Cost-Saving production technologies and strategic delegation

This work analyzes a managerial delegation model in which firms that produce a differentiated good can choose between two production technologies: a low marginal cost technology and a high marginal cost technology. For the former to be adopted more investment is needed than for the latter. By giving managers of firms an incentive scheme based on a linear combination of profit and sales revenue, we find that Bertrand competition provides a stronger incentive to adopt the cost-saving technology than the strict profit maximization case. However, the results may be reversed under Cournot competition. We show that if the degree of product substitutability is sufficiently low (high), the incentive to adopt the cost-saving technology is larger under strict profit maximization (strategic delegation).

Profit and Cost in "Modern" Post-Marxian Profit Theory: A Case Study from Varian's "Intermediate Microeconomics"

In this paper, I examine the treatment of competitive profit of professor Varian in his textbook on Microeconomics, as a representative of the “modern” post-Marxian view on competitive profit. I show how, on the one hand, Varian defines profit as the surplus of revenues over cost and, thus, as a part of the value of commodities that is not any cost. On the other hand, however, Varian defines profit as a cost, namely, as the opportunity cost of capital, so that, in competitive conditions, the profit or income of capital is determined by the opportunity cost of capital. I argue that this second definition contradicts the first and that it is based on an incoherent conception of opportunity cost.

Profit as Cost versus Profit as Surplus over Cost: A Case Study on Varian's "Intermediate Microeconomics"

On the analysis of Varian’s textbook on Microeconomics, which I take to be a representative of the standard view, I argue that Varian provides two contrary notions of profit, namely, profit as surplus over cost and profit as cost. Varian starts by defining profit as the surplus of revenues over cost and, thus, as the part of the value of commodities that is not any cost; however, he provides a second definition of profit as a cost, namely, as the opportunity cost of capital. I also argue that the definition of competitive profit as the opportunity cost of capital involves a self-contradictory notion of opportunity cost.

Understanding the ex-ante cost of liquidity in the limit order book: A note

This paper estimates a new measure of liquidity costs in a market driven by orders. It represents thecost of simultaneously buying and selling a given amount of shares, and it is given by a single measure of ex-ante liquidity that aggregates all available information in the limit order book for a given number of shares. The cost of liquidity is an increasing function relating bid-ask spreads with the amounts available for trading. This measure completely characterizes the cost of liquidity of any given asset. It does not suffer from the usual ambiguities related to either the bid-ask spread or depth when they are considered separately. On the contrary, with a single measure, we are able to capture all dimensions of liquidity costs on ex-ante basis.

Estudio empírico del endeudamiento, coste de la deuda y rentabilidades de la industria de calzado de La Rioja. Comparación por tamaño y sector

[ES] El presente trabajo tiene por objeto el estudio del nivel de endeudamiento, el coste de la deuda y las rentabilidades de la industria del calzado de la Comunidad Autónoma de La Rioja por sectores y tamaños. De acuerdo con la Economía Industrial, que considera el sector de actividad como el principal determinante de los resultados de las organizaciones, se analiza si las variables estudiadas son distintas en función de su pertenencia al sector del calzado en comparación con el de la industria agroalimentaria, por ser éste el más importante de la economía de la región. Por otro lado, de acuerdo con la Teoría de los Recursos y Capacidades, que considera que son los factores internos los que explican las diferentes rentabilidades, estudiaremos un recurso interno como es el tamaño, viendo su influencia sobre las variables comentadas. Por último, los resultados del estudio conjunto de la pertenencia a un sector de actividad por tamaños homogéneos nos permiten afirmar que el coste de la deuda de las pequeñas empresas es significativamente distinto en función de dicho sector de pertenencia.

Preliminary studies on food and feeding habits of Polypterus endlicheri and Polypterus senegalus in Lake Chad

The food and feeding habits of Polyprerus cncllicheri and Polypterus senegalus was carried out in the months of September to October. The food of 33 Polypierus endlicheri as observed include Tilapia species (89.3%), Eutropius niloticus (28.6%), Mayfly nymph (39.3%), Dragon fly larva (56.6%) fish remains (21.4%) and detritus (7.1%). The food of27 Polypterus senegalus as observed include Tilapia sp (88.4%), Eutropius niloticus (27.9%), may fly nymph (23.3%), Dragonfly nymph (34.9%) remains (21.1%) detritus (23.3%). (9 page document) The percentage occurrence of food item found in the stomach of Polypterus endlieheri is 93.3% while that of Polyprerus senegalus is 67.4%. The dominance of Tilapia sp was establish in the study, and there is no significant difference between the feeding habit of Polypterus endlicheri and Polyprerus senegalus.

The reverse self-dual serial cost-sharing rule

In this study we define a cost sharing rule for cost sharing problems. This rule is related to the serial cost-sharing rule defined by Moulin and Shenker (1992). We give some formulas and axiomatic characterizations for the new rule. The axiomatic characterizations are related to some previous ones provided by Moulin and Shenker (1994) and Albizuri (2010).

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).