Expectation damages are damages intended to cover what the injured party expected to receive from the a contract and usually have straightforward calculations based on the contract itself or market value.
‘Reference Guide on Estimation of Economic Losses in Damages Awards’, by Robert Hall and Victoria Lazear is a frequently cited source for more discussion on business damages. The Reference Guide is part of the courts larger manual: : Reference Manual on Scientific Evidence.
Betsy Johnson, Office Managing shareholder in the Los Angeles Office of Ogletree Deakins discusses new California wage and hour and employment legislation in a multi-part series.
AB 10: State Minimum Wage Increase: AB 10 amends section 1182.12 of the Labor Code to increase the minimum wage to $9 per hour as of July 1, 2014 and to $10 per hour as of January 1, 2016.
AB 241: Domestic Worker Bill of Rights: B 241 adds section 1450 to the Labor Code and requires that individuals in household occupations (such as nannies, housekeepers, and individuals providing care for the elderly or disabled within a household) be paid overtime compensation at a rate of 1.5 times their regular rate for hours worked in excess of 9 hours per day or 45 hours per week.
AB 442: Liquidated Damages for Unpaid Wages:
SB 435: Recovery Periods: SB 435 extends requirement to pay an additional hour of pay to situations in which employers fail to provide any “recovery” periods required by Division of Occupational Safety and Health (DOSH also known as Cal/OSHA) regulations. A “recovery” period is a cool down period afforded to employees who work outside to prevent heat illness.
Seyfarth and Shaw attorneys, John R. Giovannone and Brandon R. McKelvey , in their blog series, The Battle After Brinker, explore the current controversy over Brinker and what it means for employers and employees in California.
They discuss Benton v. TNS decision which reversed and remanded a trial court order that had denied class certification to a large class of telecommunication workers.
Employment: ADP Sept. Employment Report
Prices: Consumer Price Index,Sept 2013
Earnings: US BLS monthly consumer survey
U.S. BEA provides a short but comprehensive review of the components of GDP and how it is constructed.
Detailed data and the underlying micro data can be found at;
http://www.census.gov/population/foreign/
Two sources of information are:
Detailed tables on the foreign-born population in the United States from the Current Population Survey shown by a wide range of characteristics including age, sex, marital status, employment status, occupation, industry, income, earnings, poverty status, household type, size and tenure, and metropolitan status
http://www.census.gov/population/foreign/data/cps.html
Many employer time records are still in paper format that is not easily machine readable. Analyzing these data in a wage and hour case typically requires manual entry of the records. However, entering in all the time records is not always feasible. In these situations a statistical random sampling of records can be useful and informative. A solid statistical sampling alows the researcher to calculate error rates which are useful when making inferences concerning the time records.
Bonuses for large loans are a current trend in payday loan lending circles. As discussed in this blog, larger payday loans have a lower default rate. Offering a bonus for larger loans is equivalent to offering a lower interest rate.
Adams, William, Liran Einav, and Jonathan Levin. 2009. “Liquidity Constraints
and Imperfect Information in Subprime Lending.” American Economic
Review 99 (1): 49-84.
Agarwal, Sumit, Paige Marta Skiba, and Jeremy Tobacman. 2009. “Payday
Loans and Credit Cards: New Liquidity and Credit Scoring Puzzles?”
American Economic Review Papers and Proceedings 99 (2): 412-417.
Bhutta, Neil, Paige Marta Skiba, and Jeremy Tobacman. 2012. “Payday Loan
Choices and Consequences.” Vanderbilt University Law School Working
Paper No.12-20.
Chatterjee, Satyajit, Dean Corbae, Makoto Nakajima, and Jose-Victor Rios-
Rull. 2007. “A Quantitative Theory of Unsecured Consumer Credit with
Risk of Default.” Econometrica 75 (6): 173-234.
Edelberg, Wendy. 2004. “Testing for Adverse Selection and Moral Hazard in
Consumer Loan Markets.” FEDS Working Paper No. 2004-09.
Elliehausen, Gregory, and Edward C. Lawrence. 2001. Payday Advance Credit
in America: An Analysis of Customer Demand. Credit Research Center,
Georgetown University.
Gross, David, and Nicholas S. Souleles. 2002. “Do Liquidity Constraints and
Interest Rates Matter for Consumer Behavior? Evidence from the Credit
Card Data.” Quarterly Journal of Economics 117 (1): 149-185.
Karlan, Dean, and Jonathan Zinman. 2009. “Expanding Credit Access: Using
Randomized Supply Decisions to Estimate the Impacts.” Review of Financial
Studies 23 (1): 433-464.
Melzer, Brian T.. 2011. “The Real Costs of Credit Access: Evidence from the
Payday Lending Market.” Quarterly Journal of Economics 126 (1): 517-
555.
Melzer, Brian T., and Donald P. Morgan. 2010. “Competition and Adverse
Selection in a Consumer Loan Market: The Curious Case of Overdraft vs.
Payday Credit.” Unpublished.
Morse, Adair. 2011. “Payday Lenders: Heroes or Villains?” Journal of Financial
Economics 102 (1): 28-44.
Skiba, Paige Marta, and Jeremy Tobacman. 2011. “Do Payday Loans Cause
Bankruptcy?” Vanderbilt University Law and Economics Research Paper
No. 11-13.
Stephens, Melvin. 2008. “The Consumption Response to Predictable Changes
in Discretionary Income: Evidence from the Repayment of Vehicle
Loans.” Review of Economics and Statistics 90 (2): 241-252.
The Economics department started a new one-year terminal Master’s degree this past summer. The inaugural class of 40 students began classes in mid-July and, after completing a 10-course, 30-credit curriculum, will graduate in May 2014. The rigorous program is the first of its kind in the state of Texas, and only a handful of similar programs (primarily on the East coast) currently exist.
The MA program at UT was designed for prospective students with any of the following goals:
