revenue maximizing rankings for online platforms with quality sensitive consumers when a customer searches for a keyword at a classified ads website at an online retailer or at a search engine se the platform has exponentially many choices in how to sort the output to the query the two extremes are a to consider a ranking based on relevance only which attracts more customers in the long run because of perceived quality and b to consider a ranking based on the expected revenue to be generated by immediate conversions which maximizes short term revenue typically these two objectives are not perfectly positively correlated and hence the main question is what middle ground between them should be chosen we introduce stochastic models and propose effective solution methods that can be used to optimize the ranking considering long term revenues a key feature of our model is that customers are quality sensitive and are attracted to the platform or driven away depending on the average relevance of the output the proposed methods are of crucial importance in e business and encompass i classified ad websites which can favor paid ads by ranking them higher ii online retailers which can rank products they sell according to buyers interests and or the margins these products have iii ses which can position the content that they serve higher in the output page than third party content to keep users in their platforms for longer and earn more this goes in detriment of just offering rankings based on relevance only and is directly linked to the current search neutrality debate

position auctions with consumer search this paper examines a model in which advertisers bid for sponsored link positions on a search engine the value advertisers derive from each position is endogenized as coming from sales to a population of consumers who make rational inferences about rm qualities and search optimally consumer search strategies equilibrium bidding and the welfare benets of position auctions are analyzed implications for reserve prices and a number of other auction design questions are discussed

some empirical evidence on the effects of shocks to monetary policy on exchange rates this paper investigates the effects of shocks to u s monetary policy on exchange rates we consider three measures of these shocks orthogonalized shocks to the federal funds rate orthogonalized shocks to the ratio of nonborrowed to total reserves and changes in the romer and romer index of monetary policy in sharp contrast to the literature we find substantial evidence of a link between monetary policy and exchange rates specifically according to our results a contractionary shock to u s monetary policy leads to i persistent significant appreciations in u s nominal and real exchange rates and ii significant persistent deviations from uncovered interest rate parity in favor of u s interest rates

competitive targeted advertising with price discrimination this paper investigates the eects of price discrimination by means of targeted advertis ing in a duopolistic market where the distribution of consumers preferences is discrete and where advertising plays two major roles it is used by rms as a way to transmit relevant information to otherwise uninformed consumers and it is used as a price discrimination device we compare the rms optimal marketing mix advertising and pricing when they adopt mass advertising non discrimination strategies and targeted advertising price discrim ination strategies if rms are able to adopt targeted advertising strategies we nd that the symmetric price equilibrium is in mixed strategies while the advertising is chosen deter ministically our results also unveil that as long as we allow for imperfect substitutability between the goods rms do not necessarily target more ads to their own market in par ticular rms optimal marketing mix leads to higher advertising reach in the rival s market than in the rms own market provided that advertising costs are su ciently low in relation to the consumer s reservation value the comparison of the optimal marketing mix under mass advertising strategies and targeted advertising strategies reveals that targeted adver tising might constitute a tool to dampen price competition in particular if advertising costs are su ciently low in relation to the value of the goods we obtain that average prices with non discrimination mass advertising are below those with price discrimination and targeted advertising regardless of the market segment accordingly when i goods are imperfect substitutes ii advertising is not too expensive and iii targeted advertising constitutes an eective price discrimination tool price discrimination through targeted advertising may be detrimental to social welfare since it boosts industry pro ts at the expense of consumer surplus

