On the influence of market structure in modelling the US copper industry

Many of the contemporary models used to describe the behavior of the mineral industries assume a competitive market i.e. one in which market price is equal to marginal production cost. One such recent model of the worldwide copper industry is the MIDAS-II model developed for the Bureau of Mines [3, 4]. This model is used to project production and prices up through the year 2000. The purpose of this paper is to demonstrate the importance of the assumed market structure in the construction of these forecasts. If the market structure of the US copper industry is assumed to be comprised of a few large firms (an oligopoly), then forecasts based upon exactly the same data base differ significantly from the competitive market assumption.     

Product value matrices help firms to focus their efforts

In management theory a gap seems to exist between consumer buying behaviour and the economic life cycles of products. This gap is the subject of this paper using product value matrices (PVMs). Brought together in this paper are some well-known theories dealing with consumer behaviour, buying behaviour and product life cycles (PLCs), in a manner that provides useful information to all firms. Too often it is found that these theories are elegant in isolation, but provide little help in focusing a company's efforts. Consumer behaviour has been researched for many decades, as has product life cycles, but the link between consumer buying behaviour and economic life cycles of products is mystical, with most chief executive officers (CEOs) believing it occurs like magic. The paper initially develops frameworks describing the economic life cycles of products and consumer buying behaviour. The paper then links the frameworks with the product value matrix and illustrates how they can be used in focusing a firm's efforts.     

Migrant earnings gaps in Gulf Cooperation Council countries: Employers' perceptions or opportunity costs?

This article discusses earnings differentials among skilled Western, Arab and Asian migrants, who constitute most of the private sector labour force in Gulf Cooperation Council (GCC) countries, during the period 2012–14. Using two standard decomposition methodologies, it investigates the view that Westerners are paid premium rates due to the unobserved perceptions of private employers. The results indicate that while one‐third to three‐quarters of real hourly earnings differentials are attributable to differing observed levels of productivity‐related characteristics, the remainder are due to the incorporation of higher opportunity costs for Westerners into the bargaining process. The potential effect of unobserved perceptions is found to be irrelevant to observed earnings differentials.     

Bad Leaders/Misleaders

Although we need the good witness of others to form our best selves, an argument can be made that we need to study the dark side of the equation as well. The understanding and analysis of bad leaders/misleaders is an important component of leadership studies. However, we argue that bad leaders should never be defined as leaders. Leadership aims at the good of its communities, while misleaders do not. Ethics, therefore, is not only essential to the practice of leadership but to the very meaning of the term.     

Estimating operational costs in an electric utility

Generation expansion planning in the electric utility industry requires consideration of uncertainties in both the demand and supply of electric power. The expected demand is usually expressed via a load-duration curve, while, on the supply side, each generating unit has a given nameplate capacity and a predicted reliability. This paper focuses on considerations of the supply-side uncertainties and their effects on estimating operating costs in electric utility planning. However, the methods and analysis developed in this paper may be applicable to a wider class of production planning problems which deal with any nonstorable product with time varying demand. Two methods for estimating the energy generation from each generating unit are compared. The first is the method of probabilistic simulation, while the second involves a heuristic technique usually denoted the derating method. A bias inherent in the derating method is examined by comparing it with a probabilistic simulation method. The bias is examined for various load curve shapes. In certain cases, a closed form expression for the bias is obtained. However, a closed form expression of the bias for an arbitrary load curve is difficult to achieve. In these situations some examples are studied in which the trend of the relative bias among plants in the loading order is examined. Finally, the bias is examined using actual 1977 load and supply data for some New England utilities.