comparing alternative models of heterogeneity in consumer choice behavior summary when modeling demand for differentiated products it is vital to adequately capture consumer taste heterogeneity but there is no clearly preferred approach here we compare the performance of six alternative models currently the most popular are mixed logit mixl particularly the version with normal mixing n mixl and latent class lc which assumes discrete consumer types recently several alternative models have been developed the generalized multinomial logit g mnl extends n mixl by allowing for heterogeneity in the logit scale coefficient scale heterogeneity logit s mnl is a special case of g mnl with scale heterogeneity only the mixed mixed logit mm mnl assumes a discrete mixture of normals heterogeneity distribution finally one can modify n mixl by imposing theoretical sign constraints on vertical attributes we call this t mixl we find that none of these models dominates the others but g mnl mm mnl and t mixl typically outperform the popular n mixl and lc models copyright 2012 john wiley sons ltd

professional achievements and gender differences among academic economists i introduction while the academic labor market for economists attracts a good deal of attention among its participants work on the differences in remuneration for economic research and other professional characteristics between men and women in academic institutions has been limited this paper tests for gender differences using data on grants and grant applications from the national science foundation ault rutman and stevenson 1979 addressing issues of academic placement found that the highest rated institution at which an academic economist will be employed is the institution of first employment willis and pieper 1991 found that women who received doctorates in economics in the 1970s had a somewhat higher rate of placement at doctoral degree granting institutions than men but that there was no difference in the rank of the institutions for these placements lower tier institutions must offer promotions to attract candidates moore et al 1983 reported that the rank of the department at which one earned the doctorate is critically important in determining initial academic placement hamermesh johnson and weisbrod 1982 found that for those at prestigious departments increases in citations lead to salary increases but that the department s rank was not inversely related to salary in his review of work by sociologists youn 1988 reported that the prestige of an academic institution was positively related to the research productivity of its scientists there are two competing hypotheses that might explain this result better departments select better scientists achievement model or better departments foster greater productivity ascription model empirical efforts to distinguish between these hypotheses have been mixed the research on salary differentials in academia has generally found that there are significant gender differences that widen during the careers of men and women 1 barbezat 1991 the most recent evidence suggests that salary differentials in the academic community may have diminished somewhat since the 1960s but still remain weiler 1990 separated the influence of the department s rank on salary by treating it in a separate equation and found that standard formulations underestimate the degree of salary discrimination although important salary is not the only measure of achievement in academe promotion to a higher rank employment in key departments and the production of well placed articles all help determine an economist s influence in the profession but despite the dramatic increase in the percentage of women receiving the ph d during the past two decades the number of senior women at graduate institutions is still very low 2 to what extent does gender bias exist in economics departments as measured not only by salary but also by other achievements such as the likelihood of achieving a senior position or being employed by a top department is there a difference in the experiences of the younger cohorts compared to their more senior counterparts this paper attempts to answer these important questions by 1 taking into account the endogeneity of the variables that are usually treated as exogenous in models of salary determination and thereby broadening the characteristics that traditionally reflect discrimination and 2 using a new detailed data base developed from the national science foundation the results of this more complete model in which salary as well as other measures of professional achievement are explained show significant differences between men and women at the more senior level at the assistant professor level although the signs of the gender coefficients are consistent with a discrimination hypothesis the results are not statistically significant ii the model single equations using the techniques developed by oaxaca 1973 and blinder 1973 have long been used to estimate gender salary differentials in academia with productivity measures such as books and articles published administrative experience etc

optimization of manufacturing systems under environmental considerations for a greenness dependent demand abstract in this work we show that the optimization models for manufacturing systems should evolve to consider the environmental impacts of manufacturing activities and to integrate the environmental performance of finished products in particular the selection of manufacturing processes technologies and input items components should be revised with environmental consideration with this scope in mind we develop two optimization models where we consider the selection of production processes and the choice of input products in the first model a single product is offered by the firm and the demand of this product depends on its greenness in the second model the market is segmented between ordinary and green customers and the firm offers a different variety of the output product to each segment in this case both the demand and the price depend on the product greenness in both models the greenness of the output product is a decision variable that is simultaneously determined along with the other decisions in addition the models integrate environmental legislations we conduct numerical experiments on a case study from the textile sector in order to show how the integration of the product greenness impacts on the system profit and decisions