a segment level model of category volume and brand choice it is an everyday marketplace occurrence that brands lose and gain share however a brand s sales gain or loss can be attributable to very different factors and thus understanding the sources of sales gain or loss would seem to be an important aspect of a brand manager s job the primary purpose of this research is to develop a model that can answer the following questions i what are the sources of gain or loss of a brand s sales due to category volume and brand switching ii what consumer and marketing characteristics affect consumers purchase frequency of the product category and that of different brands iii do all consumers behave similarly or are there distinct segments which respond to marketing actions differently iv if such segments exist what is the size and composition of each segment and what is the appropriate strategy for each group of consumers our modeling approach which decomposes a brand s sales into category volume and brand choice components has many similarities and also several differences with traditional approaches similar to the nbd and dirichlet models we assume that a consumer s category purchase rate follows a poisson distribution and the number of purchases per brand follows a multinomial distribution our model differs from traditional models by including marketing mix variables by accounting for loyal or near loyal consumers by explicitly incorporating consideration sets and by segmenting consumers on the basis of their brand perceptions and their responses to marketing mix variables we account for consumer hetereogeneity by identifying homogeneous latent segments that capture differences in consumers response to marketing variables in both brand choice and category volume behavior calibration of the category volume and brand choice models and the separation of loyalty and switching segments are done simultaneously so that there is no need to assume any specific hierarchy and in contrast to the usual assumption of independence between choice and volume which may be unreasonable at the aggregate level the requirement is that choice and volume decisions be independent only at the segment level we investigate the properties of our model in the context of a national survey of supermarket purchases of jumbo paper towels 2 500 households were surveyed who were asked to provide information on rolls of paper towels bought in the last 4 weeks rolls of each brand of paper towel bought in the last 4 weeks brand usually bought brands that a household bought or would consider buying average price paid or expected for each brand bought or considered ratings on 20 brand attributes e g strength absorbency etc and demographic information e g family size we found that not only did the modeling framework outperform a variety of competing models it also provided insights into the competitive structure in this market the loyal segments could be distinguished on the basis of price sensitivity less than 10 of the loyal households were price insensitive and in general households showed increasing price sensitivity in their category volume decisions if they had more children and were heavier users of paper towels this was consistent across all brands the model estimates that about 71 of the households are switchers and five switching segments are needed to characterize household purchase patterns two of the largest switching segments labeled as price sensitive and value segments are very price sensitive in both their brand choice and category volume components in both these segments private label brands are dominant with about 30 share segments also emerged on the basis of strength absorbency and tearing ease of paper towels interestingly we found that brand shares within these segments are quite consistent with the objective quality ratings of brands as given by consumer reports finally price elasticity analysis for one of the brands bounty reveals that a 5 drop in bounty s price increases its sales by 13 6 almost half of this increase comes from brand switching with the other half coming from increases in category volume e g stockpiling bounty gains the most from the price sensitive segments price and value segments private labels are hurt least by bounty s price cut

internet advertising and the generalized second price auction selling billions of dollars worth of keywords we investigate the generalized second price gsp auction a new mechanism used by search engines to sell online advertising although gsp looks similar to the vickrey clarke groves vcg mechanism its properties are very different unlike the vcg mechanism gsp generally does not have an equilibrium in dominant strategies and truth telling is not an equilibrium of gsp to analyze the properties of gsp we describe the generalized english auction that corresponds to gsp and show that it has a unique equilibrium this is an ex post equilibrium with the same payoffs to all players as the dominant strategy equilibrium of vcg

interpreting the macroeconomic time series facts the effects of monetary policy existing theory and evidence on the effects of monetary policy are reviewed substantial room for disagreement among economists remains new evidence based on multivariate time series studies of several countries is presented while certain patterns in the data consistent with effective monetary policy are strikingly similar across countries others particularly the tendency of interest rate increases to predict high inflation are harder to reconcile with effective monetary policy

will the consistent organic food consumer step forward an empirical analysis the organic food market has reached a significant value in developed countries but market shares vary substantively between product categories this article investigates general patterns in the sequence of adoption of organic products based on a major danish retailer s panel scanner data all registered transactions over 20 months from 8 704 randomly selected customers with a loyalty card are analyzed using a hidden markov model capturing the dynamics in consumers purchases the model identifies latent states representing identifiable accessible and actionable dynamic customer segments and captures the movements between states or segments a pattern emerges that is consistent with the theory of behavioral spillover and inconsistent with the theory of moral licensing including a tendency to buy organic products in an increasing number of product categories over time the order in which organic products are adopted is inversely related to the behavioral costs of adopting them the employed approach provides a firm basis for personalized communication aiming to increase cross selling of organic products increase the sale of less popular organic products and accelerate movements from segments buying few organic products to segments buying organic more consistently

noisy news and exchange rates a svar approach abstract this paper introduces noisy news shocks into a model of exchange rate determination to measure the impact of these shocks using a svar agents in the foreign exchange market make decisions with imperfect information about economic fundamentals driving interest rate differentials between countries in that they must rely on a noisy signal of future interest rates i apply the framework to the usd gbp nominal exchange rate for the period 1986 2013 results show that noisy news explains approximately one fifth of the forecast error variance in the nominal exchange rate with noise accounting for double 12 that of news 6 a historical decomposition of the exchange rate indicates that noise shocks are especially important during periods of changing monetary policy e g the 1990 easing and 2001 tightening of u s monetary policy and the unconventional monetary policies surrounding the financial crisis of 2008

