expatriate assignment adjustment and effectiveness an empirical examination of the big picture this study extends the international literature by empirically testing a model of expatriate adjustment that examines the relationships between organizational antecedents i e reasons for assignment a more comprehensive set of adjustment behaviors self reported performance and subordinate rated managerial effectiveness using data from 194 expatriate managers and 505 subordinates working in the multinational hotel industry structural equations modeling results supported the hypothesized model the conceptual and empirical contributions of this study as well as the managerial implications are discussed

environmental policy under oligopoly with endogenous market structure emission taxes under both fixed number oligopoly and endogenous market structure which are the most relevant market structures for policy issues are examined in the latter case and contrary to what is expected under imperfect competition the optimal tax could exceed marginal external damages which implies that externalities generated by oligopolistic firms could be optimally controlled by overinternalizing environmental damages under endogenous market structure a scheme consisting of a license fee and a second best underinternalizing emission tax can increase social welfare as compared to the use of a single emission tax exceeding marginal damages copyright 1995 by the editors of the scandinavian journal of economics

government failure rent seeking and capture the design of climate change policy climate change has been described as one of the biggest market failures less attention has been paid to the government failures associated with interventions and the implications for the design of climate change policy this paper sets out the main types of government failure and shows how the processes of rent seeking and capture help to explain both why the choice of targets and instruments has been so inefficient and also why the resulting costs of carbon mitigation are likely to be considerably higher than the estimates provided by the stern review and other recent studies two examples are given emissions trading and renewables policy a number of generic conclusions are drawn about how taking account of government failures can help to improve policy design and limit the impact of the climate change pork barrel which existing policies have created copyright 2010 oxford university press

asymmetric international minimum quality standards and vertical differentiation this paper develops a two country model of a vertically differentiated duopoly that spans two countries which are not integrated without additional costs equilibrium qualities prices profits and consumer s surplus are compared when 1 minimum quality standards are identical and 2 standards differ across countries both markets turn out to be connected by the quality choices of the two firms both firms prices in the two countries and their profits are lower whereas consumer s surplus and the two offered qualities are higher in both countries if no firm is forced out of the country s market with the more demanding minimum quality standard copyright 1995 by blackwell publishing ltd

management practices across cultures role of support in technology usage as global corporations pursue a dual strategy of global integration and local responsiveness it becomes necessary to determine whether some management practices can be applied across borders using a sample of 143 employees from nine nigerian organizations we found that organizational support contributed to technology usage however only employees with low computer training associated support with aspects of technology usage such as daily use frequency of use and total application

minimum quality standards with more than two firms abstract this paper studies the effects of introducing a minimum quality standard mqs in a vertically differentiated market it is shown that previous results indicating beneficial effects of a mqs heavily depend on the duopolistic set up they had been developed in an example with three firms is then provided showing that not all reaction functions in quality levels are increasing we also show that the introduction of the standard decreases the profit levels of all firms the maximum quality level and the average quality consumed as a consequence despite the increase in consumer surplus any effective mqs would reduce welfare

cap and trade a sufficient or necessary condition for emission reduction influenced by the success of emission trading in the us for sulphur dioxide so 2 some economists have argued for an upstream economy wide cap and trade scheme as the primary tool for achieving the required reduction in greenhouse gas ghg emissions this paper addresses that argument and concludes that cap and trade will need to be accompanied by complementary regulatory measures while it is a necessary component in a climate mitigation programme it is unlikely to be sufficient by itself to accomplish the desired emission reductions the paper reviews the evidence on how so 2 emissions were reduced and the extent to which actual emission trading was responsible for the reduction as opposed to other innovations it also identifies differences between the past regulation of so 2 and other air pollutants and the challenges presented by the regulation of ghg emissions what actually happened in the us with so 2 emission trading deviated in several significant respects from what would be predicted based on the conventional theoretical analysis while there was a dramatic reduction in so 2 emissions it occurred because of several factors some of which are unlikely to apply for ghg emissions and others of which argue for an activist regulatory policy by the government as a complement to the functioning of an emissions market for ghgs copyright 2010 oxford university press

the economics of development a survey i the subject our definition of the subject will be the use of economic analysis to understand the economies of poor or developing countries this includes in particular how standards of living in the population are determined and how they change over time and further how policy can or should be used in the influence of these processes the definition contains in principle much or most of analytical methods in economics insofar as they can be put to use in the examination of the issues of interest this is as it should be but it poses a problem for a survey in a journal a comprehensive treatment is infeasible so we shall follow a different route the survey will focus on what i take to be the major themes and approaches which characterise the productive aspects of the subject there is therefore no pretence at being exhaustive the purpose is rather to highlight some of the advances many of these have been of real substance there are a number of possible purposes for a survey and it is important to be clear at the outset for whom it is intended what it is and what it is not this survey is addressed to economists and students of economics who know the tools of their trade but not necessarily how they have been applied to and fashioned for the analysis of the economics of developing countries it is a description of the ways in which problems can be productively formulated and approached in terms of examples chosen for their intrinsic importance and interest the vastness of the subject means that we have to be highly selective it does not seek to provide a summary evaluation of the current view of the appropriate response to immediate policy questions it is not a history of thought nor a research manifesto nor an attempt to adjudicate or settle the major debates where they arise naturally from the major purpose some judgements on these subjects will be offered but they do not themselves constitute the primary intent of this survey there are three lines of enquiry or sets of questions which have i suggest been distinctive of the most fruitful work in development economics they will