cyclicality and the labor market for economists the 1987 academic market was strong whereas the 1997 market was weak a multimarket theory of optimal search suggests that job seekers will respond to a weakening market by changing their search strategies at the extensive margin which markets to enter and the intensive margin how many applications to submit per market employers respond to the weakening market by raising their hiring standards high quality applicants will obtain an increased share of academic interviews in weak markets while applicants from weaker schools will increasingly secure interviews outside of the academic market empirical results show that in the bust market graduates of elite schools shifted their search strategies to include weaker academic institutions while graduates of lower ranked schools shifted their applications away from academia and toward the business sector in bust conditions academic institu tions increasingly concentrate their interviews on elite school graduates women and u s residents

the generalized multinomial logit model accounting for scale and coefficient heterogeneity the mixed or heterogeneous multinomial logit mixl model has become popular in a number of fields especially marketing health economics and industrial organization in most applications of the model the vector of consumer utility weights on product attributes is assumed to have a multivariate normal mvn distribution in the population thus some consumers care more about some attributes than others and the iia property of multinomial logit mnl is avoided i e segments of consumers will tend to switch among the subset of brands that possess their most valued attributes the mixl model is also appealing because it is relatively easy to estimate recently however some researchers have argued that the mvn is a poor choice for modelling taste heterogeneity they argue that much of the heterogeneity in attribute weights is accounted for by a pure scale effect i e across consumers all attribute weights are scaled up or down in tandem this implies that choice behaviour is simply more random for some consumers than others i e holding attribute coefficients fixed the scale of their error term is greater this leads to a scale heterogeneity mnl model s mnl here we develop a generalized multinomial logit model g mnl that nests s mnl and mixl by estimating the s mnl mixl and g mnl models on 10 data sets we provide evidence on their relative performance we find that models that account for scale heterogeneity i e g mnl or s mnl are preferred to mixl by the bayes and consistent akaike information criteria in all 10 data sets accounting for scale heterogeneity enables one to account for extreme consumers who exhibit nearly lexicographic preferences as well as consumers who exhibit very random behaviour in a sense we formalize below

a factor analytic probit model for representing the market structure in panel data internal market structure analysis infers both brand attributes and consumer preferences for those attributes from preference or choice data the authors exploit a new method for estimating probit models from panel data to infer market structures that can be displayed in few dimensions even though the model can represent every possible vector of purchase probabilities

the effect of market segmentation with demand leakage between market segments on a firm s price and inventory decisions abstract in this paper we address the simultaneous determination of price and inventory replenishment in a newsvendor setting when the firm faces demand from two or more market segments in which the firm can set different prices we allow for demand leakage from higher priced segments to lower priced segments and assume that unsatisfied demand can be backlogged we examine the case where the demands occur concurrently without priority and are met from a single inventory we consider customer s buy down behavior explicitly by modeling demand leakage as a function of segment price differentiation and characterize the structure of optimal inventory and pricing policies

determinants of scholarly productivity among male and female economists i introduction the purpose of this article is to test a model of the determinants of articles produced by male and female academics of particular interest is how article production is influenced by coauthorship institutional research orientation and gender several works have identified and demonstrated the trend toward coauthorship in economics and in other disciplines using data from the journal of economic literature heck and zaleski 1991 demonstrated that the incidence of coauthorship has increased from about 15 of total articles in 1969 to about 35 in 1989 durden and perri 1995 report that as of 1992 the proportion coauthored had grown to more than 38 hudson 1996 finds that by 1993 coauthorship rates in the journal of political economy and american economic review were 39 6 and 54 9 respectively as compared to rates of 6 and 8 in 1950 why do economists coauthor rational interest theory suggests that if scholars collaborate then there must be a utility enhancing result other things equal this could be in the form of higher salaries and increased probabilities of promotion greater access to funded research greater mobility in job markets and the like which might result if collaboration significantly increases the overall production of published papers studies by mcdowell and melvin 1983 barnett et al 1988 and piette and ross 1992 suggest that coauthorship among scholars may increase article production through the division of labor made necessary by increased complexity in the subject matter and by the need to saturate markets to increase the probability of getting papers accepted for publication laband and tollison 2000 find evidence that increasing rates of coauthorship result from the greater quantitative content of articles greater requirement for the use of sophisticated econometric techniques and the fact that cooperation is cheaper in time and other resources as compared to learning what is necessary to publish in another field or discipline hamermesh and oster 2002 discuss nonpecuniary purely consumption benefits such as the pleasure obtained from cooperation and suggest that higher levels of prestige among colleagues may also be relevant although many reasons for cooperation have been developed not much has been done to determine whether the rate of coauthorship among scholars actually affects total article production using cross section data hansen et al 1978 and graves et al 1982 estimate productivity models but coauthorship is not included in either study mcdowell and smith 1992 include a coauthorship variable but find that it neither increases nor decreases article production when articles are discounted by the number of authors hollis 2001 uses panel data to examine the relationship between coauthorship and research productivity he finds that coauthorship leads to better longer and more frequent publications when publications are discounted by the number of authors however coauthorship appears negatively related to research output mcdowell and smith s 1992 and hollis s 2001 results are very counterintuitive because a viable reason for coauthorship is to increase efficiency as shown in durden and perri 1995 durden and perri 1995 estimate a time series model finding that coauthorship is highly instrumental in determining article productivity as far as we know the only study by economists that specifically analyzes the effect of institutional research orientation on publishing output is that by graves et al 1982 using data from 240 schools they estimate total pages published per faculty member in the top 24 economics journals between 1974 78 using a series of independent variables to proxy influences that affect publication they find that secretaries per faculty member helps and teaching load hinders production the effects of ph d status teaching assistance and faculty student ratios are mixed depending on specification of the model

