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Market Work (market + work)

Distribution by Scientific Domains
Business, Economics, Finance and Accounting75%

Selected Abstracts

WHY DO EUROPEANS WORK SO LITTLE?,

INTERNATIONAL ECONOMIC REVIEW, Issue 1 2009
Conny Olovsson
Market work per person is roughly 10% higher in the United States than in Sweden. However, if we include the work carried out in home production, the total amount of work only differs by 1%. I set up a model and show that differences in policy,mainly taxes,can account for the discrepancy in both labor supply and home production between Sweden and the United States. These results are independent of the elasticity of labor supply. [source]

Making Markets Work: Modeling Agri-food Systems in Transition

CANADIAN JOURNAL OF AGRICULTURAL ECONOMICS, Issue 2 2001
James D. Gaisford
Despite a decade of transition, the agri-food sectors of the former command economies consistently underperform relative to their potential. Underproduction and underinvestment are generally observed. This paper develops a model of bilateral monopoly linkages between firms along an agri-food supply chain. In the absence of competitive market forces and an efficient system of commercial law, deficient production and investment should be expected. If the agri-food sectors of the former command economies are to realize their potential, more resources will have to be devoted to reducing the transaction costs associated with broadening markets and enforcing contracts. Bien que dix années aient passé, le secteur agroalimentaire des anciennes économies dirigées ne cesse d'enregistrer un rendement inférieur à celui auquel on pourrait s'attendre. La sous-production et le sous-investissement sont monnaie courante. Les auteurs proposent un modèle reproduisant le monopole bilatéral qui existe entre les entreprises du circuit d'approvisionnement agroalimentaire. En l'absence de concurrence sur le marché et d'un régime efficace de droit commercial, une production et des investissements insuffisants sont inévitables. Pour que le secteur agroalimentaire des anciennes économies centralisées réalise son potentiel, on devra investir plus de ressources afin de réduire les frais de transaction associés à l'élargissement des marchés et de garantir le respect des contrats. [source]

ON THE PREFERENCES OF PRINCIPALS AND AGENTS

ECONOMIC INQUIRY, Issue 2 2010
MARCO CASTILLO
One of the reasons why market economies are able to thrive is that they exploit the willingness of entrepreneurs to take risks that laborers might prefer to avoid. Markets work because they remunerate good judgment and punish mistakes. Indeed, modern contract theory is based on the assumption that principals are less risk averse than agents. We investigate if the risk preferences of entrepreneurs are different from those of laborers by implementing experiments with a random sample of the population in a fast-growing, small-manufacturing, economic cluster. As assumed by theory, we find that entrepreneurs are more likely to take risks than hired managers. These results are robust to the inclusion of a series of controls. This lends support to the idea that risk preferences is an important determinant of selection into occupations. Finally, our lotteries are good predictors of financial decisions, thus giving support to the external validity of our risk measures and experimental methods (JEL C93, D81, D86). [source]

A zoological perspective on payments for ecosystem services

INTEGRATIVE ZOOLOGY (ELECTRONIC), Issue 2 2007
Jeffrey A. McNEELY
Abstract The concept of payments for ecosystem services is being developed as an important means of providing a more diverse flow of benefits to people living in and around habitats valuable for conservation. The Kyoto Protocol, under the United Nations Framework Convention on Climate Change, includes a Clean Development Mechanism to provide for payments for certain forms of carbon sequestration that may benefit animal species (at least as an incidental benefit). Other market-based approaches for paying for carbon sequestration services outside the Kyoto framework are being promoted in various parts of the world. Another common form of payment for ecosystem services is compensating upstream landowners for managing their land in ways that maintain downstream water quality; this can include habitat management that benefits wild animal species. While biodiversity itself is difficult to value, it can be linked to other markets, such as certification in the case of sustainably-produced forest products. This paper expands on some of the markets for ecosystem services that also benefit wildlife, identifies relevant sources of information, and highlights some of the initiatives linking such markets to poverty alleviation. Making markets work for ecosystem services requires an appropriate policy framework, government support, operational institutional support, and innovation at scales from the site level to the national level. Zoologists have much to contribute to all of these steps. [source]