. After controlling for observed characteristics and individual fixed effects, we show that on average workers in the public sector earn about 5.1 per cent more in hourly wages than those in the private sector. The wage premium is slightly higher for females than males. Using a panel data quantile regression model with fixed effects, we show that the positive wage effects of public sector employment are heterogeneous, with comparatively larger impact at the lower end of the wage distribution than at other parts. We also find evidence of heterogeneity in the public sector wage premiums by qualification, time period, occupation and state/territory.     

A Graphical Examination of an Importer/Exporter Oligopoly Trade Model

Market power considerations in international trade have income distribution effects among countries that can influence the position a country takes with respect to trade negotiations. Since models that examine a single country mask these distributional effects, it is important to consider more than one country in trade models. While the contribution of this paper is largely to the pedagogical foundation of agricultural economics in showing how models with two countries can be analyzed graphically — thereby opening this part of the literature up to a wider audience — the analysis also reinforces a point that is missed in models focusing on a single country. By showing under what conditions a country may prefer to use domestic policies even when this causes other countries to retaliate, the paper high-lights one of the factors likely to be important in determining the success of international trading arrangements such as GATT.     

VaR without correlations for portfolios of derivative securities

We propose filtering historical simulation by GARCH processes to model the future distribution of assets and swap values. Options’ price changes are computed by full reevaluation on the changing prices of underlying assets. Our methodology takes implicitly into account assets’ correlations without restricting their values over time or computing them explicitly. VaR values for portfolios of derivative securities are obtained without linearising them. Historical simulation assigns equal probability to past returns, neglecting current market conditions. Our methodology is a refinement of historical simulation. © 1999 John Wiley & Sons, Inc. Jrl Fut Mark 19: 583–602, 1999     

Effects of Non‐Farm Employment on Rural Income Inequality in Developing Countries: An Investment Perspective

This paper makes several points based on a review of household survey evidence from Africa, Asia and Latin America. (i) In contrast to conventional wisdom, the evidence is very mixed as to the effect of non‐farm employment on rural income inequality. The non‐farm employment and microenterprise programmes now in vogue will not necessarily resolve rural income inequality problems and attendant social tensions nor automatically benefit the poor. (ii) Policymakers should be worried by substantial evidence of poor people's inability to overcome important entry barriers to many non‐farm activities. (iii) The main determinants of unequal access to non‐farm activities are the distribution of capacity to make investments in non‐farm assets and the relative scarcity of low capital entry barrier activities. Therefore, it is crucial for public investments and policy to favour an increase in the access of the poor to assets that allow them to overcome non‐farm employment entry barriers, (iv) It would be an error to assume that one can address asset‐poverty and inequality in the non‐farm sector without addressing farm‐side problems and vice versa.