two to tango gender differences in the decisions to publish and coauthor i introduction there is a well developed mythology regarding the presence of old boy networks and their importance in explaining gender differences in labor market outcomes as articulated by saloner 1985 nonetheless aside from works such as simon and warner 1992 there is relatively little empirical evidence examining the impact of networks on market outcomes how these effects differ by gender and whether gender differences in network access change over time as women become more well represented in a profession the paucity of empirical evidence arises in part from the difficulty of measuring the presence of such networks prior work including that of saint paul 2001 and erickson and jacoby 2003 has found evidence that networks facilitate the adoption of team oriented work practices and information sharing that increase average worker productivity in management and professional jobs on the other hand studies such as that by marmaros and sacerdote 2002 have also found that women have less access to networks than their male counterparts in both private and public sector jobs which has been shown to yield gender differences in job placement and other labor market outcomes this article considers how gender differences in networks are manifested in a specific male dominated profession i e academic economists and in a specific work related outcome i e the decision to coauthor articles in which access to networks is likely to be important the analysis uses uniquely detailed individual and job level data for phd economists included in nearly four decades of american economic association aea membership to examine the role of networks on the joint decision to publish and coauthor the unique matching process of phd economists between academic and nonacademic jobs and within the hierarchy of academic departments along with the relative ease of observing joint research provide a rare opportunity to distinguish differential network access and measure joint production the results demonstrate the importance of networks in the production of research output and that new female entrants into a male dominated profession do not have equal access to these professional networks the results also provide evidence that women are able to plug into networks over time as the profession becomes more gender representative our study contributes to the literature on the role of networks in the labor market in several ways first the profession of academic economist is well suited to this study because it is made up of workers who produce a relatively homogenous output i e scholarly journal articles and that share a common set of job related tasks i e teaching research and service second the incidence of coauthorship is an observable outcome measure of network utilization a phenomenon inherently difficult to measure in the tradition of the business productivity literature as found in sabel 1993 third there is extensive evidence in the literature that journal publications are positively linked to academic salaries as found in siegfried and white 1973 and sauer 1988 that the propensity to coauthor is positively associated with publication output as in as found in durden and perri 1995 and maske et al 2003 that there are gender differences in tendencies to coauthor as shown by ferber and teiman 1980 and mcdowell and smith 1992 and that there are gender differences in professional outcomes such as publications salary and promotion as seen in mcdowell 1982 hansen et al 1978 formby et al 1993 and broder 1993 cumulatively these studies suggest that understanding the determinants of coauthorship is important for evaluating the sources and the extent of gender inequity in the profession prior work on coauthorship behavior has analyzed patterns over time and across disciplines several studies including hudson 1996 mcdowell and melvin 1983 and barnett et al

serial nonparticipation in repeated discrete choice models we consider alternative econometric strategies for addressing serial nonparticipation that is repeated choice of the same alternative or same type of alternative across a series of choice occasions in data typically analyzed within the repeated discrete choice framework single and double hurdle variants of the repeated discrete choice model are developed and applied to choice experiment and multisite seasonal recreation demand data our results suggest that hurdle models can generate significant improvements in statistical fit and qualitatively different policy implications particularly in choice experiment applications where the proper treatment of serial nonparticipation is relatively more ambiguous

