High performance work systems and workplace partnership: a case study of aerospace workers

This article provides case study analysis of the impact of high performance work practices and workplace partnership on skilled workers in the UK's aerospace industry. In contrast to assumptions that such practices increase empowerment and participation we find evidence of a democratic deficit in workplace decision-making and deterioration in the quality of working life.     

PRICES OF SLAVES IN WEST AND WEST-CENTRAL AFRICA: TOWARD AN ANNUAL SERIES, 1698–1807

Currently available price series for slaves during the eighteenth century need to be treated with much caution, and it seems unlikely that large quantities of new evidence will be unearthed. Further progress toward the creation of more reliable price series will thus require new methods of estimation. In this paper, a new price series for slaves at the African coast is calculated using data relating to the number of slaves shipped from the coast by British traders and the value of trade goods bartered for them.     

Progress and success in the development of black-owned franchise units

One path to black entrepreneurship is via the franchise. This article analyzes the basic issues of progress and success in the development of black-owned franchise units, with a focus on the measurement and promotion of such progress and success. Existing measures and promotional efforts are evaluated, and the perspectives of both the franchisor and the franchisee are probed. Secondary sources of data are analyzed, as are a series of in-depth telephone interviews conducted with a sampling of top executives of both large and small franchisor companies and also with a variety of black owners of franchise units. Recommendations and conclusions, for both franchisors and franchisees, are presented.     

On the formation of interaction networks in social coordination games

There are many situations where two interacting individuals can benefit from coordinating their actions. We examine the endogenous choice of partners in such social coordination games and the implications for resulting play. We model the interaction pattern as a network where individuals periodically have the discretion to add or sever links to other players. With such endogenous interaction patterns we see multiple stochastically stable states of play, including some that involve play of equilibria in the coordination game that are neither efficient nor risk-dominant. Thus the endogenous network structure not only has implications for the interaction pattern that emerges, but it also has a significant impact on the play in the coordination game relative to what would arise if the same interaction network were exogenous.     

The expert system: constructing expertise in an IT/management consultancy

Despite widespread uncertainty, if not scepticism, about the precise nature of the expertise that consultants bring to bear in their client engagements, organisations continue to employ consultants in large numbers, especially in information technology-related projects. Drawing on a participant observation study of IT/management consultancy practice, this paper seeks to explore the different ways in which consultants are seen as experts in the light of the pressures of the consultancy market place. The ongoing construction of consultancy expertise through the interaction of consultants and their clients with an array of elements, including technical knowledge, skilled practice, individual and collective experience, and commercial interests is discussed. It is suggested that, rather than being a relatively-enduring property of individuals, based on their mastery of a body abstract knowledge or their skills at managing the perceptions of their clients, the precarious and multi-faceted character of their expertise means that consultants are continuously engaged in its active construction through their situated practice.     

On the Function Coefficient, Euler's Theorem, and Homogeneity in Production Theory

This paper makes three related points useful in teaching first-year graduate production theory. First, the local applicability of the classical function coefficient idea for short-run nonhomogeneous production technologies is shown for returns to scale, satisfaction of second-order and total conditions for profit maximization, and delineation of the economic region of production in factor space. Second, the general applicability of Euler's Theorem results to nonhomogeneous (variable-proportional-return) cases is developed. Lastly, it is shown that short-run, nonhomogeneous production/yield functions are fully consistent with long-run linear homogeneity.     

Time‐varying Hedge Ratios: A Principal‐agent Approach

We use the classic agency model to derive a time‐varying optimal hedge ratio for low‐frequency time‐series data: the type of data used by crop farmers when deciding about production and about their hedging strategy. Rooted in the classic agency framework, the proposed hedge ratio reflects the context of both the crop farmer's decision and the crop farmer's contractual relationships in the marketing channel. An empirical illustration of the Dutch ware potato sector and its futures market in Amsterdam over the period 1971–2003 reveals that the time‐varying optimal hedge ratio decreased from 0.34 in 1971 to 0.24 in 2003. The hedging effectiveness, according to this ratio, is 39%. These estimates conform better with farmers’ interest in using futures contracts for hedging purposes than the much higher estimates obtained when price risk minimisation is the only objective considered.