Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania最新文献
We propose that consumers often make choices that diverge from those of others to ensure that they effectively communicate desired identities. Consistent with this identity-signaling perspective, four studies illustrate that consumers are more likely to diverge from majorities, or members of other social groups, in product domains that are seen as symbolic of identity (e.g., music or hairstyles, rather than backpacks or stereos). In identity domains, participants avoided options preferred by majorities and abandoned preferences shared with majorities. The social group associated with a product influenced choice more in identity domains and when a given product was framed as identity relevant. People diverge, in part, to avoid communicating undesired identities.
{"title":"Where Consumers Diverge from Others: Identity Signaling and Product Domains","authors":"Jonah A. Berger, C. Heath","doi":"10.1086/519142","DOIUrl":"https://doi.org/10.1086/519142","url":null,"abstract":"We propose that consumers often make choices that diverge from those of others to ensure that they effectively communicate desired identities. Consistent with this identity-signaling perspective, four studies illustrate that consumers are more likely to diverge from majorities, or members of other social groups, in product domains that are seen as symbolic of identity (e.g., music or hairstyles, rather than backpacks or stereos). In identity domains, participants avoided options preferred by majorities and abandoned preferences shared with majorities. The social group associated with a product influenced choice more in identity domains and when a given product was framed as identity relevant. People diverge, in part, to avoid communicating undesired identities.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"31 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91229153","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We study a firm in which the marginal productivity of agents' effort increases with the effort of others. We show that the presence of an agent who overestimates his marginal productivity may make all agents better off, including the biased agent himself. This Pareto improvement is obtained even when compensation contracts are set endogenously to maximize firm value. We show that the presence of a leader improves coordination, but self-perception biases can never be Pareto-improving when they affect the leader. Self-perception biases are also shown to affect job assignments within firms and the likelihood and value of mergers.
{"title":"The Positive Effects of Biased Self-Perceptions in Firms","authors":"Simon Gervais, Itay Goldstein","doi":"10.2139/ssrn.963249","DOIUrl":"https://doi.org/10.2139/ssrn.963249","url":null,"abstract":"We study a firm in which the marginal productivity of agents' effort increases with the effort of others. We show that the presence of an agent who overestimates his marginal productivity may make all agents better off, including the biased agent himself. This Pareto improvement is obtained even when compensation contracts are set endogenously to maximize firm value. We show that the presence of a leader improves coordination, but self-perception biases can never be Pareto-improving when they affect the leader. Self-perception biases are also shown to affect job assignments within firms and the likelihood and value of mergers.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"2017 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73665567","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Age based school entry laws force parents and educators to consider an important tradeoff: Though students who are the youngest in their school cohort typically have poorer academic performance, on average, they have slightly higher educational attainment. In this paper we document that for a large cohort of California and Texas natives the school entry laws increased educational attainment of students who enter school early, but also lowered their academic performance while in school. However, we find no evidence that the age at which children enter school effects job market outcomes, such as wages or the probability of employment. This suggests that the net effect on adult labor market outcomes of the increased educational attainment and poorer academic performance is close to zero.
{"title":"Do School Entry Laws Affect Educational Attainment and Labor Market Outcomes?","authors":"Carlos Dobkin, Fernando V. Ferreira","doi":"10.2139/ssrn.1007492","DOIUrl":"https://doi.org/10.2139/ssrn.1007492","url":null,"abstract":"Age based school entry laws force parents and educators to consider an important tradeoff: Though students who are the youngest in their school cohort typically have poorer academic performance, on average, they have slightly higher educational attainment. In this paper we document that for a large cohort of California and Texas natives the school entry laws increased educational attainment of students who enter school early, but also lowered their academic performance while in school. However, we find no evidence that the age at which children enter school effects job market outcomes, such as wages or the probability of employment. This suggests that the net effect on adult labor market outcomes of the increased educational attainment and poorer academic performance is close to zero.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"56 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83411994","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Organizational design affects performance via coupled search processes. At low frequency, managers search for appropriate organizational designs. At higher frequency, managers use designs to search for high-performing operational choices. The two searches are coupled: organizational design molds the choice among operational alternatives, and performance feedback from operational choices shapes design. Our simulation model shows how coupled search processes can dramatically obscure the true impact of design on performance, confounding empirical research. We identify research strategies for tackling this difficulty; discuss population-level advantages of coupled search processes; and highlight implications for analogous coupled search processes that shape networks, cognition, and capabilities.
