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Some Evidence On The Relationship Between Performance Related Pay And The Shape Of The Experience-Earnings Profile, Sarah Brown, John G. Sessions
Some Evidence On The Relationship Between Performance Related Pay And The Shape Of The Experience-Earnings Profile, Sarah Brown, John G. Sessions
Economics Seminar Series
We investigate the relationship between the cost of procuring adequate worker effort over time and the shape of workers’ experience-earnings profiles. In particular, we argue that the slope of the profile depends critically upon the degree of ‘equity’ held by workers in their enterprise as measured by the extent of performance related pay (PRP). The implication is that the slope of the profile for PRP workers falls between those of their zero-equity fixed wage, and one hundred per cent equity self-employed, counterparts. Our empirical analysis of three British data sets, namely the British Social Attitudes Survey, the British Household Panel …
Long Memory Versus Structural Breaks In Modeling And Forecasting Realized Volatility, Wei-Choun Yu, Kyongwook Choi, Eric Zivot
Long Memory Versus Structural Breaks In Modeling And Forecasting Realized Volatility, Wei-Choun Yu, Kyongwook Choi, Eric Zivot
Economics Seminar Series
In this paper, we explore the possibilities of structural breaks in the realized volatility with the observed long-memory property for the Deutschemark/Dollar, Yen/Dollar and Yen/Deutschemark spot exchange rate realized volatility. The paper finds the substantial reduction of persistence of realized volatility after removing the breaks. Our VAR-RV-Break model provides the superior predictive ability compared to most of the forecasting models when the future break is known. The VAR-RV-I(d) long memory model, however, is still the best forecasting model even when the true financial volatility series are created by structural breaks with unknown break dates and size.
Major League Duopolists: When Baseball Clubs Play In Two-Team Cities, Phillip Miller
Major League Duopolists: When Baseball Clubs Play In Two-Team Cities, Phillip Miller
Economics Seminar Series
This paper focuses on examining the attendance of MLB teams that play home games in the same metropolitan area – duopoly teams. Comparisons were made between the determinants of attendance for duopoly teams and monopoly teams. While duopoly and monopoly teams share most of the same determinants, the estimated weights on some determinants differ. There is evidence that one duopolist’s attendance is negatively related to the other’s performance. Evidence is therefore provided that fans of one team respond to quality changes in the other team in a city.
An Economic Approach To Allocating River Water To Estuaries In South Africa, Stephen Hosking
An Economic Approach To Allocating River Water To Estuaries In South Africa, Stephen Hosking
Economics Seminar Series
Estuaries are last in line as a recipient of river water and for this reason they are particularly vulnerable to negative environmental impacts due to water scarcity and pollution. They only receive the runoff that has not been abstracted or prevented from reaching rivers. When this runoff is substantially reduced their functionality is undermined and they often become less attractive for recreational use. This paper explores some aspects entailed in efficiently managing the allocation of water to estuaries problem and some associated problems. It is shown that efficient management requires the marginal social costs of the inflows to be brought …