INTERPERSONAL VARIATION IN FARM WORKERS‘ EARNINGS: ANALYSIS OF WAGES AND EMPLOYMENT ENQUIRY DATA

Most econometric analyses of the agricultural labour market in Britain have been concerned with explaining the general level of agricultural earnings and changes over time. This study complements such analyses by attempting to explain the variation in earnings between workers at any one time. The study uses multiple-regression analysis of cross-sectional data taken from the Wages and Employment Enquiry. Significant explanatory variables are age, grade and occupation of the worker, farm size, overtime hours and region. There is evidence of (a) an age-earnings profile with peak earnings at 45–54 years, (b) grade differentials which do not follow those expected from the official Agricultural Wages Board wages structure, (c) occupational differentials, (d) earnings rising with farm size, (e) the importance of overtime hours. Unexpected results occur with some of the regional coefficients.     

Water-Based Recreational Benefits of Conservation Programs: The Case of Conservation Tillage on U.S. Cropland

Conservation programs are a significant part of farm legislation. The recent farm bill increases funding of conservation programs. One result will likely be the increased adoption of basic environmentally benign farming practices, such as conservation tillage. This would lead to improvements in surface water quality. In this paper, we examine the magnitude of the nonmarket use value benefits of these improvements. The findings indicate that moderate to widespread adoption of practices such as conservation tillage would result in significant nonmarket benefits.     

Evaluating Government Bond Fund Performance with Stochastic Discount Factors

This article shows how to evaluate the performance of managedportfolios using stochastic discount factors (SDFs) from continuous-timeterm structure models. These models imply empirical factorsthat include time averages of the underlying state variables.The approach addresses a performance measurement bias, describedby Goetzmann, Ingersoll, and Ivkovic (2000) and Ferson and Khang(2002), arising because fund managers may trade within the returnmeasurement interval or hold positions in replicable options.The empirical factors contribute explanatory power in factormodel regressions and reduce model pricing errors. We illustratethe approach on US government bond funds during 1986–2000.     

Sustainability at Walmart: Success over the Long Haul

At the core of Walmart's corporate purpose is the principle of “shared value.” The company views its mission as increasing the value of its business by helping to address important social needs. And in this article, Walmart's Senior Director of ESG discusses how the company applies the lens of shared value to three of its most significant ESG priorities: (1) economic opportunity for Walmart associates; (2) the sustainability of its supply chains, with an emphasis on the safety and livelihoods of workers; and (3) climate change, including the reduction of plastic waste. What's more, the company sees itself playing a role in transforming society through its own business practices. In reflecting on her decades of work in sustainability, the author emphasizes the value of and potential for greater stakeholder engagement and alliances of corporations with NGOs (like the World Wildlife and Environmental Defense Funds) that aim to help both lower‐income people and the environment at the same time. But the author's vision is even more ambitious: “In upholding and seeking to maximize its principle of shared value, Walmart aims not only to run a highly efficient all‐channel retail business, but to help bring about large‐scale and lasting improvements to all the social ecosystems whose functioning is part of and critical to that business.”