pricing and the news vendor problem a review with extensions in the newsvendor problem a decision maker facing random demand for a perishable product decides how much of it to stock for a single selling period this simple problem with its intuitively appealing solution is a crucial building block of stochastic inventory theory which comprises a vast literature focusing on operational efficiency typically in this literature market parameters such as demand and selling price are exogenous however incorporating these factors into the mode l can provide an excellent vehicle for examining how operational problems interact with marketing issues to influence decision making at the firm level in this paper we examine an extension of the newsvendor problem in which stocking quantity and selling price are set simultaneously we provide a comprehensive review that synthesizes existing results for the single period problem and develop additional results to enrich the existing knowledge base we also review and develop insight into a dynamic inventory extension of this problem and motivate the applicability of such models

optimal fences and joint price and inventory decisions in distinct markets with demand leakage abstract this paper evaluates the simultaneous determination of price and inventory replenishment when a firm faces demand from distinct market segments a firm utilizes fences such as advance or nonrefundable payment to maintain separation of its market segments however fences are imperfect and allow a degree of demand leakage from the higher priced to the lower priced market segment we investigate the optimal structure of joint price and inventory decisions with fencing and demonstrate that more segments is not necessarily better especially when demand uncertainty is high in the presence of lost sales we also show the impact of imperfect fences on the firm s profitability and evaluate how fencing costs affect the optimal fencing decision

joint inventory allocation and pricing decisions for perishable products abstract we jointly determine the price and the inventory allocation for a perishable product with a predetermined lifetime we assume that the price of the product increases as the time when it perishes approaches as in the airline industry demand for the product is price sensitive to maximize the expected revenue we developed a discrete time dynamic programming model to obtain the optimal prices and the optimal inventory allocations for the product with a two period lifetime we then proposed three heuristics when the lifetime is longer than two periods the computational results showed that the expected revenues from the proposed heuristics were very close to that of the optimal solution we extended these results to i the case where the price for the product consistently decreases and ii the case where the price for the product first increases and later decreases

bank foreign lending mandatory disclosure rules and the reaction of bank stock prices to the mexican debt crisis this paper examines the effects of the mexican debt mora torium in august 1982 on bank valuation the mexican default resulted in the passage of regulations requiring public disclosure of bank fo reign lending exposure the authors find that even in the absence of public disclosure regulations investors were able to discriminate a mong banks with different levels of exposure copyright 1987 by the university of chicago

bank portfolio exposure to emerging markets and its effects on bank market value abstract this study estimates a model of banking company equity returns taking into consideration book value and market value measures of their exposure to emerging markets debt in this estimation general systematic market factors such as the rate of return on the s p500 stock index and yields on a constant maturity 5 year treasury note are held constant such that the exposure variables are accounting for effects due to banks exposure to emerging market debt the results although not uniform among banking companies support the hypothesis that the extent of exposure to emerging market debt are factored into the valuation of banking company equity contemporaneously the inclusion of a market value indicator adds to the explanation of equity returns of some banks it is also clear that knowing the extent of the exposure on a book value basis is important information alone that may allow investors to take account of or evaluate the effects of changes in banking company equity valuation from ldc debt exposures we also perform an event study for three major debt crises to determine whether the market recognizes the effects of these events on bank valuation the event study results show that there is little information from identifying the time period of the crises on banking company equity returns explanations for this are that the information of these possible crises has been embedded in bank changes in exposure and that the market valuation of the emerging market debt is already accounted for by our model

modelling heterogeneity in patients preferences for the attributes of a general practitioner appointment this paper examines the distribution of preferences among respondents to a discrete choice experiment on the choice of general practitioner appointments in addition to standard logit mixed and latent class logit models are used to analyse the data from the choice experiment it is found that there is significant preference heterogeneity for all the attributes in the experiment and that both the mixed and latent class models lead to significant improvements in fit compared to the standard logit model moreover the distribution of preferences implied by the preferred mixed and latent class models is similar for many attributes

a quality adjustment model of the academic labor market the case of economists this paper uses some new data on the initial academic placements of new ph d economists to test a quality adjustment model which is consistent with the hypothesis that most academic appointments follow a downstream pattern by the use of weighted least squares the authors confirm the importance of the perceived quality of the faculty of the degree granting program the publishing performance of former graduates of these programs and the student faculty ratio of these programs in economics over the period 1960 to 1978 finally it is shown that contrary to popular opinion the extent of the downstream pattern has not been magnified in the so called buyers markets of the 1970 s

