Suppliers of Priors: A Theory of Retailing Inspired by the Market for Chinese Antiquities

Adverse selection may thwart trade between an informed seller, who knows the probability p that an item of antiquity is genuine, and an uninformed buyer, who does not know p. The buyer might not be wholly uninformed, however. Suppose he can perform a simple inspection, a test of his own: the probability that an item passes the test is g if the item is genuine, but only f < g if it is fake. Given that the buyer is no expert, his test may have little power: f may be close to g. Unfortunately, without much power, the buyer's test will not resolve the difficulty of adverse selection; gains from trade may remain unexploited. But now consider a "store", where the seller groups a number of items, perhaps all with the same quality, the same probability p of being genuine. (We show that in equilibrium the seller will choose to group items in this manner.) Now the buyer can conduct his test across a large sample, perhaps all, of a group of items in the seller's store. He can thereby assess the overall quality of these items; he can invert the aggregate of his test results to uncover the underlying p; he can form a "prior". There is thus no longer asymmetric information between seller and buyer: gains from trade can be exploited. This is our theory of retailing: by grouping items together - setting up a store - a seller is able to supply buyers with priors, as well as the items themselves. We show that the weaker the power of the buyer�s test (the closer f is to g), the greater the seller�s profit. So the seller has no incentive to assist the buyer � e.g., by performing her own tests on the items, or by cleaning them to reveal more about their true age. The paper ends with an analysis of which sellers should specialise in which qualities. We show that quality will be low in busy locations and high in expensive locations.

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.

A Comparison of the poverty impact of transfers, taxes and market income across five OECD Countries

This paper compares the poverty reduction impact of income sources, taxes and transfers across five OECD countries. Since the estimation of that impact can depend on the order in which the various income sources are introduced into the analysis, it is done by using the Shapley value. Estimates of the poverty reduction impact are presented in a normalized and un-normalized fashion, in order to take into into account the total as well as the per dollar impacts. The methodology is applied to data from the Luxembourg Income Study (LIS) database.

Enhancing Interns’ Aspirations towards the Labour Market through Skill-Acquisition: The Second Chance Schools Experience

Second Change School programmes are active in a number of European countries. These schools offer vulnerable young adults an alternative opportunity to enhance their employability skills by alternating education with work experience. People enrolling in these programmes disengaged from schools at an early age. They already experienced or are at-risk to enter into unemployment. This paper examines the impact of the Second Chance Schools on their participants’ aspirations towards the labour market through skill-acquisition. We are able to identify the perception of Second Chance Schools’ interns regarding entry to the professional life. A third of them, for example, consider their attitude or their surroundings as a barrier preventing them from getting a job. However, our results emphasise the role of the interns’ coach in improving their aspirations towards the labour market. We also show that when compared to male interns, female interns have a stronger (positive) perception of the school as a place where they can gain skills.

Modeling Dependence Structure and Forecasting Market Risk with Dynamic Asymmetric Copula

We investigate the dynamic and asymmetric dependence structure between equity portfolios from the US and UK. We demonstrate the statistical significance of dynamic asymmetric copula models in modelling and forecasting market risk. First, we construct “high-minus-low" equity portfolios sorted on beta, coskewness, and cokurtosis. We find substantial evidence of dynamic and asymmetric dependence between characteristic-sorted portfolios. Second, we consider a dynamic asymmetric copula model by combining the generalized hyperbolic skewed t copula with the generalized autoregressive score (GAS) model to capture both the multivariate non-normality and the dynamic and asymmetric dependence between equity portfolios. We demonstrate its usefulness by evaluating the forecasting performance of Value-at-Risk and Expected Shortfall for the high-minus-low portfolios. From back-testing, e find consistent and robust evidence that our dynamic asymmetric copula model provides the most accurate forecasts, indicating the importance of incorporating the dynamic and asymmetric dependence structure in risk management.

A new helminth parasite of fish: Spirocamallanus freitasi sp. n. (Nematoda - Camallanidae)

A new species of nematode is described, Spirocamallanus freitasi sp. n. The worms were collected from fishes (Bergiaria westermanni, Pimelodus maculatus and Pimelodus sp.) living in Três Marias Dam (São Francisco River) in the State of Minas Gerais, Brazil. Spirocamallanus freitasi sp. n. differs from Procamallanus iheringi, P. amarali, P. macaensis, P. (Spirocamallanus) pimelodus, P. (S.) solani and P. (S.) pereirai by having digitated larger spicule and from P. cruzi by having not digitated terminal parts of both spicules. It differs also from P. (S.) intermedius by having not larger spicule divided in two undigitated branches and six to nine sclerotized bands in the buccal capsule; P. rarus has three to four sclerotized bands and tridigitated larger branch of longer speicule, differing from S. feitasi sp. n.

