Using the Stocker Cattle Futures and Options Contracts to Manage Price Risks

Marketing,

How Many Undocumented: The Numbers Behind the U.S.-Mexico Migration Talks

Presents estimates of the undocumented migrant population in the U.S., broken down into the categories that were most relevant to the migration proposals under consideration by the U.S. and Mexican governments, prior to the March 2002 migration talks

New Lows From New Highs: Latino Economic Losses in the Current Recession

Assesses the recession's impact on the Latino population and the likely long-term effects of unemployment on Hispanic communities. Examines recession-related job losses for Hispanics and forecasts their prospects for economic recovery

Do Labor Markets Provide Enough Short Hour Jobs? An Analysis of Work Hours and Work Incentives

This paper examines the role that work incentives play in the determination of work hours. Following previous research by Lang (1989), we use a conventional efficiency wage model to analyze how firms respond to worker preferences regarding wage-hours packages. We find that when workers are homogeneous, the role of worker preferences in determining work hours is similar to the simple neoclassical model of labor supply. For instance, if worker preferences shift in favor of shorter hours, firms will respond by offering jobs entailing shorter hours. When workers have heterogeneous preferences, however, employers will want to use a worker's hours preferences as a signal for the responsiveness of the worker to the work incentives used by the firm, and workers in turn may not reveal their hours preferences. Our key finding in this instance is that the labor market equilibrium may be characterized by a sub-optimal number of short-hour jobs. This shortage of short-hour jobs is likely to be found in high wage labor markets.

"When Knowledge is an Asset: Explaining the Organizational Structure of Large Law Firms"

We study the economics of employment relationships through theoretical and empirical analyses of an unusual set of firms, large law firms. Our point of departure is the "property rights" approach that emphasizes the centrality of ownership's legal rights to control important, nonhuman assets of the enterprise. From this perspective, large law firms are an interesting and potentially important object of study, because the most valuable assets of these firms take the form of knowledge--particularly knowledge of the needs and interests of clients. We argue that the two most distinctive organizational features of large law firms, the use of "up or out" promotion contests and the practice of having winners become residual claimants in the firm, emerge naturally in this setting. In addition to explaining otherwise anomalous features of the up-or-out partnership system, this paper suggests a general framework for analyzing organizations where assets reside in the brains of employees.

Labor in the New Urban Battlegrounds: Local Solidarity in a Global Economy

[Excerpt] Labor in the New Urban Battlegrounds is an energizing, optimistic book. By using the contemporary metropolis as a comparative laboratory to see what contexts and strategies contribute best to labor revitalization, Lowell Turner, Daniel Cornfield, and their collaborators generate a fresh sense of positive possibilities for labor and new insights as to how creative actors can best take advantage of those possibilities. Energizing optimism should not be confused with seeing things through rose-colored glasses. The book fully acknowledges the odds against labor revitalization and the structural obstacles to a more equitable society. Optimism is generated by pairing obstacles with possibilities, often brought to light by another city in which similar obstacles have been overcome with innovative strategies. This book builds on a new tradition of recent analyses of U.S. labor that compellingly contests previous premature obituaries of the labor movement while making a distinctive contribution. Its power is rooted in the comparative metropolis analytical theme and the editors\u27 skill in bringing a diverse baker\u27s dozen of substantive studies to bear on it. The individual chapters are empirically diverse, complementing a gamut of metropolitan areas in the United States with comparative cases from Europe. They employ varied methodological approaches to look at the social infrastructure and strategic choices that underlie urban successes and failures. Many chapters are in-depth case studies of individual cities, while others (e.g., Greer, Byrd, and Fleron; Hauptmeier and Turner) are paired comparisons. Still others (Applegate; Luce; Reynolds) draw their evidence from larger numbers of cities. One (Sellers) employs an ingenious analysis of cross-national data to draw inferences about differences in urban strategic possibilities. The result is much more powerful analytically than it would have been had the editors collected thirteen metropolitan case studies and then tried to figure out their comparative implications. Empirical range and methodological diversity augment the power of the volume, but the overarching focus on comparative metropolitan analysis is what gives the book its distinctive analytical punch. Even though a variety of organizations and social actors populate the stage—campaigns, nongovernmental organizations, individual unions, and ethnic communities—defining the urban area as the stage on which the dramas occur was a critical decision. From this decision flows the book\u27s special contribution to refocusing contemporary labor debates

Extrinsic Rewards and Intrinsic Motives: Standard and Behavioral Approaches to Agency and Labor Markets

Employers structure pay and employment relationships to mitigate agency problems. A large literature in economics documents how the resolution of these problems shapes personnel policies and labor markets. For the most part, the study of agency in employment relationships relies on highly stylized assumptions regarding human motivation, e.g., that employees seek to earn as much money as possible with minimal effort. In this essay, we explore the consequences of introducing behavioral complexity and realism into models of agency within organizations. Specifically, we assess the insights gained by allowing employees to be guided by such motivations as the desire to compare favorably to others, the aspiration to contribute to intrinsically worthwhile goals, and the inclination to reciprocate generosity or exact retribution for perceived wrongs. More provocatively, from the standpoint of standard economics, we also consider the possibility that people are driven, in ways that may be opaque even to themselves, by the desire to earn social esteem or to shape and reinforce identity.agency, motivation, employment relationships, behavioral economics

When Knowledge is an Asset: Explaining the Organizational Structure of Large Law Firms

We study the economics of employment relationships through theoretical and empirical analysis of an unusual set of firms, large law firms. Our point of departure is the "property rights" approach that emphasizes the centrality of ownership's legal rights to control important, non-human assets of the enterprise. From this perspective, large law firms are an interesting and potentially important object of study because the most valuable assets of these firms take the form of knowledge - particularly knowledge of the needs and interests of clients. We argue that the two most distinctive organizational features of large law firms, the use of "up or out" promotion contests and the practice of having winners become residual claimants in the firm, emerge naturally in this setting. In addition to explaining otherwise anomalous features of the up-or-out partnership system, this paper suggests a general framework for analyzing organizations where assets reside in the brains of employees.

Charting Analysis for Commodity Futures

Trying to ascertain what commodity futures\u27 prices are doing and will be doing a-t some time in the future has been the subject of much research and debate for many years. Two distinct factions have emerged from the controversy, the fundamentalists and the technicians. The fundamentalists rely heavily upon supply and demand analysis to determine commodity futures price movements. They try to weigh the mechanisms affecting the supply and demand relationship and determine which relation ship has the stronger force. That is, if the supply level for a commodity is projected to be up slightly (a downward pressure on price) but the export demand level has increased (a positive affect on price) with domestic demand levels relatively constant, what will the price movement in futures contracts for that commodity look like