understanding price effects for new nondurables how price responsiveness varies across depth of repeat classes and types of consumers abstract the objective of this study is to gain insights into the effectiveness of consumer price promotions on trial repeat processes of newly introduced brands of consumer packaged goods using a consumer risk perception perspective we develop a theoretical framework that relates the effectiveness of consumer price promotions to the depth of repeat cycle the level of a consumer s brand loyalty and usage intensity to evaluate the theory we calibrate a multiple spell hazard rate model for several new product introductions in different product categories the results show that promotional price sensitivities are generally higher for repeat purchases than for trial in addition the results indicate that loyals are less price sensitive than nonloyals finally heavy users in the product class are found to be more price sensitive than light users at the trial stage

consumer demand for fair trade evidence from a multistore field experiment abstract we provide new evidence on consumer demand for ethical products from experiments conducted in a u s grocery store chain we find that sales of the two most popular coffees rose by almost 10 when they carried a fair trade label as compared to a generic placebo label demand for the higher priced coffee remained steady when its price was raised by 8 but demand for the lower priced coffee was elastic a 9 price increase led to a 30 decline in sales while consumers attach value to ethical sourcing there is significant heterogeneity in willingness to pay for it

news sentiment in the gold futures market abstract this article utilises commodity specific news sentiment data provided by thomson reuters news analytics to examine the relationship between news sentiment and returns in the gold futures market over the period 2003 2012 there is an asymmetric response to news releases with negative news sentiment invoking a greater contemporaneous response in returns of gold futures there is evidence to support the supposition that net trader positions significantly impact the identified sentiment relationship with the effect greatest when traders are holding positions contrary to their natural position this may be explained by constraints imposed on traders in terms of credit availability exchange imposed limits or inventory required for physical settlement recession and associated changes in credit costs impact the size of net positions and the news sentiment return relationship

the impact of news and alternative theories of exchange rate determination over the last decade two of the more important developments in the area of exchange rate determination are the construction of the asset market model and the recognition that news is a key factor affecting exchange rates the asset market model has evolved as an alternative to the traditional flow model of exchange rate determination in contrast to the flow model where the exchange rate is determined by the flow demand for and flow supply of foreign exchange exchange rates adjust to allocate the total stock of foreign exchange in question in the asset market model this model may be presented in one of two forms the monetary approach or the portfolio balance approach the former is summarized in the work of bilson 1978a dornbusch 1976 frenkel 1976 johnson 1976 and mussa 1976 1979 while the latter stems from the efforts of branson 1981 branson halttunen and masson 1977 dooley and isard 1982 kouri 1976 kouri and de macedo 1978 and rodriguez 1980 while the logical consistency of these models has enhanced their popularity empirical support has been limited the importance of unanticipated shocks or news in explaining exchange rate behavior has been suggested by dornbusch 1980 frenkel 1981 isard 1983 and mussa 1979 the basis for this suggestion is the efelcient markets approach that suggests securities prices in a capital market should reflect all available information therefore the predominant cause of exchange rate movements is news that could

exchange rates and fundamentals new evidence from real time data abstract this paper analyses the link between economic fundamentals and exchange rates by investigating the importance of real time data we find that economic news in the united states germany and the euro area have been a driving force behind daily us dollar euro dem exchange rate developments in the period 1993 2003 the larger importance of us macroeconomic news is at least partly explained by their earlier release time compared to corresponding german and euro area news the exchange rate is also shown to respond more strongly to news in periods of large market uncertainty and when negative or large shocks occur overall the model based on real time data explains about 75 of the monthly directional changes of the us dollar euro exchange rate although it does not explain well the magnitude of the exchange rate changes

do ethical values work a quantitative study of the impact of fair trade coffee on consumer behavior this study investigates the large french fair trade ft market and the importance of ft coffee within it in an attempt to identify some general features of ft consumers on the basis of 7 587 transactions the authors also determine the impact of ft characteristics on customer behavior the main result is somewhat surprising ft coffee purchases seem to involve a temporary commitment as ft coffee consumers appear less loyal than traditional coffee consumers the authors derive some business and academic implications