estimating heterogeneous eba and economic screening rule choice models consumer choice in surveys and in the marketplace reflects a complex process of screening and evaluating choice alternatives behavioral and economic models of choice processes are difficult to estimate when using stated and revealed preferences because the underlying process is latent this paper introduces bayesian methods for estimating two behavioral models that eliminate alternatives using specific attribute levels the elimination by aspects theory postulates a sequential elimination of alternatives by attribute levels until a single one the chosen alternative remains in the economic screening rule model respondents screen out alternatives with certain attribute levels and then choose from the remaining alternatives using a compensatory function of all the attributes the economic screening rule model gives an economic justification as to why certain attributes are used to screen alternatives a commercial conjoint study is used to illustrate the methods and assess their performance in this data set the economic screening rule model outperforms the eba and other standard choice models and provides comparable results to an equivalent conjunctive screening rule model

the effect of gender sorting on propensity to coauthor implications for academic promotion a cohort sample of ph d economists indicates a significant propensity for researchers to select coauthors of the same sex this gender sorting contributes to lower article production for women further we find evidence of bias in academic promotion when single authored and coauthored articles carry the same weight in promotion and salary decisions the evidence explains in part why women academics wait longer for promotion and are not as likely to be promoted as men among the effects of gender sorting is self selection of women into larger departments where they are more likely to find colleagues of the same sex

linear regression estimation of discrete choice models with nonparametric distributions of random coefficients random coefficient discrete choice models are a popular method for estimating demand in differentiated product markets we introduce a computationally simple estimator that uses linear regression to estimate the distribution of random coefficients the estimator is nonparametric for the distribution of the random coefficients we compare our estimator to several alternatives in a monte carlo exercise and find the estimator predicts out of sample market shares well we discuss extensions to panel data and dynamic programming bajari department of economics university of minnesota twin cities and nber 1035 heller hall 271 19th ave south minneapolis mn 55455 email bajari econ umn edu fox department of economics university of chicago 1126 e 59th st chicago il 60637 email fox uchicago edu ryan massachusetts institute of technology and nber 50 memorial drive e52 262c cambridge ma 02142 email sryan mit edu

scholarships citations and salaries economic rewards in economics while substantial attention has been paid to the determinants of academics earnings 5 7 8 14 15 this literature has by implication suggested that the mere fact of having spent more time in the profession and the publication of more scholarly articles and books are the major determinants of salary differences our purpose here is to introduce a new determinant the quality of one s scholarly research measured by the frequency of references to that work as an additional objective measure of productivity we expect that this proxy for the extent of a scholar s influence on the work of other researchers is rewarded by the market in addition to giving a more complete picture of the determination of salaries in academic labor markets our approach should be useful in establishing a better framework for the evaluation of issues of discrimination in such markets than has been presented before 2 9

women in economics moving up or falling off the academic career ladder copyright 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 by the american economic association

unraveling the academic productivity of economists the opportunity costs of teaching and service this study investigates the relationships among research productivity teaching and service on the basis of individual specific information involving approximately 715 academic economists responding to an online survey these economists provided information regarding their teaching and service commitments as well as personal and institutional information the publication record of each respondent was then obtained from econlit together these data constitute a rich field for the systematic study of research productivity results of a tobit analysis reveal much about the nature of research productivity underscoring for instance the importance of gender coauthorship presen tations at conferences and peers who publish among the more important findings from this analysis is that both teaching and service commitments have a significantly negative impact on the research productivity of academic economists these relations hold across types of academic employer though to varying degrees taken together the results provide interesting insights into the roles of academic scholars teachers and colleagues

gender and promotion in the economics profession the authors use unique panel data on american economic association members to test for gender differences in promotion in a profession with a well defined promotion and job hierarchy and in which men and women exhibit similar labor market attachment the results suggest that over the period from the 1960s through the early 1980s female economists had lower levels of professional attainment and career advancement than did their male colleagues with similar attributes these gender differences remain in evidence despite controls for unobserved heterogeneity and self selection between academic and non academic jobs there is evidence however that promotion prospects for female economists significantly improved during the 1980s not only at all ranks but also within both ph d granting institutions and non ph d granting institutions in fact the results reveal no unexplained gender specific differences in promotion by the end of the 1980s

the gender salary gap in british academia this paper considers salary determination and the gender salary gap in the academic labour market utilizing a particularly detailed data set of academics from five old established universities results reveal an aggregate gender salary differential for academic staff of 15 most of this differential can however be explained by our model evidence suggests a limited opportunity for female academics to combine career and family despite the flexibility of an academic job and emphasizes the importance of mobility to the male career publication record is found to be an important determinant of salary

combining revealed and stated preference data to estimate the nonmarket value of ecological services an assessment of the state of the science this paper reviews the marketing transportation and environmental economics literature on the joint estimation of revealed preference rp and stated preference sp data the rp and sp approaches are first described with a focus on the strengths and weaknesses of each recognizing these strengths and weaknesses the potential gains from combining data are described a classification system for combined data that emphasizes the type of data combination and the econometric models used is proposed a methodological review of the literature is pursued based on this classification system examples from the environmental economics literature are highlighted a discussion of the advantages and disadvantages of each type of jointly estimated model is then presented suggestions for future research in particular opportunities for application of these models to environmental quality valuation are presented

the impact of sovereign risk on the market valuation of u s bank equities abstract this paper tests whether the august 1982 advent of the latin american debt crisis affected the implicit value of commercial bank loans to major latin american debtors and hence the value of equities in contrast to previous studies the analysis provides an explicit derivation of the theoretical impact of such an effect uses a more efficient pooled cross sectional time series estimating technique addresses the question of whether ex ante required returns on bank equities also were affected and compares the estimates to the behavior of the direct market for latin american bonds the results imply that the crisis did cause significant debt discounting as well as an increase in required returns however unlike the bond market most of this equity effect was delayed 6 9 months

revenue management under a general discrete choice model of consumer behavior customer choice behavior such as buy up and buy down is an important phenomenon in a wide range of revenue management contexts yet most revenue management methodologies ignore this phenomenon or at best approximate it in a heuristic way in this paper we provide an exact and quite general analysis of this problem specifically we analyze a single leg reserve management problem in which the buyers choice behavior is modeled explicitly the choice model is very general simply specifying the probability of purchase for each fare product as a function of the set of fare products offered the control problem is to decide which subset of fare products to offer at each point in time we show that the optimal policy for this problem has a quite simple form namely it consists of identifying an ordered family of efficient subsets s 1 s m and at each point in time opening one of these sets s k where the optimal index k is increasing in the remaining capacity x and decreasing in the remaining time that is the more capacity or less time available the further the optimal set is along this sequence we also show that the optimal policy is a nested allocation policy if and only if the sequence of efficient sets is nested that is s 1 s 2 s m moreover we give a characterization of when nesting by fare order is optimal we also develop an estimation procedure for this setting based on the expectation maximization em method that jointly estimates arrival rates and choice model parameters when no purchase outcomes are unobservable numerical results are given to illustrate both the model and estimation procedure

designing discrete choice experiments do optimal designs come at a price in discrete choice experiments design decisions are crucial for determining data quality and costs while high statistical efficiency designs are desirable they may come at a price if they increase the cognitive burden for respondents we address this problem by designing 44 experiments that systematically vary numbers of attributes and attribute level differences our results for two product categories suggest that respondents systematically are less consistent in answering choice questions as statistical efficiency increases this relationship holds regardless of the number of attributes and is statistically significant even if one accommodates preference heterogeneity implications for practice and future research are discussed

the reaction of bank stock prices to the international debt crisis abstract in this paper we develop a cross sectional regression approach to estimate the impact of foreign loan exposure on the pricing of u s bank stocks a new approach is required because news about foreign loan problems may arrive incremently over time rather than reaching the market on a few specific dates the way earnings and dividend announcements do consistent with this interpretation we find that foreign loan exposure had a significant impact on the pricing of u s bank stocks during the years 1982 and 1983 but that the stock prices adjusted continually over the two year period rather than jumping on a few particular days

bank capital regulation and the valuation effects of latin american debt moratoriums abstract we examine effects of the mexican and bolivian debt moratoriums on bank share prices and analyze whether bank capital regulation influences these returns we hypothesize that investors perceived that capital deficient banks with exposure to this debt would sustain greater regulatory costs due to increased pressure from regulators to strengthen their capital bases or to reduce leverage consistent with this hypothesis we find that the impact of these debt moratoriums on bank stock returns is more unfavorable for capital deficient banks than for banks that met regulatory standards of capital adequacy

an integrated revenue management framework for a firm s greening pricing and inventory decisions abstract there is a growing interest on developing efficient ways of incorporating environmental considerations into business practices in order to meet both consumers demand for green products services and the firms sustainable profitability the main contribution of this article is in developing an integrated revenue management framework to address a firm s greening investment effort pricing and inventory decisions it is assumed that the firm inaugurates a green product along with its existing product even though the firm offers both the green and regular product at differentiated prices the market segmentation as a result of this price differentiation is regarded as imperfect this imperfect market segmentation causes a demand leakage mainly due to the heterogeneity among the customers willingness to pay these effects are included in our proposed model and simplified analytical solutions are developed to solve the same additional scenarios where a firm experiences a price dependent stochastic demand with an unknown distribution is also modeled this scenario is addressed using a distribution free approach based on scarf s rule the performance of the proposed methods and the significance of the modeling framework are finally corroborated through several simulations this analysis provides a sustainable environment production and retailing framework while still augmenting profitability using fundamental tools from revenue management

