How do sudden large losses in wealth affect labor force participation?

The authors assess whether the sudden large losses in household wealth due to recent declines in stock and home values have significantly affected the U.S. labor market. They find that the overall labor force participation rate would be 0.7 percentage points lower were it not for the declines in the values of stocks and houses over the 2006–10 period.Labor mobility ; Wealth ; Labor market ; Households

What a performance: performance related pay in the public services.

Linking pay to performance is something employers increasingly seek to achieve. This was once seen as an objective which could only be met in the private sector. That is no longer true. In the 1990s the British public services have experienced a revolution which has attracted the interest and concern of public service managers and unions around the world. The days when government officials marched in step up incremental pay scales are gone. Virtually all civil servants are now subject to new forms of performance management, or performance pay. This approach now extends to many other areas of the public services. But are these new systems of financial reward as effective as their creators had hoped? This is one of the questions which prompted the substantial programme of research carried out by David Marsden and Stephen French under the auspices of the Industrial Relations programme of the Centre for Economic Performance (with financial assistance from the Anglo-German Foundation). It is the most extensive study of its kind, looking at performance pay systems in the Inland Revenue and the Employment Service; within the NHS; and in the teaching profession.

Expert system verification and validation study. ES V/V guidelines/workshop conference summary

The intent of the workshop was to start moving research on the verification and validation (V&V) of knowledge based systems (KBSs) in the direction of providing tangible 'products' that a KBS developer could use. In the near term research will focus on identifying the kinds of experiences encountered during KBS development of 'real' KBSs. These will be stored in a repository and will serve as the foundation for the rest of the activities described here. One specific approach to be pursued is 'benchmarking'. With this approach, a KBS developer can use either 'canned' KBSs with seeded errors or existing KBSs with known errors to evaluate a given tool's ability to satisfactorily identify errors

Does Performance Pay De-Motivate, and Does It Matter?

The sheer scale and speed of the shift of payment system from time-based salaries to performance-related pay, PRP, in the British public services provides a unique opportunity to test the effects of incentive pay schemes. This study is based on the first large scale survey designed to measure the effects of performance related pay on a) employee motivation and work behaviour across the British public services; and b) workplace performance. The latter uses an index of organisational performance based on line-manager judgements. While there is evidence of a clear incentive effect for those gaining above average PRP, it is likely that it is offset by a more widespread de-motivating effect arising from difficulties of measuring and evaluating performance fairly. These motivational outcomes are found to affect workplace performance. Organisational commitment appears to offset some of the negative effects of PRP. In contrast to the many studies of top executives, sales and sports personnel, our study examines PRP for large numbers of ordinary employees.performance-related-pay, incentives, performance measurement, organisational commitment, public sector.

Which outcome expectancies are important in determining young adults intentions to use condoms with casual sexual partners?: A cross-sectional study

Background: The prevalence of unwanted pregnancy and sexually transmitted infection amongst young adults represents an important public health problem in the UK. Individuals attitude towards the use of condoms has been identified as an important determinant of behavioural intentions and action. The Theory of Planned Behaviour has been widely used to explain and predict health behaviour. This posits that the degree to which an individual positively or negatively values a behaviour (termed direct attitude) is based upon consideration of the likelihood of a number of outcomes occurring (outcome expectancy) weighted by the perceived desirability of those outcomes (outcome evaluation). Outcome expectancy and outcome evaluation when multiplied form indirect attitude. The study aimed to assess whether positive outcome expectancies of unprotected sex were more important for young adults with lower safe sex intentions, than those with safer sex intentions, and to isolate optimal outcomes for targeting through health promotion campaigns. Methods: A cross-sectional survey design was used. Data was collected from 1051 school and university students aged 16-24 years. Measures of intention, direct attitude and indirect attitude were taken. Participants were asked to select outcome expectancies which were most important in determining whether they would use condoms with casual sexual partners. Results: People with lower safe sex intentions were more likely than those with safer sex intentions to select all positive outcome expectancies for unprotected sex as salient, and less likely to select all negative outcome expectancies as salient. Outcome expectancies for which the greatest proportion of participants in the less safe sex group held an unfavourable position were: showing that I am a caring person, making sexual experiences less enjoyable, and protecting against pregnancy. Conclusions: The findings point to ways in which the attitudes of those with less safe sex intentions could be altered in order to motivate positive behavioural change. They suggest that it would be advantageous to highlight the potential for condom use to demonstrate a caring attitude, to challenge the potential for protected sex to reduce sexual pleasure, and to target young adults risk appraisals for pregnancy as a consequence of unprotected sex with casual sexual partners

Molecular Gas during the Post-Starburst Phase: Low Gas Fractions in Green Valley Seyfert Post-Starburst Galaxies

Post-starbursts (PSBs) are candidate for rapidly transitioning from star-bursting to quiescent galaxies. We study the molecular gas evolution of PSBs at z ~ 0.03 - 0.2. We undertook new CO (2-1) observations of 22 Seyfert PSBs candidates using the ARO Submillimeter Telescope. This sample complements previous samples of PSBs by including green valley PSBs with Seyfert-like emission, allowing us to analyze for the first time the molecular gas properties of 116 PSBs with a variety of AGN properties. The distribution of molecular gas to stellar mass fractions in PSBs is significantly different than normal star-forming galaxies in the COLD GASS survey. The combined samples of PSBs with Seyfert-like emission line ratios have a gas fraction distribution which is even more significantly different and is broader (~ 0.03-0.3). Most of them have lower gas fractions than normal star-forming galaxies. We find a highly significant correlation between the WISE 12 micron to 4.6 micron flux ratios and molecular gas fractions in both PSBs and normal galaxies. We detect molecular gas in 27% of our Seyfert PSBs. Taking into account the upper limits, the mean and the dispersion of the distribution of the gas fraction in our Seyfert PSB sample are much smaller (mean = 0.025, std dev. = 0.018) than previous samples of Seyfert PSBs or PSBs in general (mean ~ 0.1 - 0.2, std dev. ~ 0.1 - 0.2).Comment: 17 pages, 12 figures accepted in MNRA

Consumption and the Great Recession

We document some key facts about aggregate consumption and its subcomponents over time. We then document the behavior of some important determinants of consumption, such as consumers’ expectations about their future income, and changes in the consumers’ wealth positions. Finally, we use a simple permanent income model to show that the observed drop in consumption during the Great Recession can be explained by the observed drops in wealth and income expectations.

Is there still an investment overhang, and if so, should we worry about it?

Investments