a larger slice or a larger pie an empirical investigation of bargaining power in the distribution channel this research aims to provide insights into the determinants of channel profitability and the relative power in the channel by considering consumer demand and the interactions between manufacturers and retailers in an equilibrium model we use the nash bargaining solution to determine wholesale prices and thus how margins are split in the channel equilibrium margins are a function of demand primitives and of retailer and manufacturer bargaining power bargaining power is itself a function of exogenous retail and manufacturer characteristics the parties bargaining positions are determined endogenously from the estimated substitution patterns on the demand side the more they have to lose in a negotiation relative to an outside option the weaker the bargaining position we use the proposed bargaining model to investigate the role of the three main factors that have been blamed for the power shift from manufacturers to retailers in recent years firm size increases store brand introductions and service level differentiation in our empirical analysis of the german market for coffee we find that bargaining power varies among the different manufacturer retailer pairs this result suggests that bargaining power is not an inherent characteristic of a firm but rather depends on the negotiation partner we are able to confirm empirically previous theoretical findings that there can be cases where the slice of the pie that goes to one of the channel members may decrease but the overall pie increases and compensates for the smaller share of profits

empirical models of the exchange rate separating the wheat from the chaff various popular exchange rate models a standard monetary model a portfolio balance model and sticky price models are estimated and evaluated using u s canadian data for the 1970s nonnested hypothesis tests demonstrate that none are correctly specified the data suggest 1 the exchange rate persistence observed is not fully explained by any of the models 2 the small durbin watson statistics indicate longer lags are required 3 the current account is a useful explanatory variable 4 the portfolio balance model fits the data well but has potentially serious problems measuring the stock of foreign assets this abstract was borrowed from another version of this item

a model of brand choice and purchase quantity price sensitivities many consumer decisions involve a discrete choice and a continuous outcome examples of such decisions are whether to own a home or rent one and how much to spend which brand of orange juice to buy and how many ounces to buy in cases like these the choice decision is typically modeled separately say using a logit model and the continuous outcomes modeled separately using regression analysis however the continuous outcomes may not be independent of the discrete choice and vice versa and modeling the two decisions independently can lead to inefficient choice parameter estimates and biased and inconsistent regression parameter estimates in this paper we present a methodology from the limited dependent variable literature to model the dependence between the choice and quantity decisions our substantive interest is in the role of price in the choice and quantity decisions when choosing among alternatives we argue that consumers consider prices of all the competitive brands in the quantity decision on the other hand only the price of the chosen alternative is expected to impact how much of the alternative is purchased the analysis of three brands using disaggregate level panel data strongly supports our hypothesis about the role of competitive prices in the choice and quantity decisions

an empirical analysis of the relationship between brand loyalty and consumer price elasticity this empirical paper explores the relationship between consumer brand preference or loyalty and price elasticity in purchase behavior this behavior is conceptualized as resulting from two distinct but related decisions namely a brand choice decision and a purchase quantity decision we argue that loyal consumers will be less price sensitive in the choice decision than nonloyal consumers however this direction is expected to be reversed in the quantity decision with loyal consumers expected to be more price sensitive than nonloyal consumers we model the choice and quantity decisions jointly using the limited dependent variable framework described in krishnamurthi and raj the data used are diary panel data on a frequently purchased product class from burke and caffeinated ground coffee scanner data from iri we show that loyals are less price sensitive than nonloyals in the choice decision but more price sensitive in the quantity decision managerial implications of the differing elasticities are disc

flexible exchange rates prices and the role of news lessons from the 1970s recent experience with flexible exchange rate systems has led to renewed interest in the operation of foreign exchange markets as reflected in many recent studies of the principal determinants of exchange rates the 1970s witnessed the dramatic alteration of the international monetary system from a regime of pegged exchange rates which prevailed for about a quarter of a century since the bretton woods conference into a regime of flexible though managed rates as a consequence of the emergence of the new legal and economic system traders national governments and international organisations were confronted with new economic problems choices and instruments during the 1970s ex change rates fluctuated widely and inflation rates accelerated the international monetary system had to accommodate extraordinarily large oil related shocks which affected trade flows in goods and assets huge oil payments had to be recycled uncertainties concerning future developments in international politics reached new heights and the prospects for the world economy got gloomier these developments placed unprecedented pressures on the markets for foreign exchange as well as on other asset markets they were associated with a large slide in the value of the us dollar and resulted in speeding up the creation of new institutions like the european monetary system which provided the formal framework for the management of exchange rates among members