the international debt crisis and bank security returns in 1982 this research investigates the reaction of bank security returns to the 20 august 1982 mexican request for the rescheduling of its external debt empirical results show that the reaction of bank stocks was rapid and significantly negative within six days of the published announcem ent prices had adjusted to reflect levels of individual bank exposure which re futes the much longer time impliedin other studies of this event the authors c onclude that the marketreaction was essentially efficient rational and orderly copyright 1987 by ohio state university press

does a gender disparity exist in academic rank evidence from an australian university employing a unique administrative data set on academics from the university of wollongong uow we investigate if women are under represented in academic rank taking into account information on personal characteristics job characteristics education and productivity the results suggest that males have a significant advantage in rank attainment the possession of a phd the number of years of experience and the number of journal articles books book chapters competitive grants and era a ranked articles appear to be important for academic rank attainment a blinder oaxaca decomposition test indicates that both supply side and demand side factors play a role however there is greater support for the endowments argument interviews were conducted in an attempt to explain the results interviews showed that men were more career driven compared to women

the evolution of male female earnings differentials in canadian universities 1970 2001 the evolution of academic salaries and the gender earnings gap in canadian universities is analysed using a unique statistics canada data set containing detailed information on all full time teachers at canadian universities over the period 1970 through 2001 male salaries declined across cohorts while female salaries remained stable consequently male female earnings differentials have narrowed recent years have also seen increasing variation in academic salaries for both men and women a gender earnings gap remains the bulk of which can be explained by differences in men s and women s rank and field the unexplained earnings gap has decreased over time on analyse l evolution des salaires et l ecart entre hommes et femmes dans les universites canadiennes entre 1970 et 2001 a l aide d une base de donnees unique de statistiques canada qui contient des renseignements detailles sur tous les professeurs a temps plein des universites canadiennes les salaires des hommes ont decline au fil des cohortes pendant que ceux des femmes demeuraient stables ce qui fait que les differentiels de salaires se sont amenuises au cours des annees recentes on a observe une variabilite croissante des salaires academiques tant pour les hommes que les femmes un ecart entre hommes et femmes persiste qui est attribuable aux differences dans les rangs et dans les champs d activites des hommes et des femmes l ecart qui demeure inexplique a diminue dans le temps

the brazilian default announcement and the contagion effect hypothesis abstract in this paper we use stocl market data to test several hypotheses regarding possible investor reaction to the february 20 1987 brazilian default both the traditional event study approach and a generalized least squares regression using brazilian exposure as an explanatory variable for abnormal returns are used a sample of 46 bank holding companies all listed on the new york or american srock exchanges is divided into groups of no low and high brazilian exposure we find that the initial stock market reaction to the default represents a rational investor response to new bank specific information however the stock market reaction also reveals that not all relevant information was contained in the disclosure announcement further we find some evidence of a contagion effect related to size

gender biases in student evaluations of teaching abstract this article uses data from a french university to analyze gender biases in student evaluations of teaching sets the results of fixed effects and generalized ordered logit regression analyses show that male students express a bias in favor of male professors also the different teaching dimensions that students value in male and female professors tend to match gender stereotypes men are perceived by both male and female students as being more knowledgeable and having stronger class leadership skills which are stereotypically associated with males despite the fact that students appear to learn as much from women as from men

a comparative analysis of greening policies across supply chain structures abstract in this paper we examine an apparel serial supply chain whose players initiate product greening we consider situations in which the players cooperate or act individually our problem is motivated by recent developments in the supply chains of global apparel players we build game theoretic models and show how greening levels prices and profits are influenced by channel structures we also study the impact of greening costs and consumer sensitivity towards green apparels we propose a two part tariff contract to coordinate the green channel our key contribution lies in the model of decision making of various supply chain structures and analyzing its impact on the players and supply chain the problem throws interesting insights into the strategies of apparel players and their key decisions

a note on probability distributions with increasing generalized failure rates distributions with an increasing generalized failure rate igfr have useful applications in pricing and supply chain contracting problems we provide alternative characterizations of the igfr property that lead to simplify verifying whether the igfr condition holds we also relate the limit of the generalized failure rate and the moments of a distribution

