The rise and fall of piecework–timework wage differentials: market volatility, labor heterogeneity, and output pricing

Based on detailed payroll data of blue collar male and female labor in Britain’s engineering and metal working industrial sectors between the mid-1920s and mid-1960s, we provide empirical evidence in respect of several central themes in the piecework-timework wage literature. The period covers part of the heyday of pieceworking as well as the start of its post-war decline. We show the importance of relative piece rate flexibility during the Great Depression as well as during the build up to WWII and during the war itself. We account for the very significant decline in the differentials after the war. Labor market topics include piecework pay in respect of compensating differentials, labor heterogeneity, and the transaction costs of pricing piecework output.

Revisiting Shiller’s excess volatility hypothesis

One of the cornerstone of financial anomalies is that there exists money making opportunities. Shiller’s excess volatility theory is re-investigated from the perspective of a trading strategy where the present value is computed using a series of simple econometric models to forecast the present value. The results show that the excess volatility may not be exploited given the data available until time t. However, when learning is introduced empirically, the simple trading strategy may offer profits, but which are likely to disappear once transaction costs are considered.

Revisiting Shiller’s excess volatility hypothesis

One of the cornerstone of financial anomalies is that there exists money making opportunities. Shiller’s excess volatility theory is re-investigated from the perspective of a trading strategy where the present value is computed using a series of simple econometric models to forecast the present value. The results show that the excess volatility may not be exploited given the data available until time t. However, when learning is introduced empirically, the simple trading strategy may offer profits, but which are likely to disappear once transaction costs are considered.

Crecimiento, instituciones e hidrocarburos : el proyecto petrolero mexicano en perspectiva histórica comparada (1938-2000)

En este trabajo se analiza la política petrolera mexicana durante el período 1938-2000 y su aportación al crecimiento económico mexicano. La orientación de la producción petrolera permite distinguir dos modelos de gestión de la industria petrolera. El primero de ellos; entre 1938-1976 tuvo por finalidad el aprovisionamiento energético del mercado interior a bajos precios. El segundo a partir de 1976 orientado hacia la exportación y la captura de la renta petrolera internacional. Esta ruptura en la política petrolera asociada constituye un caso interesante en sí mismo porque permite comparar los efectos de dos políticas totalmente opuestas sobre el crecimiento económico y sobre el desempeño de la propia industria petrolera en un país donde el Estado tiene derechos de propiedad exclusivos sobre el sector petrolero. Por ello, se aborda el tema como una problemática institucional que toma en cuenta tanto las características internas de México como la dinámica del mercado petrolero internacional. Se incide en el hecho de que el Estado mexicano ha utilizado a la industria petrolera y; concretamente los recursos que ésta genera no sólo como un instrumento para favorecer el crecimiento económico del país sino también para mantener el control del poder político frente a la élite económica. Así el inmovilismo institucional; la falta de ingresos e inversiones propias y el comportamiento rentista del Estado parecen haber condenado al sector petrolero mexicano al atraso y la ineficiencia. De este modo; se focaliza en las interrelaciones entre las instituciones económicas y políticas como elemento explicativo del por qué la industria petrolera no ha logrado convertirse en un elemento dinamizador del crecimiento económico mexicano en el largo plazo.

From Naples 1963 to Rome 2013 - A brief review of how the International Research Group on Ostracoda (IRGO) developed as a social communication system

