The probability of sale and price premiums in withdrawn auctioned properties

This paper examines the impact of the auction process of residential properties that whilst unsuccessful at auction sold subsequently. The empirical analysis considers both the probability of sale and the premium of the subsequent sale price over the guide price, reserve and opening bid. The findings highlight that the final achieved sale price is influenced by key price variables revealed both prior to and during the auction itself. Factors such as auction participation, the number of individual bidders and the number of bids are significant in a number of the alternative specifications

A comparison of arbitration procedures for risk averse disputants

We propose an arbitration model framework that generalizes many previous quantitative models of final offer arbitration, conventional arbitration, and some proposed alternatives to them. Our model allows the two disputants to be risk averse and assumes that the issue(s) in dispute can be summarized by a single quantifiable value. We compare the performance of the different arbitration procedures by analyzing the gap between the disputants' equilibrium offers and the width of the contract zone that these offers imply. Our results suggest that final offer arbitration should give results superior to those of conventional arbitration.Natural Sciences & Engineering Research Council (NSERC) Discovery Gran

Evolution of private returns to tertiary education during transition: evidence from Slovenia

This paper analyzes the evolution of private returns to tertiary education during the period of transition from a socialist to a market economy using the personal income tax data of all Slovenian workers employed between 1994 and 2008. We document a rich interplay between supply and demand in the labor markets of high school and university graduates. We show that, in spite of signi cant increases in the labor supply, the demand for university graduates dominated and increased the rates of return in the early period of transition (1994-2001), while in the later period (2001-2008) the opposite was the case. We also provide evidence on considerable heterogeneity in the rates of return between genders, levels, and elds of study, with particularly large (low) returns to the elds that were suppressed (favored) during socialism. These initial di erences in returns have, however, gradually declined

Probleme bei sozialen Experimenten: Lehren aus US-amerikanischen Arbeitsmarktprogrammen

When evaluating a pilot or demonstration program, there are risks from drawing inferences from a single test. This paper reviews the experiences of replication efforts from demonstrations using randomized controlled trials in the initial evaluation and the replications. Although replications of promising programs are primarily gathered to increase sample size, replications are also used to learn if the intervention is successful for other target groups and geographic locations, and to vary some of the intervention's features. In many cases, replications fail to achieve the same success as the original evaluation, and the paper reviews reasons that have been suggested for such failures. The paper reviews what has been learned from replications where random assignment was used in six instances: income maintenance experiments, unemployment insurance bonus experiments, the Center for Employment Training program, job clubs, job search experiments, and the Quantum Opportunity Program. The paper concludes by summarizing lessons learned from the review and areas where more research is needed

Is the lower return to immigrants’ foreign schooling a postarrival problem in Canada?

Published versionUsing the 2006 Canadian Census, this paper investigates the lower return to immigrants’ foreign education credentials after adjusting for their occupational matching in hosting labor markets. We develop two continuous indices that quantify the matching quality of the native-born in both horizontal (fields of study) and vertical (educational degrees) dimensions. This allows us to separate the effects of immigrants’ occupational attainment and their foreign schooling quality on wage earnings by measuring immigrants’ occupational match relative to that of native-born. Our findings indicate that the lack of portability in immigrants’ foreign credentials may not be addressed effectively by post arrival policies as the results show that a significant and persistent poor matching quality for internationally educated immigrants cannot substantiate the lower return to their foreign education credentials