Union Formation and Bargaining Rules in the Labor Market

This paper analyzes union formation in a model of bargaining between a firm and several unions. We address two questions: first, the optimal configuration of unions (their number and size) and, second, the impact of the bargaining pattern (simultaneous or sequential). For workers, grouping into several unions works as a price discrimination device which, at the same time, decreases their market power. The analysis shows that optimal union configuration depends on the rules that regulate the bargaining process (monopoly union, Nash bargaining or right to manage).

Market Power in the Spanish Electricity Auction

Published as an article in: Journal of Regulatory Economics, 2010, vol. 37, issue 1, pages 42-69.

Strategic Behavior and Collusion: An Application to the Spanish Electricity Market

The paper has two major contributions to the theory of repeated games. First, we build a supergame oligopoly model where firms compete in supply functions, we show how collusion sustainability is affected by the presence of a convex cost function, the magnitude of both the slope of demand market, and the number of rivals. Then, we compare the results with those of the traditional Cournot reversion under the same structural characteristics. We find how depending on the number of firms and the slope of the linear demand, collusion sustainability is easier under supply function than under Cournot competition. The conclusions of the models are simulated with data from the Spanish wholesale electricity market to predict lower bounds of the discount factors.

Asset pricing and systematic liquidity risk: an empirical investigation of the Spanish stock market

Systematic liquidity shocks should affect the optimal behavior of agents in financial markets. Indeed, fluctuations in various measures of liquidity are significantly correlated across common stocks. Accordingly, this paper empirically analyzes whether Spanish average returns vary cross-sectionally with betas estimated relative to two competing liquidity risk factors. The first one, proposed by Pastor and Stambaugh (2002), is associated with the strength of volume-related return reversals. Our marketwide liquidity factor is defined as the difference between returns highly sensitive to changes in the relative bid-ask spread and returns with low sensitivities to those changes. Our empirical results show that neither of these proxies for systematic liquidity risk seems to be priced in the Spanish stock market. Further international evidence is deserved.

Optimal Fiscal Policy with Rationing in the Labor Market

Published as an article in: Topics in Macroeconomics, 2005, vol. 5, issue 1, article 17.

Financing And Cooperation For Sustainable Development In The Mediterranean, Sophia Antipolis, France, 3-4 June 2004: Volume II: Technical Report of the Workshop

(263 page document)

Food habits of California Sea Lions (Zalophus californianus) and their impact on Salmonid Fisheries in Monterey Bay, California

In the ocean commercial troll and recreational salmon fishery in Monterey Bay California, California sea lions (Zalophus califomianus) will swim near or follow fishing boats and will depredate fish once hooked. The objectives of the study were to determine the percentage of salmon taken by pinnipeds in commercial and recreational fisheries, identify relative importance of prey items seasonally consumed by sea lions, and determine the proportion of salmonids in the sea lion diet on a seasonal basis. From April 1997 through September 1998, 1041 hours of onboard and dockside surveys of the commercial and recreational salmon fisheries were conducted at the three ports in Monterey Bay, California. Sea lions depreadated 7.9 % of the fish hooked in the commercial fishery in 1997 and 28.6 % in 1998,8.4 % (1997) and 18.3 % (1998) of the CPFV fishery, and 15.6 % (1997) and 17.5 % (1998) of the private skiff fishery. Increased depredation rates in both the commercial and recreational salmon fisheries in 1998 were most likely the result of the large EI Nino Southern Oscillation event that occurred in 1997-1998 during which a greater number of sea lions were present in central California. Prey hardparts identified in sea lion fecal samples collected in Monterey Bay indicated that schooling fishes were the predominant prey fish species, such as market squid (Loligo opalescens), Pacific sardine (Sardinops caeruleus), northern anchovy (Engraulis mordax), and rockfish (Sebastes sp.). Sea lions consumed similar prey species in the summer and fall 1997, winter 1997-98, and spring 1998 (PSI> 70.0) with market squid and northern anchovy being the dominant prey species. However, prey composition changed significantly during the summer 1998 and fall 1998 (PSI < 46.0) because of the increased importance of sardine and rockfish in the diet and the decreased importance of market squid. This report does not intend to imply that salmonids are not a prey species for pinnipeds in the Monterey Bay region, but highlights the difficulties encountered in establishing the role of salmonids in the pinniped diet when analyzing fecal samples. (PDF contains 38 pages).

