The structure of middle management remuneration packages: An application to Australian mine managers

This paper investigates the composition of remuneration packages for middle managers and relates the structure of remuneration contracts to firm-specific attributes. A statutorily defined position in a single industry is studied as an example of middle management. This allows us to control for differences in task complexity across managers and industry-induced factors that could determine differences in remuneration contracts. Higher-risk firms are expected to pay their mine managers a greater proportion of variable salaries and market and/or accounting-based compensation than low-risk firms. Results indicate that high-risk firms pay a higher proportion of variable salaries and more compensation based on market and/or accounting performance.

Non-timber values and the optimal forest rotation: An application to the southern forest of Tasmania

The present paper examines the optimal use of a site containing standing timber, taking account of both timber and non-timber values. Using a site in the southern forest of Tasmania for illustrative purposes, it calculates the relationships between age of stand, extent of timber and non-timber values and optimal cutting age. It finds that, for a stand with moderate potential environmental benefits, there is a period of its life during which it is optimal to log. This segment narrows, and eventually disappears, as potential environmental benefits increase.

Chaos Theory as an Approach to Understanding MICE in Time of Crisis

MICE (meetings, incentives, conventions, and exhibitions), has generated high foreign exchange revenue for the economy worldwide. In Thailand, MICE tourists are recognized as ‘quality’ visitors, mainly because of their high-spending potential. Having said that, Thailand’s MICE sector has been influenced by a number of crises following September 11, 2001. Consequently, professionals in the MICE sector must be prepared to deal with such complex phenomena of crisis that might happen in the future. While a number of researches have examined the complexity of crises in the tourism context, there has been little focus on such issues in the MICE sector. As chaos theory provides a particularly good model for crisis situations, it is the aim of this paper to propose a chaos theory-based approach to the understanding of complex and chaotic system of the MICE sector in time of crisis.

Programs as paths: An approach to timing constraint analysis

A program can be decomposed into a set of possible execution paths. These can be described in terms of primitives such as assignments, assumptions and coercions, and composition operators such as sequential composition and nondeterministic choice as well as finitely or infinitely iterated sequential composition. Some of these paths cannot possibly be followed (they are dead or infeasible), and they may or may not terminate. Decomposing programs into paths provides a foundation for analyzing properties of programs. Our motivation is timing constraint analysis of real-time programs, but the same techniques can be applied in other areas such as program testing. In general the set of execution paths for a program is infinite. For timing analysis we would like to decompose a program into a finite set of subpaths that covers all possible execution paths, in the sense that we only have to analyze the subpaths in order to determine suitable timing constraints that cover all execution paths.

Stimulated Raman adiabatic passage from an atomic to a molecular Bose-Einstein condensate

The process of stimulated Raman adiabatic passage (STIRAP) provides a possible route for the generation of a coherent molecular Bose-Einstein condensate (BEC) from an atomic BEC. We analyze this process in a three-dimensional mean-field theory, including atom-atom interactions and nonresonant intermediate levels. We find that the process is feasible, but at larger Rabi frequencies than anticipated from a crude single-mode lossless analysis, due to two-photon dephasing caused by the atomic interactions. We then identify optimal strategies in STIRAP allowing one to maintain high conversion efficiencies with smaller Rabi frequencies and under experimentally less demanding conditions.

Quantum mechanics as an approximation to classical mechanics in Hilbert space

Classical mechanics is formulated in complex Hilbert space with the introduction of a commutative product of operators, an antisymmetric bracket and a quasidensity operator that is not positive definite. These are analogues of the star product, the Moyal bracket, and the Wigner function in the phase space formulation of quantum mechanics. Quantum mechanics is then viewed as a limiting form of classical mechanics, as Planck's constant approaches zero, rather than the other way around. The forms of semiquantum approximations to classical mechanics, analogous to semiclassical approximations to quantum mechanics, are indicated.

An introduction to efficiency and productivity analysis

The second edition of An Introduction to Efficiency and Productivity Analysis is designed to be a general introduction for those who wish to study efficiency and productivity analysis. The book provides an accessible, well-written introduction to the four principal methods involved: econometric estimation of average response models; index numbers, data envelopment analysis (DEA); and stochastic frontier analysis (SFA). For each method, a detailed introduction to the basic concepts is presented, numerical examples are provided, and some of the more important extensions to the basic methods are discussed. Of special interest is the systematic use of detailed empirical applications using real-world data throughout the book. In recent years, there have been a number of excellent advance-level books published on performance measurement. This book, however, is the first systematic survey of performance measurement with the express purpose of introducing the field to a wide audience of students, researchers, and practitioners. Indeed, the 2nd Edition maintains its uniqueness: (1) It is a well-written introduction to the field. (2) It outlines, discusses and compares the four principal methods for efficiency and productivity analysis in a well-motivated presentation. (3) It provides detailed advice on computer programs that can be used to implement these performance measurement methods. The book contains computer instructions and output listings for the SHAZAM, LIMDEP, TFPIP, DEAP and FRONTIER computer programs. More extensive listings of data and computer instruction files are available on the book's website: (www.uq.edu.au/economics/cepa/crob2005).

A state-contingent production approach to principal-agent problems with an application to point-source pollution control

Two basic representations of principal-agent relationships, the 'state-space' and 'parameterized distribution' formulations, have emerged. Although the state-space formulation appears more natural, analytical studies using this formulation have had limited success. This paper develops a state-space formulation of the moral-hazard problem using a general representation of production under uncertainty. A closed-form solution for the agency-cost problem is derived. Comparative-static results are deduced. Next we solve the principal's problem of selecting the optimal output given the agency-cost function. The analysis is applied to the problem of point-source pollution control. (C) 1998 Published by Elsevier Science S.A. All rights reserved.

Applying linear time-varying constraints to econometric models: With an application to demand systems

When linear equality constraints are invariant through time they can be incorporated into estimation by restricted least squares. If, however, the constraints are time-varying, this standard methodology cannot be applied. In this paper we show how to incorporate linear time-varying constraints into the estimation of econometric models. The method involves the augmentation of the observation equation of a state-space model prior to estimation by the Kalman filter. Numerical optimisation routines are used for the estimation. A simple example drawn from demand analysis is used to illustrate the method and its application.