Wage Determination And Employment In Traditional Agriculture

Wages in traditional agrarian societies are often observed to be above reservation wages even in the slack season when markets are in a state of excess labour supply. Models of non-cooperative wage setting by landlords which explicitly take account of the costs of supervising hired labour and emphasize worker heterogeneity are developed and analysed. Both symmetric and asymmetric information cases are considered. Conditions are given for the existence of competitive equilibria and their relationship to Nash equilibria. Nash equilibria are shown to be more likely to exist. Nash equilibria exhibit wage dispersion and involuntary unemployment or underemployment with identical workers earning different wage rates.wages; involuntary unemployment; underemployment; supervision costs

Household time allocation – Theoretical and empirical results from Denmark

Using data from a sample of households in 1994 we find that Danish household labour allocation choices are best described by a collective model in which decisions are made cooperatively. Individual preferences are similar but there are important differences due to the differences in educational attainment. Households can be characterized as utilitarian with a sharing rule which depends on household income and is feminist rather than egalitarian. The allocation of tasks within the family depends on both the individuals’ comparative advantage in labour markets and individual preferences for paid work as well as the intra-household distribution of income. These results do not require explicit assumptions about labour supply that are often employed in the household time allocation literature.Household time allocations, unitary and cooperative models, Denmark

Duality Theory And the Consistent Estimation Of Technological Parameters: Why Cost Function Estimation Can Be Wrong

In this article we show that technological parameter estimates obtained by estimating a cost function that is derivable as the dual of a production function can be biased and inconsistent if the stochastic structure of the model arises from certain types of behavioural assumptions made about rational agents. We consider a specific example in which firms are uncertain about prices. We show that when actual prices differ from expected prices and firms have to make decisions on the basis of their expectations, the inherited stochastic specification of the dual system is highly non-linear in the disturbance terms making consistent parameter estimation impossible by conventional methods. This is demonstrated by a Monte Carlo simulation study of two text-book examples using synthetic data. It is also shown that this type of result can arise when the researcher derives the error structure from the assumption that agents make optimization errors.cost functions; duality; estimation

Does graded return to work improve disabled workers’ labor market attachment?

Using Danish register and survey data, we examine the effect of a national graded return-to-work program on the probability of sick-listed workers returning to regular working hours. During program participation, the worker receives the normal hourly wage for the hours worked and sickness benefit for the hours off work. When the worker’s health improves, working hours are increased until the sick-listed worker is able to work regular hours. Taking account of unobserved differences between program participants and non-participants, we find that participation in the program significantly increases the probability of returning to regular working hours.

The Appeal and Reception of the Legend of Saint Eustace in Early Medieval England and Medieval Scandinavia

The Legend of Saint Eustace (BHL 2760) is an unusual saint’s life which was widely circulated in medieval Europe, but has received relatively little scholarly attention beyond its roots in folklore and the sources used in vernacular translations. This is especially the case for its reflexes that can be linked to tenth-century England and medieval Scandinavia. This thesis will examine the transmission and reception of the Legend in early medieval England, focusing on the tenth century, and in medieval Scandinavia, where the West Norse tradition in Norway and Iceland is active between the eleventh and nineteenth centuries. Several relevant reflexes of the tradition will undergo close textual analysis – the Latin base Legend (as extant in Cambridge, Corpus Christi College 9), an Old English translation, a putatively English Latin versification, a Norse skaldic versification and four Norse prose translations. A second, less popular Eustace tradition (represented by BHL 2761 and its versification) will also be examined to provide further context. This analysis will utilise a combination of polysystem theory and skopos theory to ascertain the intended audiences for the various reflexes and the intentions of the redactors in transmitting the Legend. In so doing, this thesis will examine the development of the Eustace tradition and its reception across chronological and geographic areas which, while in some ways distinct, are culturally linked. It will also explore the ways in which the Legend challenged the boundaries of sanctity and genre and interacted with other traditions, especially that of the study of Boethius, and how these aspects affected its reception and popularity in England and Scandinavia. The thesis will be accompanied by an edition and translation of the Latin base text as extant in CCCC 9 and an edition and translation of the potentially English Latin versification, which has no official translation and was last edited in 1881. These will provide valuable material for future researchers of the early medieval Eustace tradition

Intertemporal Changes in the Riskiness of REITs

This study investigates the variability in the risk components of REITs over the 1973-1989 period using the cusum test, the cusum of squares test, and the Quandt's log-likelihood ratio method. Four REIT portfolios were formed: an all-REIT portfolio, an equity REIT portfolio, a hybrid REIT portfolio, and a mortgage REIT portfolio. The two-index model was employed and the results indicated that both the market beta and the interest-rate beta of the portfolios were time-varying. In addition, significant shifts in return-generating regimes over time were detected for all four portfolios.

Framework to capture the value created by urban transit in car dependent cities

This PhD asks the question: Can land and property market value capture fund urban transit in car dependent global cities? This question is firstly addressed by identifying the causes of car dependence and the role of urban transport/land planning and policies. Then the willingness to pay for transit accessibility in cities’ property markets is modelled econometrically and financially, enabling the development of an integrated land use and transit value capture framework to fund transit investment