Las iglesias prefeudales en Alava: cronotipología y articulación espacial

[ES]El artículo constituye un avance de un proyecto de investigación en curso sobre las iglesias alavesas anteriores a los siglos XII-XIII,invisibles hasta la fecha a una metodología tradicionalmente de base analógica y formal. Se efectúa una nueva propuesta de análisis experimentada ya en la catedral de Santa María de Vitoria-Gasteiz y que se articula de la manera siguiente: 1. Lettura veloce de los principales momentos constructivos de los templos seleccionados con el objeto de individualizar estratigráficamente la fase o fases anteriores al periodo «románico». 2. Individualización y registro de las variables técnicas y formales más representativas de esta primera fase constructiva en cada una de las iglesias objeto de estudio. 3. Identificación numérica de las variables seleccionadas. 4. Creación de una tabla analítica que recoja la presencia o ausencia de estas variables en cada uno de los edificios a estudiar. 5. Agrupamiento de los edificios que comparten variables entre sí. 6. Transformación de las asociaciones tecnotipológicas en tablas cronotipológicas, es decir, en indicadores cronológicos. Resultado de todo ello ha sido la individualización de seis grupos de iglesias que se articulan diacrónicamente entre los siglos IX y XII. A modo de conclusión se avanzan, finalmente, algunas consideraciones interpretativas sobre la naturaleza de estos templos de época prefeudal.

Una aproximación a la situación de la mujer en los estudios universitarios de informática

[ES]En los últimos años, la baja participación de la mujer y la tendencia al descenso de los porcentajes de alumnas matriculadas en los estudios universitarios de informática ha sido objeto de estudio para investigadoras/es en Estados Unidos, Europa y otros países. Habiendo constatado también en la Facultad de Informática de San Sebastián (FISS) de la Universidad del País Vasco (UPV/EHU) dicho descenso, nuestro objetivo ha sido recopilar información estadística para determinar si esta tendencia se ha producido también en otras universidades del Estado español. El estudio incluye, en primer lugar,porcentajes de mujeres inscritas en Ingeniería Informática comparados con los porcentajes en el área técnica en su conjunto. Por otra parte, recoge datos del tercer ciclo y porcentajes de profesoras de los departamentos que imparten docencia en la FISS, comparados con los porcentajes en los mismos departamentos en el conjunto del Estado. Por último, se presentan datos de inserción en el mundo laboral para las promociones 1998-2002 de egresadas/os en la UPV/EHU. Los datos revelan los bajos porcentajes de mujeres que se han matriculado en Ingeniería Informática los últimos años y la tendencia al descenso, las diferencias entre distintas universidades,y que apenas hay sesgo de género en los datos de inserción en el mundo laboral.

Aquiculture and Marketing of the Florida Bay Scallop in Crystal River, Florida

The overall goal of this study was to develop a new fishery resource product through open-water aquaculture for the west coast of Florida that would compete as a non-traditional product through market development. Specific objectives were as follows: I. To grow a minimum of 50, 000 juvenile scallops to a minimum market size of40 mm in a cage and float system in the off-shore waters of Crystal River, Florida. 2. To determine the growth rate, survival, and time to market size for the individuals in this system and area to other similar projects like Virginia. 3. To introduce local fishermen and the aquaculture students at Crystal River High School to the hatchery, nursery, and grow-out techniques. 4. To determine the economic and financial characteristics of bay scallop culture in Florida and assess the sensitivity of projected costs and earnings to changes in key technical, managerial, and market related parameters. 5. To determine the market acceptability and necessary marketing strategy for whole bay scallop product in Florida. (PDF has 99 pages)

