California Water Pricing Essay Example | Topics and Well Written Essays - 750 words

California Water Pricing - Essay Example Under marginal cost pricing, subsidies are withdrawn and the cost of supply of water is raised to match its full marginal cost. This will cause the demand for water among the farmers and other selected sectors to reduce considerably. This, in turn, creates an excess supply of water that the district supplier can distribute. Multiple water users are likely to pay a higher price for the extra water than the marginal cost, reflecting scarcity conditions in a relatively supply-constrained water market. Thus there will be excess demand as the market price will be much higher than the marginal cost at which it is being priced. There is better efficiency in allocation as the supply is routed to users whose value of the resource matches the marginal costs incurred in its supply. The question of distribution of the excess supply of water is to be debated next. Marginal cost pricing plus auctioning excess demand: One method of distribution would be auctioning off the excess supply of water. In this scenario, farmers buy their existing allocation of water at the marginal cost and are allowed an option of buying extra water, which is beyond their original allocation, in a competitive bid. The excess water, in this case, will be redistributed to the highest bidder. Full water marketing: The other option available is full water marketing. In this case, water will be traded freely at the market and price will be determined by the forces of demand and supply. Water as a resource is scarce in its existing quantity and hence supply will remain inelastic. Therefore the price of water will be higher than the marginal cost, the demand will drop and this will lead to more excess water supply for redistribution than the previous scenario. Full marketing will thus yield greater efficiency gains than the options discussed above. The excess water can be redistributed either by auctioning rights or by granting rights by charging the users the marginal cost and allowing for resale of these rights in the open market.

Is HRM a new concept Essay Example | Topics and Well Written Essays - 500 words

Is HRM a new concept - Essay Example In case of multinational companies a brand new concept has been outlined by HRM known as organizational culture. This is a completely new field which describes internal environment of an organization and its impact on organizational performance. Change management approach is a new dimension within human resource management. It helps in describing various aspects that is related to acquisitions or mergers of firms. b) There are some factors which states HRM is not a new concept. Earlier management discipline forms the basis of human resource management. HRM is mostly stated as old wine packed in new bottle. There were management strategies followed previously but in recent years those have been given new names. Human resource management in various ways can be defined similar to the approach of personal management. In the current scenario new dimension has been given to human resource management in order to stay competitive but it cannot be totally stated as a new concept. There exist some important functions related to human resource management. Firstly training and development is a function that deals with training new recruits or existing employees so as to impart necessary skills and knowledge. Training and development sessions even enhances confidence interval amongst team members. Appraisal is another function which can be associated with job performance. This function tends to increase confidence interval within an employee. Compensation can be stated as the basic benefit that an employee receives. It forms the first step towards managing human capital in an organization. Assessment is an HRM function and it deals with analyzing employee performance. The assessed performance is then evaluated against a set standard in order to determine poor and best performers. All these functions are based on an essential component that is recruitment