A new species of Limnoderetrema (Trematoda, Digenea) from the freshwater Atherinid fish Basilichthys australis Eigenmann, 1927 from the south of Chile

Limnoderetrema tolosai sp. n. (Trematoda, Digenea) within an autochthonous freshwater fish, the silverside Basilichthys autralis Eigenmann, 1927, from Lakes Riñihue and Ranco in Southern Chile is described. The species is distinguished from Limnoderetrema minutum (Manter, 1954) by the presence of one spine in the cirrus and cecal bifurcation nearer to ventral sucker than to pharinx. It is proposed Limnoderetrema macrophallus (Szidat & Nani, 1951) n. comb. (originally Steganoderma). Limnoderetrema tolosai differs from L. macrophallus since it cirrus has a distal spine and by its vitelline follicles distribution. It seems that Limnoderetrema spp. of South America are highly specific unlike L. minutum of New Zealand.

On some family related parasites (Nematoda, Cucullanidae) from the marine fish Paralonchurus brasiliensis (Steindachner, 1875) (Pisces, Ostraciidae)

Dichelyne (Cucullanellus) elongatus (Tornquist, 1931) Petter, 1974 and Cucullanus pulcherrimus Barreto, 1918, from Paralonchurus brasiliensis (Steind., 1875) are redescribed and two specimens of Dichelyne (Cucullanellus) sp. are also reported in this host, despite lack of previously, was again identified in Brazil since its original description and posterior illustration. The present findings represent also a new host record for the referred genera: Dichelyne Jagerskiold, 1902 and Cucullanus Mueller, 1777. D. (C.) elongatus is also referred in Brazil for the first time.

Comparative allometry growth of some marine fish digenetic trematodes

Allometric growth variation was compared for Plagioporus idoneus, Lepocreadium pegorchis, Opecoeloides furcatus, Bacciger israelensis, Aphanurus stossichi and Parahurleytrema trachinoti collected from East Mediterranean fishes. The pharynx, the oral and the ventral sucker diameters always showed a negative allometry. The other parameters tested were variable with the species. We study the effects of some environmental factors: the influence of the host species is analysed in Plagioporus idoneous, wich parasitizes Oblada melanura, Diplodus sargus and D. vulgaris and in Lepocreadium pegorchis, wich parasitizes Pagellus erythrinus, Lithognathus mormyrus and Spicara smaris; the influence of the microhabitat and the intensity of infection is analysed in Bacciger israelensis and Aphanurus stossichi, both parasites of Boops boops. We report significant differences with the host species, for the allometric growth of the testes; the effect of the microhabitat was revealed by the hindbody allometric value; no significant difference was detected in relation with the intensity of infection.

Desciption of Cribomazocraes travassosi n. sp. (Monogenea: Mazocraeidae), a fish parasite from the Atlantic Ocean

Cribomazocraes travassosi n. sp. is described from Harengula clupeola (Cuvier, 1829) from Rio de Janeiro, coast, Brazil. It differs from C. nagibinae, Mamaev, 1981 in the size and shape of opisthohaptor and lappet and in the smaller size of anchors. From C. bychowskyi it also differs in the extension of vittelaria. A key for the species of the genus is presented.

Two new genera of Paramphistomidae (Trematoda, Digenea) from freshwater fish of Rondônia State, Brazil

Two new genera and species of Paramphistomidae (Trematoda, Digenea) are described from freshwater fish of Rondônia State, Brazil. Pronamphistoma cichlasomae gen. et sp. nov. from Cichlasoma severum (Heckel) is characterized as having a small, robust body with an anterior collar-like expansion, diverticula within the wall of the oral sucker and vitellaria in lateral fanshaped configurations. Micramphistoma ministoma gen. et sp. nov. from Hypopomus sp lacks oral diverticula, has anteriorly situated parallel tests and a very small postero-ventral acebtabulum. Neither of the new forms closely resembles any known genus.

Validation of the German version of the Career Adapt-Abilities Scale and its relation to orientations to happiness and work stress

Career adapt-ability has recently gained momentum as a psychosocial construct that not only has much to offer the field of career development, but also contributes to positive coping, adjustment and self-regulation through the four dimensions of concern, control, curiosity and confidence. The positive psychology movement, with concepts such as the orientations to happiness, explores the factors that contribute to human flourishing and optimum functioning. This research has two main contributions; 1) to validate a German version of the Career Adapt-Abilities Scale (CAAS), and 2) to extend the contribution of adapt-abilities to the field of work stress and explore its mediating capacity in the relation between orientations to happiness and work stress. We used a representative sample of the German-speaking Swiss working population including 1204 participants (49.8% women), aged between 26 and 56 (Mage = 42.04). Results indicated that the German version of the CAAS is valid, with overall high levels of model fit suggesting that the conceptual structure of career adapt-ability replicates well in this cultural context. Adapt-abilities showed a negative relationship to work stress, and a positive one with orientations to happiness. The engagement and pleasure scales of orientations to happiness also correlated negatively with work stress. Moreover, career adapt-ability mediates the relationship between orientations to happiness and work stress. In depth analysis of the mediating effect revealed that control is the only significant mediator. Thus control may be acting as a mechanism through which individuals attain their desired life at work subsequently contributing to reduced stress levels.