This article analyses the offshore services industry using the global value chain approach. This industry has grown at a rapid pace over the last decade, driven principally by the search of businesses to reduce costs by unbundling and offshoring corporate services. This paper explores how...

Sleep is a source of energy. This energy is available in limited quantity and individuals must decide when it should be renewed and when it should be consumed. The economics of sleeping and the economics of resource extraction are one and the same. More specifically, utility maximization with...

Labour demand and wages depend on the state and volatility of relationships within firms. Good relationships lower profit-maximising wages and raise firms’ profits and hence constitute an asset to the firm. Wages are lower because when people enjoy collaborating in the absence of wage...

High-tenure workers who lose their jobs experience a large and prolonged fall in wages and earnings. The aim of this paper is to understand and quantify the forces behind this empirical regularity. We propose a structural model of the labor market with heterogeneous firms, on-the-job search and...