Re-measuring labor's share

Measuring labor's share of an economy's aggregate income seems straightforward, at least in principle. Count up wage and salary income, along with the value of benefits provided to employees, and divide it by total income. However, one fundamental concept of labor's share in macroeconomic theory is not the amount of aggregate income paid out to labor. Rather, it is the share of aggregate production that is attributable to "raw" units of labor. Or, otherwise stated, it is the share of aggregate income that would have been paid to laborers if they had no accumulated stocks of human capital.1 This share corresponds to an aggregate production function parameter: the elasticity of output with respect to physical (i.e. non-augmented or raw) units of labor (Robert Solow, 1957). In this paper we estimate annual raw labor’s share for the US, 1949 to 1996.

Information provision in procurement auctions

We analyze the optimal provision of information in a procurement auction with horizontally differentiated goods. The buyer has private information about her preferred location on the product space and has access to a costless communication device. A seller who pays the entry cost may submit a bid comprising a location and a minimum price. We characterize the optimal information structure and show that the buyer prefers to attract only two bids. Further, additional sellers are inefficient since they reduce total and consumer surplus, gross of entry costs. We show that the buyer will not find it optimal to send public information to all sellers. On the other hand, she may profit from setting a minimum price and that a severe hold-up problem arises if she lacks commitment to set up the rules of the auction ex-ante.

Measuring the benefits of employer investments in training : towards a new economic theory of training. 'Medir los beneficios de las inversiones del empresario en formación : hacia una nueva teoría económica de la formación'.

Resumen basado en el de la publicación

Measuring the local economic impact of universities : an approach that considers uncertainty. 'La medición del impacto económico local de las universidades : un enfoque que considera la incertidumbre'.

Resumen tomado de la publicación

Measuring time.

Investiga la historia de la búsqueda de la precisión en la medición del tiempo por parte del hombre, labor en la que se destacan las figuras de grandes pensadores y científicos como Galileo, Newton y Einstein. Para este fin se utilizaron desde la antigüedad los ciclos lunares y las sombras del Sol y se crearon distintos tipos de relojes de agua, de sol, así como otros dispositivos mecánicos, eléctricos, electrónicos y atómicos. A partir del Renacimiento y de la Revolución Industrial se aceleraron los descubrimientos por la necesidad de aumentar la precisión de los cronómetros, hasta llegar al siglo XX con la teoría de la relatividad de Einstein, la fabricación de relojes atómicos, la exploración espacial y los conceptos de un universo tan vasto que el tiempo adquiere un nuevo significado.

Measuring experiential avoidance and psychological inflexibility : The Spanish version of the Acceptance and Action Questionnaire - II

Resumen tomado de la publicaci??n

Measuring sustained superior performance at the firm level

This paper proposes a two-dimensional Strategic Performance Measure (SPM) to evaluate the achievement of sustained superior performance. This proposal builds primarily on the fact that, under the strategic management perspective, a firm's prevalent objective is the pursuit of sustained superior performance. Three basic conceptual dimensions stem from this objective: relativity, sign dependence, and dynamism. These are the foundations of the SPM, which carries out a separate evaluation of the attained superior performance and of its sustainability over time. In contrast to existing measures of performance, the SPM provides: (i) a dynamic approach by considering the progress or regress in performance over time, and (ii) a cardinal measurement of performance differences and its changes over time. The paper also proposes an axiomatic framework that a measure of strategic performance should comply with to be theoretically and managerially sound. Finally, an empirical illustration of the Spanish banking sector during 1987-1999 is herein provided by discussing some relevant case

A comparative study of two methods of measuring loss of capacity to hear speech

This paper discusses a study to compare two tests of loss of capacity to hear speech.

Perceptual validation of an acoustic metric for measuring vowel production by deaf children

This paper discusses a study to validate the metric developed in the Geers and Moog Cochlear Implant Study at CID to measure the speech production of hearing impaired children.