Costly Bargaining and Renegotiation

We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly, even when there are equilibria in which an agreement is reached, we find that the model always has an equilibrium in which agreement is never reached, as well as equilibria in which agreement is delayed for an arbitrary length of time. Finally, the only way in which the parties can reach an agreement in equilibrium is by using inefficient punishments for (some of) the opponent's deviations. We argue that this implies that, when the parties are given the opportunity to renegotiate out of these inefficiencies, the only equilibrium outcome that survives is the one in which agreement is never reached, regardless of the value of the transaction costs.     

The evolution of employee engagement: Towards a social and contextual construct for balancing individual performance and wellbeing dynamically

Research demonstrates that high Employee Engagement (EE) sustains job satisfaction and performance among staff. This literature review analyses the evolution of EE, highlighting the theoretical frameworks used to explain the concept, the measurement scales adopted by researchers and the principal antecedents and outcomes relating to EE that have been progressively considered along the way. Three main findings emerge from the analysis. First, we highlight the social and relational nature of EE, providing a more sociological interpretation of this phenomenon. Second, we underscore the fact that EE is dynamic, and when combined with modern digital technologies, it can be studied through innovative approaches. Third, we discuss how EE could be a fundamental ingredient in shifting towards a human centred approach through which balancing individuals’ wellbeing and performance. We discuss the implications of these findings, highlighting the necessity to rethink EE in relation to the new normal ushered in by Covid-19, and the increasing role of hybrid working.     

Robust fitting of mixtures of GLMs by weighted likelihood

AStA Advances in Statistical Analysis - Finite mixtures of generalized linear models are commonly fitted by maximum likelihood and the EM algorithm. The estimation process and subsequent...