monetary policy and exchange rate overshooting dornbusch was right after all abstract dornbusch s exchange rate overshooting hypothesis is a central building block in international macroeconomics yet empirical studies of monetary policy have typically found exchange rate effects that are inconsistent with overshooting this puzzling result has been viewed by some researchers as a stylized fact to be reckoned with in policy modelling however many of these studies in particular those using vector autoregressive vars approaches have disregarded the strong contemporaneous interaction between monetary policy and exchange rate movements by placing zero restrictions on them in contrast we achieve identification by imposing a long run neutrality restriction on the real exchange rate thereby allowing for contemporaneous interaction between the interest rate and the exchange rate in a study of four open economies we find that the puzzles disappear in particular a contractionary monetary policy shock has a strong effect on the exchange rate which appreciates on impact the maximum effect occurs within 1 2 quarters and the exchange rate thereafter gradually depreciates to baseline consistent with the dornbusch overshooting hypothesis and with few exceptions consistent with uncovered interest parity uip

choice set heterogeneity and the role of advertising an analysis with micro and macro data abstract the authors show how to use microlevel survey data from a tracking study on brand awareness in conjunction with data on sales and advertising expenditures to improve the specification estimation and interpretation of aggregate discrete choice models of demand in a departure from the commonly made full information assumption they incorporate limited information in the form of choice sets to reflect that consumers may not be aware of all available brands at purchase time they find that both the estimated brand constants and the price coefficient are biased downward when consumer heterogeneity in choice sets is ignored these biased estimates can lead firms to make costly price setting mistakes in addition the tracking data enable the authors to identify separately two processes by which advertising influences market shares they find that advertising has a direct effect on brand awareness inclusion in choice set in addition to its effect on consumer preferences increase in utility this

chapter 6 market share models publisher summary this chapter describes that three basic principles motivate the specification of the market share models market share models should be competitive descriptive as well as predictive and profit oriented being fundamentally competitive implies that one cannot know the effect or effectiveness of a marketing action without accounting for the actions of competitors market share models are models for understanding how the marketing efforts of every brand impact the results in a competitive marketplace only by describing the influence of each marketing instrument can one gain a basis for marketing planning prediction alone is not enough time series models that forecast the future from the past sales provide no insight into how sales are generated the emphasis on being descriptive also embraces the need to understand the areas in which consumer choice probabilities are synonymous with market shares as well part of the goal of description transcends what can be done by market share models alone managers need to understand that their efforts have potentially competitive effects and potentially market expansive effects in sales response models these effects are comingled but by combining descriptive market share models for the competitive effects with descriptive category volume models for the market expansive effects managers obtain a much richer understanding of the market the profit oriented goal of market share analysis urges us to ask how the firm s allocations of resources to aspects of the marketing mix produce bottom line results

floating exchange rates expectations and new information abstract this paper analyzes the relationship between forward exchange rates future spot rates and new information a stochastic model of exchange rate determination is used to formally show how unanticipated changes in the exchange rate determinants or news affect the spot rate the empirical analysis indicates that new information plays an important role in explaining the market forecasting error or difference between the spot rate and the forward rate determined in the previous period

news sentiment and overshooting of exchange rates abstractin a globalized world the volume of international trade is based on both import and export prices thereby making a country s economy highly dependent on exchange rates in order to study exchange rate movements one frequently exploits the so called dornbusch overshooting model however the model is controversial from a theoretical point of view it explains exchange rate movements by a number of fundamental variables but ignores how novel information in the form of news can enter the market as a remedy this article adjusts for information dissemination by performing a multivariate analysis to compare the classical overshooting model with an extended variant that includes news sentiment our results show that news sentiment has a substantial explanatory power of 11 of the exchange rate forecasting error variance in addition we also find statistical evidence that a shock in news sentiment may lead to overshooting