The 1st International Symposium on Ostracoda (ISO) was held in Naples (1963). The philosophy behind this symposium and the logical outcome of what is now known as the International Research Group on Ostracoda (IRGO) is here reviewed, namely ostracodology over the last 50 years is sociologically analysed. Three different and important historic moments for the scientific achievements of this domain are recognised. The first one, between about 1963-1983, is related to applied research for the oil industry as well as to the great interest in the better description of the marine environment by both zoologists and palaeontologists. Another important aspect during this period was the work by researchers dealing with Palaeozoic ostracods, who had their own discussion group, IRGPO. Gradually, the merger of this latter group with those dealing with post-Palaeozoic ostracods at various meetings improved communication between the two groups of specialists. A second period was approximately delineated between 1983 and 2003. During this time-slice, more emphasis was addressed to environmental research with topics such as the study of global events and long-term climate change. Ostracodologists profited also from the research "politics" within national and international programmes. Large international research teams emerged using new research methods. During the third period (2003-2013), communication and collaborative research reached a global dimension. Amongst the topics of research we cite the reconstruction of palaeoclimate using transfer functions, the building of large datasets of ostracod distributions for regional and intercontinental studies, and the implementation of actions that should lead to taxonomic harmonisation. Projects within which molecular biological techniques are routinely used, combined with sophisticated morphological information, expanded now in their importance. The documentation of the ostracod description improved through new techniques to visualise morphological details, which stimulated also communication between ostracodologists. Efforts of making available ostracod information through newsletters and electronic media are evoked.

La gestión de las cooperativas agrarias: tipificación de las cooperativas del sector oleico de Cataluña

El següent treball té com a objectiu mostrar la situació de la gestió en el sector de les cooperatives d'oli a Catalunya

Projecte d’una indústria elaboradora d’oli d’oliva al municipi de Ventalló (Alt Empordà)

Construcció d’una indústria elaboradora d’oli d’oliva al municipi de Ventalló, amb l’objectiu de definir les característiques tècniques i econòmiques de la fàbrica, instal• lacions i equipaments necessaris per a desenvolupar l’activitat, concretament: definició de les operacions del procés productiu per l’elaboració de l’oli d’oliva, per obtenir un producte final de característiques organolèptiques que satisfacin el client; dimensionament i definició dels elements i maquinària necessàries ; i establirment del cost de la inversió de la instal• lació de la indústria, la seva viabilitat i la rendibilitat del seu funcionament

Social capital and the equilibrium number of entrepreneurs

Social capital is viewed either as a proprietary asset that serves private interests, including those of entrepreneurs, or as a collective asset that supports trust-based transactions saving on transaction costs both in markets and within the boundaries of firms, and benefiting society as a whole. This paper explains the relative specialization between entrepreneurs and market-governed exchanges as a result of the interaction between social capital that lowers transaction costs, and the scale economies of ability in managerial jobs (Lucas 1978). The main hypothesis formulated in the paper is that higher social capital will benefit the hierarchy relatively more than the market as a governance mechanism, and therefore in economies with higher social capital, the equilibrium number of entrepreneurs will be lower and their average span of control larger than in economies with lower social capital. The empirical evidence, with data from the Spanish Autonomous Communities, is consistent with this prediction.

Pitfalls to Avoid when Measuring Institutions: Is 'Doing Business' Damaging Business?

Over recent years, both governments and international aid organizations have been devoting large amounts of resources to "simplifying" the procedures for setting up and formalizing firms. Many of these actions have focused on reducing the initial costs of setting up the firm, disregarding the more important role of business registers as a source of reliable information for judges, government departments and, above all, other firms. This reliable information is essential for reducing transaction costs in future dealings with all sorts of economic agents, both public and private. The priorities of reform policies should therefore be thoroughly reviewed, stressing the value of the legal institutions rather than trivializing them as is often the case.

A Importância da Motivação para o Sucesso da Organização – O caso da Sociedade Cabo-Verdiana de Tabacos, SA

Este trabalho trata de algumas variáveis inerentes à motivação dos indivíduos no ambiente de trabalho e do incentivo dos colaboradores no processo produtivo, que conduz à resultados positivos. Mediante pesquisa realizada na empresa Sociedade Cabo-Verdiana de Tabacos, SA na região do Mindelo, pretende-se mostrar a importância da criação de um ambiente propício à motivação que gere, consequentemente, inovação nas organizações. Em relação à apresentação dos resultados da pesquisa, optou-se por dar maior ênfase à importância da motivação dos trabalhadores dentro das empresas como fonte de inovação. No entanto, os factos aqui relatados mostram efectivamente a inexistência de um processo motivacional que não incentiva os colaboradores da organização. This article discusses some of the variables inherent in the motivation of individuals in the workplace and encouraging employees in the production process, leading to positive results. Through a research organization in the oil industry in the area of Mindelo is intended to show the importance of creating an environment conducive to motivation that manages hence innovation in organizations. Regarding the presentation of search results, we chose to give greater emphasis to the importance of employee motivation within companies as a source of innovation. However the facts reported here show the lack of an effective motivational process that does not encourage the employees of the organization.

