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Intermediate microeconomics : A modern approach

01 Jan 2006-
TL;DR: The Varian approach as mentioned in this paper gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation, and is still the most modern presentation of the subject.
Abstract: This best-selling text is still the most modern presentation of the subject. The Varian approach gives students tools they can use on exams, in the rest of their classes, and in their careers after graduation.
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Book ChapterDOI
01 Jan 2012
TL;DR: In this article, the authors discuss the market structures of monopoly and monopolistic competition and show that unlike perfect competition which has many sellers, a monopoly market has just one seller, which is the polar opposite of perfect competition.
Abstract: In this chapter, we discuss the market structures of monopoly and monopolistic competition. Unlike perfect competition which has many sellers, a monopoly market has just one seller. In this sense, it is the polar opposite of perfect competition.

3 citations

Book ChapterDOI
01 Jan 2015
TL;DR: In order to get management to listen and to gain credibility, HR managers would do well to document the added value of HR investments and their impact on firm performance as discussed by the authors, and highlight the contribution of HR practices.
Abstract: In order to get management to listen and to gain credibility, HR managers would do well to document the added value of HR investments and their impact on firm performance. Highlighting the contribution of HR practices requires us to answer two core questions: What is the added value of investing in HR functions and practices? How can the added value created by HR functions and practices be assessed?

3 citations

Journal ArticleDOI
TL;DR: In this paper, a model of student attainment that reflects the distinctive characteristics of the Croatian higher education system is developed, and the results indicate that peer influence and student effort levels have a positive and statistically significant effect on student attainment, along with studying a similar subject in the secondary school and attending a gymnasium before enrolling to a higher education institution.
Abstract: This paper uses an education production function to analyze student attainment in Croatian higher education (HE). A model of student attainment that reflects the distinctive characteristics of the Croatian HE system is developed. The results indicate that peer influence and student effort levels have a positive and statistically significant effect on student attainment, along with studying a similar subject in the secondary school and attending a gymnasium before enrolling to a higher-education institution (HEI). Paying a tuition fee and enrolling in an HEI at a mature age have negative effects on attainment. When more data become available, this model may allow an important comparison of student attainment before and after the implementation of the Bologna process guidelines.

3 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the welfare effects of minimum wage increase in Nigeria using a computable general equilibrium model, which was calibrated using a 2006 Social Accounting Matrix and four sets of scenarios (20, 35, 50 and 140 per cent wage increases), were simulated.
Abstract: Purpose The primary motive of a minimum wage policy is to provide a wage floor for poorly paid workers and improve their welfare. In Nigeria, real minimum wage declined by 60 per cent between 1974 and 2011, thus reducing the welfare of workers. The wage gap between low skilled and high skilled workers have also widened over the years in favour of the latter. There are concerns that the series of minimum wage increase in Nigeria may not be welfare-enhancing. The paper aims to discuss these issues. Design/methodology/approach This study examined the welfare effects of minimum wage increase in Nigeria using a computable general equilibrium model. The model was calibrated using a 2006 Social Accounting Matrix and four sets of scenarios (20, 35, 50 and 140 per cent wage increases), were simulated. Findings The findings show that employers substituted other labour categories for minimum wage workers. This increases the wage rates of other labour. The consumer price index also increased as firms partly pass-on increased labour cost to consumers. Generally, the simulations show that minimum wage policies worsen the welfare of its intended beneficiaries, due to negative impact on prices and employment. Originality/value This study deviates from existing studies on minimum wage in Nigeria, by providing a proper disaggregation of the labour market that represents the Nigerian economy. In this regard, the informal sector was accommodated and the potential impact of the minimum wage on this sector determined. It also adopted the equivalent variation welfare measure which incorporates price and consumption effects in measuring welfare.

3 citations

Journal ArticleDOI
TL;DR: The analysis and design of cyberphysical human systems (CPHSs) would benefit from an understanding of how humans behave, but it is unclear how to formulate appropriate models for human decision makers, especially when operating in closed-loop systems.
Abstract: This century brought interesting challenges and opportunities that derive from the way digital technology is shaping the lives of individuals and society as a whole. A key feature of many engineered systems is that they interact with humans. Rather than solely affecting humans, people often make decisions that affect the engineered system. As an example, when driving cars, people often decide to take a route that differs from that suggested by the navigation system. This information is fed back to the service provider and henceforth used when making route suggestions to other users. The analysis and design of such cyberphysical human systems (CPHSs) would benefit from an understanding of how humans behave. However, given their immense complexity, it is unclear how to formulate appropriate models for human decision makers, especially when operating in closed-loop systems (see "Summary" for an overview of this article).

3 citations