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Economist discusses price models

(10/08/02 4:00am)

Perry Mehrling, professor of economics at Barnard College and Columbia University, spoke on the workings of genius Monday in a presentation about the late economist Fischer Black. Mehrling tried to recreate Black's evolution of economic thought, which would eventually give birth to the Black-Scholes option pricing formula and revolutionize modern finance theory and practice.















Local 77, University ink agreement

(07/30/02 4:00am)

Just hours before the previous contract expired, members of Local 77 of the American Federation of State, County and Municipal Employees ratified a three-year contract with the University June 30. The new contract provides for wage increases totaling 6.25 percent over the next three years and sets standards for employee attendance, shift preference and disciplinary suspensions. Local 77, which includes about 950 service employees in housekeeping, campus dining, grounds keeping and animal care, agreed to wage increases of 2 percent for the first two years and 2.25 percent for the third. Several employees, who declined to give their names, expressed concern that the new wage increases are lower than those negotiated in the last contract, which hiked wages three percent annually. Paul Grantham, director of communications for Human Resources, said the wage increase was part of a total compensation increase, which also factors benefits into the overall equation. Grantham did not sit in on the negotiating sessions. "There were proposals with different wage increases and benefits packages," Grantham said. "You don1t necessarily come out with what you expected, but hopefully you went in there, you put your stamp on it, you shook hands and you're satisfied with what you got." Michael Gibson, the union's principal negotiator and official spokesperson, declined to comment on either the negotiations or the new contract. He also declined to give the names of other Local 77 negotiators. A number of employees said they did not know any of the details of the agreement. West Campus housekeeper Thomas Boyd was unaware that the previous contract had even expired. "I'm with the union, but I haven1t heard about [the contract] yet," Boyd said. "They might have a meeting about it sometime, but they haven1t told us anything." Grantham defended the negotiators' unwillingness to disclose the details of the meetings. "Whatever secrecy was out of respect for the negotiations," he said. "We can't have people slandering either side, saying they're not being cooperative to try and get some leverage in the negotiations." In the new contract, the two teams also agreed to post vacant positions with premium shifts within a department before opening them up to employees outside the department; to reduce the number of authorized, unscheduled absences from nine to seven and to clarify that employees out on investigative suspensions still receive pay and benefits.