the distribution free newsboy problem extensions to the shortage penalty case abstract in the classical newsboy problem no cost is assumed if the ordered quantity is less than the demand however in reality failure to meet demand is always associated with a penalty the aim of this work is to extend the analysis of the distribution free newsboy problem to the case when shortage cost is taken into consideration the analysis is based on the assumption that only the mean and variance of demand are known but its particular probability distribution is not a model is presented for determining both an optimal order quantity and a lower bound on the profit under the worst possible distribution of the demand the following cases are considered the single product case the fixed ordering cost case the random yield case and the resource constrained multi product case

the distribution free newsboy problem with resalable returns we study the case of a catalogue internet mail order retailer selling style goods and receiving large numbers of commercial returns returned products arriving before the end of the selling season can be resold if there is sufficient demand a single order is placed before the season starts excess inventory at the end of the season is salvaged and all demands not met directly are lost since little historical information is available it is impossible to determine the shape of the distribution of demand therefore we analyze the distribution free newsboy problem with returns in which only the mean and variance of demand are assumed to be known we derive a simple closed form expression for the distribution free order quantity which we compare to the optimal order quantities when gross demand is assumed to be normal lognormal or uniform we find that the distribution free order rule performs well when the coefficient of variation cv is at most 0 5 but is far from optimal when the cv is large

salary differentials by sex in the academic labor market this paper examines faculty time allocation decisions that are fundamental to the functioning of a university a random utility approach yields a grouped data multinomial logit model and predicts that time allocation decisions depend systematically on

an integrated approach to price differentiation and inventory decisions with demand leakage abstract price differentiation is among widely practiced tools in revenue management rm in which a seller offers same or slightly different products or services at different prices to its customers earlier research studies have shown that the benefits from price differentiation are evident when the market segmentation is assumed to be perfect in a perfect market segmentation customers associated with a market segment do not move between market segments however it is not uncommon to observe that a market segmentation a firm operates in is seldom prefect and due to imperfect segmentation customers move between market segments which is also referred to as demand leakage in addition the firms predominantly experience stochastic demand and thus a firm experiences both the short sales and leftovers due to demand uncertainty this research proposes a model to address the issue of an optimal market segmentation using price differentiation as a tool we also establish an integrated framework for pricing order and production quantity allocation decisions in each market segment when a firm experiences demand leakage from one market segment to another and faces price dependent stochastic demand the model is analyzed to determine an optimal decision framework on pricing order quantity allocation and market segmentation using the proposed price differentiation due to the complexity of the problem both the hierarchical and joint optimization approaches are developed a simplified closed form optimal solution to the problem is outlined in the case of hierarchical approach the model is also analyzed for a situation in which the distribution of the price dependent stochastic demand is unknown and a distribution free approach is utilized to address the problem it is identified that the use of distribution free approach also results in a closed form optimal solution to the problem a numerical study is presented to demonstrate the performance of the model and solution approaches the benefits of the optimal market segmentation using a differentiation price are also highlighted along with the proposed integrated optimal decision framework when a firm experiences demand leakage

updating estimates of male female salary differentials in the academic labor market abstract i estimate the male female salary gap and salary discrimination for faculty between the years 1968 and 1989 estimates of both these quantities fell substantially in the 1970 s with no further improvement in 1984 and 1989

differential impact on bank valuation of interstate banking law changes abstract by 1988 forty seven states and the district of columbia had enacted legislation liberalizing interstate banking restrictions this study systematically investigates the market impact of these law changes on bank stock prices using an event parameter event study methodology we assess the differential impact on in state and out of state banks to a given state law change we also assess the differential impact of law changes upon banks included in or excluded from any regional compacts among states money center banks are treated as a special class of out of state or excluded banks we find that out of state and out of region banks excluding money center banks have profited most from these law changes and money center banks have been least positively affected both at the time of enactment and at the effective date of the law changes we attribute these findings to the opening of interstate banking opportunities to other than money center and foreign banks thus leveling the playing field

women in the economics profession this article discusses evidence from recent literature on gender literature on gender differences among ph d economists it finds many gender similarities in accomplishments including undergraduate grades publication rates ceteris paribus and labor market commitment it finds no evidence of disadvantages for women in admissions to ph d programs or in nonacademic salaries yet gender differences remain ceteris paribus in gre scores attrition from ph d programs non tenure track academic jobs academic salaries and academic promotion rates the paper suggests that trends toward increasing percentage of females may be peaking particularly given recent drops in female undergraduate economics majors