International trade in live, ornamental "fish" in the US & Florida

The importance of international markets as a source of live, ornamental “fish” supply is growing due to more stringent wild-harvest regulations in Florida. In addition, foreign markets are increasing in importance as a source of demand for Florida purveyors of live, ornamental “fish”. Florida plays an important role in this growing international market. Trends in imports and exports of live, ornamental “fish” are described for two primary data sets: U.S. Customs and U.S. Fish and Wildlife Service. These trends are described primarily for the 1994-98 period for Florida and the United States. Florida imports and exports are described for the two major ports: Miami and Tampa. The most important trading countries are also described. This information will help Florida purveyors of live, ornamental “fish” better understand the international markets upon which they have become more dependent. (PDF has 18 pages)

The Annual Economic Survey of Federal Gulf Shrimp Permit Holders: Report on the Design, Implementation, and Descriptive Results for 2006

This technical memorandum documents the design, implementation, data preparation, and descriptive results for the 2006 Annual Economic Survey of Federal Gulf Shrimp Permit Holders. The data collection was designed by the NOAA Fisheries Southeast Fisheries Science Center Social Science Research Group to track the financial and economic status and performance by vessels holding a federal moratorium permit for harvesting shrimp in the Gulf of Mexico. A two page, self-administered mail survey collected total annual costs broken out into seven categories and auxiliary economic data. In May 2007, 580 vessels were randomly selected, stratified by state, from a preliminary population of 1,709 vessels with federal permits to shrimp in offshore waters of the Gulf of Mexico. The survey was implemented during the rest of 2007. After many reminder and verification phone calls, 509 surveys were deemed complete, for an ineligibility-adjusted response rate of 90.7%. The linking of each individual vessel’s cost data to its revenue data from a different data collection was imperfect, and hence the final number of observations used in the analyses is 484. Based on various measures and tests of validity throughout the technical memorandum, the quality of the data is high. The results are presented in a standardized table format, linking vessel characteristics and operations to simple balance sheet, cash flow, and income statements. In the text, results are discussed for the total fleet, the Gulf shrimp fleet, the active Gulf shrimp fleet, and the inactive Gulf shrimp fleet. Additional results for shrimp vessels grouped by state, by vessel characteristics, by landings volume, and by ownership structure are available in the appendices. The general conclusion of this report is that the financial and economic situation is bleak for the average vessels in most of the categories that were evaluated. With few exceptions, cash flow for the average vessel is positive while the net revenue from operations and the “profit” are negative. With negative net revenue from operations, the economic return for average shrimp vessels is less than zero. Only with the help of government payments does the average owner just about break even. In the short-term, this will discourage any new investments in the industry. The financial situation in 2006, especially if it endures over multiple years, also is economically unsustainable for the average established business. Vessels in the active and inactive Gulf shrimp fleet are, on average, 69 feet long, weigh 105 gross tons, are powered by 505 hp motor(s), and are 23 years old. Three-quarters of the vessels have steel hulls and 59% use a freezer for refrigeration. The average market value of these vessels was $175,149 in 2006, about a hundred-thousand dollars less than the average original purchase price. The outstanding loans averaged $91,955, leading to an average owner equity of $83,194. Based on the sample, 85% of the federally permitted Gulf shrimp fleet was actively shrimping in 2006. Of these 386 active Gulf shrimp vessels, just under half (46%) were owner-operated. On average, these vessels burned 52,931 gallons of fuel, landed 101,268 pounds of shrimp, and received $2.47 per pound of shrimp. Non-shrimp landings added less than 1% to cash flow, indicating that the federal Gulf shrimp fishery is very specialized. The average total cash outflow was $243,415 of which $108,775 was due to fuel expenses alone. The expenses for hired crew and captains were on average $54,866 which indicates the importance of the industry as a source of wage income. The resulting average net cash flow is $16,225 but has a large standard deviation. For the population of active Gulf shrimp vessels we can state with 95% certainty that the average net cash flow was between $9,500 and $23,000 in 2006. The median net cash flow was $11,843. Based on the income statement for active Gulf shrimp vessels, the average fixed costs accounted for just under a quarter of operating expenses (23.1%), labor costs for just over a quarter (25.3%), and the non-labor variable costs for just over half (51.6%). The fuel costs alone accounted for 42.9% of total operating expenses in 2006. It should be noted that the labor cost category in the income statement includes both the actual cash payments to hired labor and an estimate of the opportunity cost of owner-operators’ time spent as captain. The average labor contribution (as captain) of an owner-operator is estimated at about $19,800. The average net revenue from operations is negative $7,429, and is statistically different and less than zero in spite of a large standard deviation. The economic return to Gulf shrimping is negative 4%. Including non-operating activities, foremost an average government payment of $13,662, leads to an average loss before taxes of $907 for the vessel owners. The confidence interval of this value straddles zero, so we cannot reject, with 95% certainty, that the population average is zero. The average inactive Gulf shrimp vessel is generally of a smaller scale than the average active vessel. Inactive vessels are physically smaller, are valued much lower, and are less dependent on loans. Fixed costs account for nearly three quarters of the total operating expenses of $11,926, and only 6% of these vessels have hull insurance. With an average net cash flow of negative $7,537, the inactive Gulf shrimp fleet has a major liquidity problem. On average, net revenue from operations is negative $11,396, which amounts to a negative 15% economic return, and owners lose $9,381 on their vessels before taxes. To sustain such losses and especially to survive the negative cash flow, many of the owners must be subsidizing their shrimp vessels with the help of other income or wealth sources or are drawing down their equity. Active Gulf shrimp vessels in all states but Texas exhibited negative returns. The Alabama and Mississippi fleets have the highest assets (vessel values), on average, yet they generate zero cash flow and negative $32,224 net revenue from operations. Due to their high (loan) leverage ratio the negative 11% economic return is amplified into a negative 21% return on equity. In contrast, for Texas vessels, which actually have the highest leverage ratio among the states, a 1% economic return is amplified into a 13% return on equity. From a financial perspective, the average Florida and Louisiana vessels conform roughly to the overall average of the active Gulf shrimp fleet. It should be noted that these results are averages and hence hide the variation that clearly exists within all fleets and all categories. Although the financial situation for the average vessel is bleak, some vessels are profitable. (PDF contains 101 pages)