Property as an economic concept: Reconciling legal and economic conceptions of property rights in a Coasean framework

Adopting a simplistic view of Coase (1960), most economic analyses of property rightsdisregard both the key advantage that legal property rights (that is, in rem rights) provide torightholders in terms of enhanced enforcement, and the difficulties they pose to acquirers interms of information asymmetry about legal title. Consequently, these analyses tend to overstatethe role of "private ordering" and disregard the two key elements of property law: first, theessential conflict between property (that is, in rem) enforcement and transaction costs; and,second, the institutional solutions created to overcome it, mainly contractual registries capable ofmaking truly impersonal (that is, asset-based) trade viable when previous relevant transactionson the same assets are not verifiable by judges. This paper fills this gap by reinterpreting bothelements within the Coasean framework and thus redrawing the institutional foundations of bothproperty and corporate contracting.

The role of title insurance under recording and registration

This article outlines a transaction cost theory of title insurance andanalyses the role it plays in countries with recording and registrationof land titles. Title insurance indemnifies real estate right holdersfor losses caused by pre-existing title defects that are unknown whenthe policy is issued. It emerged to complement the errors and omissions insurance of professionals examining title quality. Poor organizationof public records led title insurers in the USA to integrate titleexamination and settlement services. Their residual claimant statusmotivates insurers to screen, cure and avoid title defects. Firmsintroducing title insurance abroad produce little information on titlequality, however. Their policies are instead issued on a casualty basis,complementing and enforcing the professional liability of conveyancers.Future development in markets with land registration is uncertainbecause of adverse selection, competitive reactions from establishedconveyancers and the ability of larger banks to self-insure title risks.

Property titling and conveyancing

This chapter analyzes titling institutions and the regulation of supporting conveyancingservices. After examining the tradeoff of enforcement benefits and consent costs posed byproperty rights, it explains how different public titling systems (privacy, recording andregistration) try to solve this tradeoff, and what the consequences are for the nature andregulation of private conveyancing services. The chapter ends with a discussion of someempirical issues and data which are useful for comparing, designing and managing titlingand conveyancing systems.

Property enforcement as organized consent

This article develops and tests a theory of the institutions that makeproperty rights viable, ensuring their enforcement, mobilizing thecollateral value of assets and promoting growth. In contrast tocontractual rights, property rights are enforced in rem, being affectedonly with the consent of the right holder. This ensures enforcement butis costly when multiple, potentially colliding rights are held in thesame asset. Different institutions reduce the cost of gathering consentsto overcome this trade-off of enforcement benefits for consent costs:recording of deeds with title insurance, registration of rights and evena regimen of purely private transactions. All three provide functionallysimilar services, but their relative performance varies with the numberof transactions, the risk of political opportunism and regulatoryconsistency. The analysis also shows the rationality of allowingcompetition in the preparation and support of private contractswhile requiring territorial monopoly in recording and registrationactivities, this to ensure independence and protect third parties.

Optimal second-degree price discrimination and arbitrage: On the role of asymetric information among buyers

The traditional theory of monopolistic screening tackles individualself-selection but does not address the possibility that buyers couldform a coalition to coordinate their purchases and to reallocate thegoods. In this paper, we design the optimal sale mechanism which takesinto account both individual and coalition incentive compatibilityfocusing on the role of asymmetric information among buyers. We showthat when a coalition of buyers is formed under asymmetric information,the monopolist can do as well as when there is no coalition. Although inthe optimal sale mechanism marginal rates of substitution are notequalized across buyers (hence there exists room for arbitrage), theyfail to realize the gains from arbitrage because of the transaction costsin coalition formation generated by asymmetric information.