{"title":"Coupled Search Processes: Why is it so Difficult to Find that Organizational Design Matters?","authors":"Nicolaj Siggelkow, Jan W. Rivkin","doi":"10.2139/ssrn.1001704","DOIUrl":"https://doi.org/10.2139/ssrn.1001704","url":null,"abstract":"Organizational design affects performance via coupled search processes. At low frequency, managers search for appropriate organizational designs. At higher frequency, managers use designs to search for high-performing operational choices. The two searches are coupled: organizational design molds the choice among operational alternatives, and performance feedback from operational choices shapes design. Our simulation model shows how coupled search processes can dramatically obscure the true impact of design on performance, confounding empirical research. We identify research strategies for tackling this difficulty; discuss population-level advantages of coupled search processes; and highlight implications for analogous coupled search processes that shape networks, cognition, and capabilities.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88955171","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
U.S. insurers are heavily dependent on global reinsurance markets to enable them to provide adequate primary market insurance coverage. This paper reviews the response of the world's reinsurance industry to recent mega-catastrophes and provides recommendations for regulatory reforms that would improve the efficiency of reinsurance markets. The paper also considers the supply of insurance and reinsurance for terrorism and makes recommendations for joint public-private responses to insuring terrorism losses. The analysis shows that reinsurance markets responded efficiently to recent catastrophe losses and that substantial amounts of new capital enter the reinsurance industry very quickly following major catastrophic events. Considerable progress has been made in improving risk and exposure management, capital allocation, and rate of return targeting. Insurance price regulation for catastrophe-prone lines of business is a major source of inefficiency in insurance and reinsurance markets. Deregulation of insurance prices would improve the efficiency of insurance markets, enabling markets to deal more effectively with mega-catastrophes. The current inadequacy of the private terrorism reinsurance market suggests that the federal government may need to remain involved in this market, at least for the next several years.
{"title":"Reinsurance for Natural and Man-Made Catastrophes in the United States: Current State of the Market and Regulatory Reforms","authors":"J. Cummins","doi":"10.2139/ssrn.997928","DOIUrl":"https://doi.org/10.2139/ssrn.997928","url":null,"abstract":"U.S. insurers are heavily dependent on global reinsurance markets to enable them to provide adequate primary market insurance coverage. This paper reviews the response of the world's reinsurance industry to recent mega-catastrophes and provides recommendations for regulatory reforms that would improve the efficiency of reinsurance markets. The paper also considers the supply of insurance and reinsurance for terrorism and makes recommendations for joint public-private responses to insuring terrorism losses. The analysis shows that reinsurance markets responded efficiently to recent catastrophe losses and that substantial amounts of new capital enter the reinsurance industry very quickly following major catastrophic events. Considerable progress has been made in improving risk and exposure management, capital allocation, and rate of return targeting. Insurance price regulation for catastrophe-prone lines of business is a major source of inefficiency in insurance and reinsurance markets. Deregulation of insurance prices would improve the efficiency of insurance markets, enabling markets to deal more effectively with mega-catastrophes. The current inadequacy of the private terrorism reinsurance market suggests that the federal government may need to remain involved in this market, at least for the next several years.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"46 4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2007-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89182400","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The Neyman-Pearson theory of hypothesis testing, with the Type I error rate, α, as the significance level, is widely regarded as statistical testing orthodoxy. Fisher’s model of significance testing, where the evidential p value denotes the level of significance, nevertheless dominates statistical testing practice. This paradox has occurred because these two incompatible theories of classical statistical testing have been anonymously mixed together, creating the false impression of a single, coherent model of statistical inference. We show that this hybrid approach to testing, with its misleading p
{"title":"Why We Don't Really Know What Statistical Significance Means: A Major Educational Failure","authors":"J. Armstrong, R. Hubbard","doi":"10.2139/ssrn.1154386","DOIUrl":"https://doi.org/10.2139/ssrn.1154386","url":null,"abstract":"The Neyman-Pearson theory of hypothesis testing, with the Type I error rate, α, as the significance level, is widely regarded as statistical testing orthodoxy. Fisher’s model of significance testing, where the evidential p value denotes the level of significance, nevertheless dominates statistical testing practice. This paradox has occurred because these two incompatible theories of classical statistical testing have been anonymously mixed together, creating the false impression of a single, coherent model of statistical inference. We show that this hybrid approach to testing, with its misleading p","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"108 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87878082","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We model tipping as a game-theoretic phenomenon and investigate the connection between supermodular games, tipping of equilibria and cascading, and apply the results to issues that arise in the context of homeland security and computer security. We show that tipping and cascading can occur in supermodular games and that "increasing differences"is a sufficient condition for tipping. Supermodularity and tipping of equilibria are closely related. We relate our results to Schelling%u2019s early work on tipping.