Support for Integrated Ecosystem Assessments of NOAA’s National Estuarine Research Reserves System (NERRS), Volume II: Assessment of Ecological Condition and Stressor Impacts in Subtidal Waters of the North Carolina NERRS

A study was conducted to assess the status of ecological condition and potential human-health risks in subtidal estuarine waters throughout the North Carolina National Estuarine Research Reserve System (NERRS) (Currituck Sound, Rachel Carson, Masonboro Island, and Zeke’s Island). Field work was conducted in September 2006 and incorporated multiple indicators of ecosystem condition including measures of water quality (dissolved oxygen, salinity, temperature, pH, nutrients and chlorophyll, suspended solids), sediment quality (granulometry, organic matter content, chemical contaminant concentrations), biological condition (diversity and abundances of benthic fauna, fish contaminant levels and pathologies), and human dimensions (fish-tissue contaminant levels relative to human-health consumption limits, various aesthetic properties). A probabilistic sampling design permitted statistical estimation of the spatial extent of degraded versus non-degraded condition across these estuaries relative to specified threshold levels of the various indicators (where possible). With some exceptions, the status of these reserves appeared to be in relatively good to fair ecological condition overall, with the majority of the area (about 54%) having various water quality, sediment quality, and biological (benthic) condition indicators rated in the healthy to intermediate range of corresponding guideline thresholds. Only three stations, representing 10.5% of the area, had one or more of these indicators rated as poor/degraded in all three categories. While such a conclusion is encouraging from a coastal management perspective, it should be viewed with some caution. For example, although co-occurrences of adverse biological and abiotic environmental conditions were limited, at least one indicator of ecological condition rated in the poor/degraded range was observed over a broader area (35.5%) represented by 11 of the 30 stations sampled. In addition, the fish-tissue contaminant data were not included in these overall spatial estimates; however, the majority of samples (77% of fish that were analyzed, from 79%, of stations where fish were caught) contained inorganic arsenic above the consumption limits for human cancer risks, though most likely derived from natural sources. Similarly, aesthetic indicators are not reflected in these spatial estimates of ecological condition, though there was evidence of noxious odors in sediments at many of the stations. Such symptoms reflect a growing realization that North Carolina estuaries are under multiple pressures from a variety of natural and human influences. These data also suggest that, while the current status of overall ecological condition appears to be good to fair, long-term monitoring is warranted to track potential changes in the future. This study establishes an important baseline of overall ecological condition within NC NERRS that can be used to evaluate any such future changes and to trigger appropriate management actions in this rapidly evolving coastal environment. (PDF contains 76 pages)