pricing and capacity sizing for systems with shared resources approximate solutions and scaling relations this paper considers pricing and capacity sizing decisions in a single class markovian model motivated by communication and information services the service provider is assumed to operate a finite set of processing resources that can beshared among users however this shared mode of operation results in a service rate degradation users in turn are sensitive to the delay implied by the potential degradation in service rate and to the usage fee charged for accessing the system we study the equilibrium behavior of such systems in the specific context of pricing and capacity sizing under revenue and social optimization objectives exact solutions to these problems can only be obtained via exhaustive simulations in contrast we pursueapproximate solutions that exploitlarge capacity asymptotics economic considerations and natural scaling relations demonstrate that the optimal operational mode for the system is close to heavy traffic this in turn supports the derivation of simple approximate solutions to economic optimization problems via asymptotic methods that completely alleviate the need for simulation these approximations seem to be extremely accurate the main insights that are gleaned in the analysis follow congestion costs are small the optimal price admits a two part decomposition and the joint capacity sizing and pricing problem decouples and admits simple analytical solutions that are asymptotically optimal all of the above phenomena are intimately related to statistical economies of scale that are an intrinsic part of these systems

are supermarkets squeezing small suppliers evidence from negotiated wholesale prices we thank gregory s crawford for his encouragement and insightful comments we also thank victor aguirregabiria ozlem bedre meghan busse jean pierre dub e david genesove margaret kyle rafael moner colonques ariel pakes michelle sovinsky michael waterson ali yurukoglu and the seminar participants at the nber io winter meetings 2012 cepr jie conference on applied io 2012 hebrew university toulouse school of economics universidad diego portales universidad de chile the university of warwick and university of zurich noton acknowledges financial support from the institute for research in market imperfections and public policy icm is130002 ministerio de economia an earlier version of this article circulated under the title revealing bargaining power through actual wholesale prices

an empirical investigation of the welfare effects of banning wholesale price discrimination rand 054 rand2007 cls 1994 07 13 v1 2u standard latex document class rand rand 054 dispatch 12 7 2008 ce n a journal msp no no of pages 26 pe sharon rand journal of economics vol 40 no 1 spring 2009 pp 20 45 an empirical investigation of the welfare effects of banning wholesale price discrimination sofia berto villas boas economic theory does not provide sharp predictions on the welfare effects of banning wholesale price discrimination if downstream cost differences exist then discrimination shifts production inefficiently toward high cost retailers so a ban increases welfare if differences in price elasticity of demand across retailers exist discrimination may increase welfare if quantity sold increases so a ban reduces welfare using retail prices and quantities of coffee brands sold by german retailers i estimate a model of demand and supply and separate cost and demand differences simulating a ban on wholesale price discrimination has positive welfare effects in this market and less if downstream cost differences shrink or with less competition introduction wholesale price discrimination means that an upstream firm sets different prices for the same product for various downstream retailers wholesale price discrimination is commonly practiced in many markets examples include markets such as petroleum distribution steel heavy trucking tobacco and pharmaceuticals in several countries milk and other dairy products are sold using government administered or sanctioned discriminatory pricing schemes wholesale price discrimination practices are also used for services such as loans insurance and advertising 1 competition authorities have been concerned with wholesale price discrimination the european union treaty s article 82 c prohibits practices where a dominant firm would place trading partners at a competitive disadvantage the u s robinson patman act forbids discriminat ing in price between different purchasers where the effect may be to lessen competition unless the university of california berkeley sberto are berkeley edu i thank the editor igal hendel and two anonymous referees for many helpful comments and max auffhammer cyndi berck peter berck gal hochman silke januszewski forbes george judge kai uwe k uhn diana lazo mark muendler aviv nevo ariel pakes jeff perloff andrew sweeting miguel villas boas and participants at uc san diego university of michigan the inra idei conference in toulouse and the university of british columbia summer conference in industrial organization for their suggestions i thank daniel klapper for letting me have access to the data support from the giannini foundation and from an aes grant are gratefully appreciated see for gasoline markets texaco v hasbrouck 496 us 543 no 87 2048 1990 and the new york state motor fuel marketing practices act for steel chan hall and rust 2003 for heavy trucking volvo trucks north america inc v reeder simco gmc inc docket no 04 905 for tobacco brooke group ltd v brown and williamson tobacco corp 509 us 209 no 92 466 1993 for wholesale pharmaceuticals see http www datcp state wi us trade business unfair comp drug price jsp for dairy markets see for example gardner 1984 and for services see givens 1983 c 2009 rand copyright