The paper analyzes an important aspect of the contemporary reorganization of work within firms: the shift from “Tayloristic” organization (characterized by specialization by tasks) to “holistic” organization (featuring job rotation, integration of tasks and learning across tasks). We examine four driving forces behind this restructuring process: advances in production technologies promoting technological task complementarities, advances in information technologies promoting informational task complementarities, changes in worker preferences in favor of versatile work, and advances in human capital that make workers more versatile. Our analysis can also help explain the recent widening of wage differentials and disparities in job opportunities, not only between occupational, educational, and industry groups, but also within these groups. We are indebted to Michael Orszag for his insightful comments, and have benefited from the suggestions of Ruth Klinov, Reuben Gronau, Eric Mellander, Torsten Persson, Jorgen Weibull, and seminar participants at the Hebrew University of Jerusalem, the Industrial Institute for Economic and Social Research (Stockholm), the Institute for International Economic Studies (Stockholm), and an anonymous referee. We have profited from discussions with Solveig Wikstrom on the reorganization of firms, and are grateful to Jorgen Nilsson for drawing the figures. MULTI-TASK LEARNING AND THE REORGANIZATION OF WORK 1

A newly issued AICPA auditing standard focuses attention on analytical procedures. Regression analysis has been shown to be a useful audit tool and is used to a limited extent in practice. This study compares a univariate regression‐based decision rule with that of exponential smoothing. The effect on the regression‐based decision method when additional input information is included to develop a multivariate model is also evaluated. Comparisons are accomplished by seeding various error patterns into the audit period data and evaluating the results of the various models. The results indicate that the regression‐based decision model was at least as efficient and effective as the exponential smoothing‐based model. Additional input information into the univariate regression model to develop a multivariate model did improve auditor decisions for some types of accounts but did not significantly affect the number of incorrect rejections and/or acceptances for other types. The multivariate model did improve the achieved precision of the univariate model but still did not reach desired levels. Résumé. Dans un Auditing Standards Procedures qu'il publiait récemment, l'AICPA se penche sur les procédés analytiques. L'analyse de régression s'est révélée un instrument de vérification utile et son emploi dans la pratique est modéré, Les auteurs comparent une règle de décision fondée sur une régression comportant une seule variable aléatoire avec celle du lissage exponentiel. L'incidence d'un supplément d'information à l'entrée sur la méthode de décision fondée sur la régression permet de mettre au point un modèle à plusieurs variables aléatoires, que les auteurs évaluent également. Les comparaisons sont réalisées en introduisant divers scénarios d'erreur dans les données de la période soumise à la vérification. Les résultats de l'étude indiquent que le modèle de décision fondé sur la régression est au moins aussi efficient et efficace que le modèle fondé sur le lissage exponentiel. L'introduction d'un supplément d'information dans le modèle de régression à une seule variable aléatoire de manière à créer un modèle à plusieurs variables aléatoires a de fait amélioré les décisions du vérificateur pour certains types de comptes, mais n'a pas eu d'incidence significative sur le nombre d'erreurs de première et de seconde espèces pour d'autres types de comptes. La performance du modèle à plusieurs variables aléatoires est de fait supérieure à celle du modèle à une seule variable aléatoire, sans toutefois permettre d'obtenir les niveaux de précision souhaités.

We investigate the relative importance of various factors in explaining the volatility skew observed in the prices of stock options traded on the Chicago Board Options Exchange. The skewness of the risk-neutral density implied by individual stock option prices tends to be more negative for stocks that have larger betas, suggesting that market risk is important in pricing individual stock options. Also, implied skewness tends to be more negative in periods of high market volatility, and when the risk-neutral density for index options is more negatively skewed. Other firm-specific factors, including firm size and trading volume a so help explain cross-sectional variation in skewness. However, we find no robust relationship between skewness and the firm's leverage. Nor do we find evidence that skewness is related to the put/call ratio, which may be viewed as a proxy for trading pressure or market sentiment. Overall, firm-specific factors seem to be more important than systematic factors in explaining the variation in the skew for individual firms.

A simple linear programming framework is used to simulate various forms of cooperation between representative farms of two villages in prewar China. The results suggest that even though the two farms individually were quite efficient revenue maximizers, significant mutual benefit would result from the formation of an elementary agricultural producers' cooperative. A move to an advanced cooperative in which dividend payments for land brought into the cooperative initially would be eliminated and income distributed solely according to labor contribution, however, would meet with strong resistance because a sizeable income loss would be involved for the farm with the larger initial land endowment.

I. Introduction, 697. — II. To cheat or not to cheat, 698. — III. The inhibited supply curve, 701. — IV. Conclusion, 702.

Journal Article Strategy in Point Voting: Comment Get access Dennis C. Mueller Dennis C. Mueller International Institute of Management, Berlin Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 91, Issue 3, August 1977, Page 509, https://doi.org/10.2307/1885982 Published: 01 August 1977

I. The constitutional stage, 61. — II. The parliamentary stage, 64. — III. The allocation of decisions between the constitutional and parliamentary stages, 70. — IV. Summary of the theory, 77. — V. Implications for democratic reforms, 79.

Journal Article A Theory of Conglomerate Mergers: Reply Get access Dennis C. Mueller Dennis C. Mueller Cornell University Search for other works by this author on: Oxford Academic Google Scholar The Quarterly Journal of Economics, Volume 84, Issue 4, November 1970, Pages 674–679, https://doi.org/10.2307/1880849 Published: 01 November 1970