{"title":"Supermodularity and Tipping","authors":"G. Heal, H. Kunreuther","doi":"10.3386/W12281","DOIUrl":"https://doi.org/10.3386/W12281","url":null,"abstract":"We model tipping as a game-theoretic phenomenon and investigate the connection between supermodular games, tipping of equilibria and cascading, and apply the results to issues that arise in the context of homeland security and computer security. We show that tipping and cascading can occur in supermodular games and that \"increasing differences\"is a sufficient condition for tipping. Supermodularity and tipping of equilibria are closely related. We relate our results to Schelling%u2019s early work on tipping.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72997714","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An employee´s attachment to their employer is one of the central topics across the social sciences. We examine an important aspect of attachment, job search, in the context of executive jobs using a unique data set from a prominent executive search firm that identifies whether executives have declined or pursued offers of employment at other companies. This measure offers an improvement over previous studies on attachment, which rely on actual turnover and, as such, are confounded by opportunities in the labor market.
{"title":"Executive Loyalty and Employer Attributes","authors":"Monika Hamori, P. Cappelli","doi":"10.2139/ssrn.1011202","DOIUrl":"https://doi.org/10.2139/ssrn.1011202","url":null,"abstract":"An employee´s attachment to their employer is one of the central topics across the social sciences. We examine an important aspect of attachment, job search, in the context of executive jobs using a unique data set from a prominent executive search firm that identifies whether executives have declined or pursued offers of employment at other companies. This measure offers an improvement over previous studies on attachment, which rely on actual turnover and, as such, are confounded by opportunities in the labor market.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2006-02-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84715298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2004-12-01DOI: 10.1007/S10679-006-9008-5
Franklin Allen, Lubomir P. Litov, J. Mei
{"title":"Large Investors, Price Manipulation, and Limits to Arbitrage: An Anatomy of Market Corners","authors":"Franklin Allen, Lubomir P. Litov, J. Mei","doi":"10.1007/S10679-006-9008-5","DOIUrl":"https://doi.org/10.1007/S10679-006-9008-5","url":null,"abstract":"","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84308950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper proposes a consumption-based model that can account for many features of the nominal term structure of interest rates. The driving force behind the model is a time-varying price of risk generated by external habit. Nominal bonds depend on past consumption growth through habit and on expected inflation. When calibrated data on consumption, inflation, and the average level of bond yields, the model produces realistic volatility of bond yields and can explain key aspects of the expectations puzzle documented by Campbell and Shiller (1991) and Fama and Bliss (1987). When Actual consumption and inflation data are fed into the model, the model is shown to account for many of the short and long-run fluctuations in the short-term interest rate and the yield spread. At the same time, the model captures the high equity premium and excess stock market volatility.
{"title":"A Consumption-Based Model of the Term Structure of Interest Rates","authors":"Jessica A. Wachter","doi":"10.2139/ssrn.587952","DOIUrl":"https://doi.org/10.2139/ssrn.587952","url":null,"abstract":"This paper proposes a consumption-based model that can account for many features of the nominal term structure of interest rates. The driving force behind the model is a time-varying price of risk generated by external habit. Nominal bonds depend on past consumption growth through habit and on expected inflation. When calibrated data on consumption, inflation, and the average level of bond yields, the model produces realistic volatility of bond yields and can explain key aspects of the expectations puzzle documented by Campbell and Shiller (1991) and Fama and Bliss (1987). When Actual consumption and inflation data are fed into the model, the model is shown to account for many of the short and long-run fluctuations in the short-term interest rate and the yield spread. At the same time, the model captures the high equity premium and excess stock market volatility.","PeriodicalId":80976,"journal":{"name":"Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania","volume":"77 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2004-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83749944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Comparative labor law journal : a publication of the U.S. National Branch of the International Society for Labor Law and Social Security [and] the Wharton School, and the Law School of the University of Pennsylvania
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