Project Management Learning: A Comparative Study Between Engineering Students’ Experiences in South Africa and the United Kingdom

This study explores how engineering students studying project management perceive their learning experiences. To facilitate an understanding of the constituent components of engineering students’ experiences and to understand how these experiences influence preferred learning styles, a comparative study of university students studying engineering in South Africa and the United Kingdom is conducted. The study finds no significant demographic differences in learning experiences across the two student cohorts. However, the South African cohort reports higher levels of overall experiences. They also report higher usage of online learning materials but lower levels of blended learning and individual critical evaluation skills experiences.     

Scottish Economic Thought and the High Wage Economy: Hume, Smith and MCCulloch on Wages and Work Motivation

This article examines the work of Hume, Smith and McCulloch on wages and work motivation, and finds a clear and detailed case made for high wages within Scottish political economy. This analysis, through Hume and Smith, is based on key aspects of Scottish Enlightenment thought, and represents the culmination of the liberalization of thought regarding labour which developed in the eighteenth century. McCulloch, whose work on wages, incentives and motivation is more detailed and interesting than that of his 'post-Smithian' classical colleagues, is shown to be, in this area at least, clearly in the Scottish tradition.     

Equity Risk, Conversion Risk, and the Demand for Insurance

Existing insurance theory fails when applied to real property because it does not account for variations in the economic environment. The article studies optimal property insurance in the presence of two sources of variation: equity risk and conversion risk. Equity risk is randomness of the value of a property. It tends to raise demand for conventional insurance. In contrast, conversion risk is randomness in the value the property would have if, after severe damage, it were converted to the highest‐valued use. It is distinct from equity risk because the highest‐valued use is typically not the current one. Under independent conversion risk, the optimum upper limit is a compromise among underlying conversion thresholds. Absent independence, the optimum can be quite different. Conversion risk can raise or lower the demand for property insurance. Insurance contracts that fail to address conversion tend to undermine the orderly disposition of obligations and reduce the gains from reallocation of risks through insurance.