Social Security and Old Age Unemployment Risk with Efficient Wage Bargaining

I analyze a life‐cycle economy with old age productivity risk where wages, employment, and severance payments are set through efficient bargaining between risk averse unions and risk neutral firms. Allocations with limited union membership are second‐best inefficient as they generate too little labor supply in young age, too much consumption before retirement, too little employment of older workers (early retirement), and too little insurance against old age unemployment. Providing public transfers to early retirees (disability benefits or early pensions) might help to increase the degree of risk sharing at the cost of lower old age employment. Depending on whether absolute risk aversion is increasing or decreasing in consumption, these policies might or might not produce efficiency gains at equilibrium.     

乳化炸药在深水区爆破应用研究与经济分析

在深水高压区,采用乳化炸药爆破法一次性拆除碾压混凝土围堰尚无先例。本文论述了乳化炸药水下爆破性能以及起爆网络设计、生产性试验等技术,并对经济效益进行了评估。     

INVESTMENT BEHAVIOUR,CORPORATE CONTROL,AND PRIVATE BENEFITS OF CONTROL: EVIDENCE FROM A SURVEY OF UKRAINIAN FIRMS

We analyse the impact of ownership and corporate control on firms’ investment using the 2001 survey of Yacoub et al. on Ukrainian firms. The model explains investment by output, financial and soft budget constraints, and corporate control (and ownership) categories potentially enjoying private benefits of control. We find that the corporate control model fits better than the ownership model, a negative relationship between state and employee control and firms’ investment, and evidence for the presence of soft budget constraints. A negative relationship between firms’ investment and the relative size of non‐monetary transactions strengthens the conclusion of private benefits of control impacting investment.     

One size may not fit all: Welfare benefits and cost reductions with optional differentiated household electricity rates

We consider optional time-of-use (TOU) pricing for residential consumers, offered by a publicly regulated electricity supplier, as an alternative to a single TOU or flat rate structure. An equilibrium model explores and quantifies the effects of such pricing on welfare, consumption, and production costs. The supplier offers to each household a menu of possible rate structures obtained by maximizing a collective welfare function subject to three restrictions: Pareto efficiency, incentive compatibility, sufficiency of supplier revenue to cover costs. Simulations based on realistic calibration of the model demonstrate that optional pricing can increase overall consumer welfare and reduce average cost.     

Can investors of Chinese energy stocks benefit from diversification into commodity futures?

We attempt to evaluate the diversification potential of commodity futures for energy stocks in China. With a variety of copula functions and three risk-based dynamic measures, our results show that even though commodity futures are not helpful in improving the risk-adjusted returns of energy stocks, they can significantly reduce the volatilities and expected-shortfalls of the diversified portfolios. Such diversification benefits are much larger during large market downturns than during normal times. In particular, gold (copper) futures are the most (least) attractive in diversifying risks of energy stocks in most cases. The results also highlight that the non-linear dependence cannot be ignored when estimating the diversification benefits, and more various risk hedging strategies are expected for investors holding energy stocks, especially coal company stocks.     

AN ANALYSIS OF THE WELFARE CUTS IN THE COMPREHENSIVE SPENDING REVIEW AND THE BUDGET 2010

In the Comprehensive Spending Review and in the Budget 2010, the Liberal–Conservative coalition has announced cost‐cutting measures in the benefit system. Some of these measures can be interpreted as ‘random cuts’, where the given scope and structure of a spending programme is retained, while bits and pieces are chopped off here and there. Others can be interpreted as more strategic measures, or reconsiderations of the proper role of government in the respective area. However, where the coalition has pursued a more strategic approach, it has not followed it through consistently. The coalition's consolidation strategy relies too much on temporary caps and freezes, which will eventually expire and give way to renewed spending pressures.     

Music festival motivation in China: free the mind

This paper explores the extent to which music festival attendance is ‘universally’ motivated or determined by the Chinese cultural and socio-political context. A novel qualitative approach was employed comprising observation of social media conversations and ‘chat room’ interviews with members of a festival online community. Seven motivators were identified, some similar to those in Western studies but others more specific to festival-goers in Mainland China. The culturally specific motivators were identified as ‘spiritual escape’ and ‘spiritual pursuit’ and the universal motivators as ‘togetherness’, ‘love of the music’, ‘novel experience’, ‘music sharing’ and ‘educational enrichment’. This paper focuses on the two culturally embedded motivators only. The implications of the study are that, although, growing, there are still very few music festivals featuring ‘pop’ or ‘western’ style music and these few are relatively new to Chinese people. Their attendance at them is, therefore, motivated differently to attendees at similar festivals in western countries. These motivating factors are mediated by the particular social, political and cultural factors at work in this complex country. The findings indicate that although many of the motivational factors for attending a music festival appear to be universal, there are clearly factors which are culturally bound and therefore unique to the cultural context. These differences appear to be created by the social constraints, rapidly changing economy and the many contradictions inherent in modern Mainland China. These conditions create a greater contrast between everyday life in Mainland China and the liminal hedonistic space provided by the festival. Further research is needed to validate theses initial findings within China and to explore how rock music festival motivations differ in other non-western cultures.     

From ‘just a swimmer’ to a ‘swimming mother’: women’s embodied experiences of recreational aquatic activity with pre-school children

Increased academic attention on the gendering of leisure pastimes in recent years has highlighted the centrality of the gendered body in influencing how leisure is accessed, experienced and transformed. To date, however, little attention has been paid to how women experience aquatic leisure activity, the second most popular form of leisure activity in the UK, and where female participation predominates. This paper presents results from research investigating the aquatic leisure experiences of 22 women, with children aged under 3, in the North-East of England. A number of key themes emerged from the data, which highlighted the centrality of the gendered, lived body as a key social construct contouring participant perceptions in the swimming pool environment. Women reflected upon their self-perceived physical deficiencies when wearing revealing swimming costumes, particularly under the critical gaze of ‘other’ bodies, whether present or imagined. The co-presence of other bodies was also central in shaping lived experiences, and the presence of ‘dependent’ children’s bodies shifted bodily intentionality away from the self towards perceived maternal responsibilities and the management of perceived risks, including ‘dirt’ and ‘germs’ and the negotiation of the tacit rules of the swimming pool. Results also suggest that the emphasis on maternal responsibility in aquatic leisure activity and timing of parent-toddler sessions could lead to reproduction of gender inequalities and the exclusion of some fathers from participation.     

Inked: historic African-American beach site as collective memory and group ‘Third Place’ sociability on Martha’s Vineyard

Using data gained from ethnographic research and interviews, this article examines ‘third place’ sociability in the social interactions of the Polar Bears of Martha’s Vineyard, a group of predominantly but not exclusively middle-aged and senior African-American men and women who swim, exercise and socialise together each morning at ‘the Inkwell’ beach. Using Georg Simmel’s concept of sociability and Ray Oldenburg’s third-place theoretical framework, this study explores the key role of the Monday communal breakfast and the function of conversation in establishing bonds between individuals. It further investigates the promotion of strong feelings of social connectedness, belonging, social support, social capital gains and community among its group members. The ongoing sociability and informal rules of the Polar Bears of Martha’s Vineyard has enabled it to become a model group demonstration of third-place community building. The importance of race, class and place is socio-historically investigated within the broader social context of the popular racialised section of the beach, ‘the Inkwell’, of African-American community life, and within the sub-community milieu of group social interaction.