Support for Integrated Ecosystem Assessments of NOAA’s National Estuarine Research Reserves System (NERRS), Volume I: The Impacts of Coastal Development on the Ecology and Human Well-being of Tidal Creek Ecosystems of the US Southeast

A study was conducted, in association with the Sapelo Island and North Carolina National Estuarine Research Reserves (NERRs), to evaluate the impacts of coastal development on sentinel habitats (e.g., tidal creek ecosystems), including potential impacts to human health and well-being. Uplands associated with southeastern tidal creeks and the salt marshes they drain are popular locations for building homes, resorts, and recreational facilities because of the high quality of life and mild climate associated with these environments. Tidal creeks form part of the estuarine ecosystem characterized by high biological productivity, great ecological value, complex environmental gradients, and numerous interconnected processes. This research combined a watershed-level study integrating ecological, public health and human dimension attributes with watershed-level land use data. The approach used for this research was based upon a comparative watershed and ecosystem approach that sampled tidal creek networks draining developed watersheds (e.g., suburban, urban, and industrial) as well as undeveloped sites. The primary objective of this work was to clearly define the relationships between coastal development with its concomitant land use changes and non-point source pollution loading and the ecological and human health and well-being status of tidal creek ecosystems. Nineteen tidal creek systems, located along the southeastern United States coast from southern North Carolina to southern Georgia, were sampled during summer (June-August), 2005 and 2006. Within each system, creeks were divided into two primary segments based upon tidal zoning: intertidal (i.e., shallow, narrow headwater sections) and subtidal (i.e., deeper and wider sections), and watersheds were delineated for each segment. In total, we report findings on 24 intertidal and 19 subtidal creeks. Indicators sampled throughout each creek included water quality (e.g., dissolved oxygen concentration, salinity, nutrients, chlorophyll-a levels), sediment quality (e.g., characteristics, contaminants levels including emerging contaminants), pathogen and viral indicators, and abundance and genetic responses of biological resources (e.g., macrobenthic and nektonic communities, shellfish tissue contaminants, oyster microarray responses). For many indicators, the intertidally-dominated or headwater portions of tidal creeks were found to respond differently than the subtidally-dominated or larger and deeper portions of tidal creeks. Study results indicate that the integrity and productivity of headwater tidal creeks were impaired by land use changes and associated non-point source pollution, suggesting these habitats are valuable early warning sentinels of ensuing ecological impacts and potential public health threats. For these headwater creeks, this research has assisted the validation of a previously developed conceptual model for the southeastern US region. This conceptual model identified adverse changes that generally occurred in the physical and chemical environment (e.g., water quality indicators such as indicator bacteria for sewage pollution or sediment chemical contamination) when impervious cover levels in the watershed reach 10-20%. Ecological characteristics responded and were generally impaired when impervious cover levels exceed 20-30%. Estimates of impervious cover levels defining where human uses are impaired are currently being determined, but it appears that shellfish bed closures and the flooding vulnerability of headwater regions become a concern when impervious cover values exceed 10-30%. This information can be used to forecast the impacts of changing land use patterns on tidal creek environmental quality as well as associated human health and well-being. In addition, this study applied tools and technologies that are adaptable, transferable, and repeatable among the high quality NERRS sites as comparable reference entities to other nearby developed coastal watersheds. The findings herein will be of value in addressing local, regional and national needs for understanding multiple stressor (anthropogenic and human impacts) effects upon estuarine ecosystems and response trends in ecosystem condition with changing coastal impacts (i.e., development, climate change). (PDF contaions 88 pages)