environmental policy government and the market environmental policy is made in a context of both market failure and government failure on the one hand leaving environmental protection to the free market relying on notions of corporate social responsibility and altruistic consumer and shareholder preferences will not deliver optimal results on the other hand nationalizing the delivery of environmental protection is likely to fail because nation states rarely have the depth and quality of information required to instruct all the relevant agents to make appropriate decisions thus as for many areas of policy appropriate models of environmental intervention will lie between these two extremes while it is impossible to specify general rules concerning the precise form of intervention in part because the type of intervention depends upon value judgements this paper sets out some of the considerations that are particular to environmental policy and explores several principles for policy design including information coordination and principal agent problems with a particular focus on the international context

cap and trade policy challenges a tale of three markets cap and trade policy instruments have been applied to a number of environmental problems with varying success this article examines cap and trade programs for so2 allowances fishery quotas and water rights design and implementation of cap and trade mechanisms involves challenging policy tradeoffs accommodating equity concerns balancing use levels with resource conditions facilitating transactions accounting for externalities assuring adequate monitoring and documenting welfare gains efficient trading mechanisms are more readily implemented when there is a strong political or legal mandate to cap resource use and trades are perceived as a means to ease adjustment to use limits

imperfections in the economics of public policy imperfections in markets and climate change the economics of public policy has suffered from collective amnesia we have forgotten or ignored much of the tradition of public policy in imperfect economies whose foundations were laid by james meade and paul samuelson this has been associated with a period of around two decades from the early 1980s to the early 2000s where the economics of public policy has bent to political winds and has fed arguments for government to get out of the way and leave everything to the markets to self interest and to self regulation this has manifested itself via the choice of models those which imply often directly from assumptions passive government patterns of teaching the marginalisation of public economies in imperfect economics and compartmentalisation examples in climate change where this amnesia has misled include approaches to discounting and the failure to make non marginal change central to analysis on the other hand creative application of modern public economics gives interesting results such as the possibility of making both current and future generations better off and of informed discussion complementing economic instruments there are strong formal analogies between policy on climate change and on behavioural economics indeed there seems to be great potential in the combination of these two fields jel a10 a12 d61 d62 d63

assessment economic policy towards the environment the article presents an overview and assessment of economic policy toward the environment the first part reviews the core theoretical literature a classification of environmental externalities differentiated by institutional contexts is presented conventional economic theory approaches are reviewed with their associated strong informational assumptions these are then relaxed demonstrating why cooperative solutions to global externalities may prove hard to achieve having reviewed the theoretical nature of environmental problems the article then turns to policy options including privatization taxes and marketable permits and presents a number of suggestions for future policy copyright 1990 by oxford university press

managerial behaviors and job performance a successful manager in los angeles may not succeed in hong kong few studies have attempted to examine how american managers actually manage while on assignment in foreign countries or the effectiveness of these managerial behaviors this study compared the self reported managerial behaviors of american expatriate managers in hong kong to a sample of american managers in the u s and hong kong chinese managers in hong kong the results from the study indicated that american expatriate managers in hong kong exhibit very similar managerial behaviors to the sample of managers in the u s however while these managerial behaviors were positively related to job performance for the managers in the u s they were not related to job performance for the expatriates in hong kong nor were these managerial behaviors related to job performance for hong kong chinese managers in hong kong

commodity taxation in a differentiated oligopoly the authors introduce commodity taxation into a vertical differentiation model with endogenous product selection they show that a uniform ad valorem tax lowers both qualities distorts the allocation of consumers between firms and lowers the consumer prices of both variants a small uniform tax is always welfare improving over the no tax equilibrium a differentiation of tax rates may or may not be desirable on welfare grounds if a welfare improvement is possible through a nonuniform tax it is always the high quality variant that must be taxed at a higher rate copyright 1994 by economics department of the university of pennsylvania and the osaka university institute of social and economic research association

environmental policy in a green market this paper studies the impact of some frequently used environmental policies in a duopolistic market where purchasers are willing to pay more for less polluting goods when consumers differ in their environmental awareness a cleaner and a dirtier variant coexist in equilibrium the higher the average willingness to pay for the good the lower are variants unit emissions but the higher are industrial aggregate effluents a maximum unit emission standard reduces unit emissions of both variants but boosts firms sales and consequently increases industrial aggregate emissions as a result social welfare may be reduced we also explore the effects of technological subsidies and product charges including differentiation of charges

the social cost of carbon and its policy implications the shadow price or social cost of carbon is an important indicator of the global incremental damage done by emitting greenhouse gases today cost benefit analysis would set the optimal amount of greenhouse gas emission reduction at the point where this social cost just equals the incremental cost of controlling emissions the higher the value for the social cost of carbon the more control is warranted this comparison assumes that cost benefit analysis is the correct way of determining climate change policy and many believe this is not the case because of the very long term irreversible and potentially catastrophic nature of global warming but in the short run at least a comparison of cost and benefits is required and in any event all decisions imply costs and benefits but what is the right figure for the social cost of carbon this paper reviews the uk government s assessment of the cost and concludes that it has been set far too high because of a misreading of the integrated assessment models used to balance costs and benefits moreover adoption of the uk government s shadow price would have formidable implications for energy policy in the uk and for policies on afforestation copyright 2003 oxford university press

environmental prices uncertainty and learning there is an increasing demand for putting a shadow price on the environment to guide public policy and incentivize private behaviour in practice setting that price can be extremely difficult as uncertainties abound there is often uncertainty not just about individual parameters but about the structure of the problem and how to model it a further complication is the second best nature of real environmental policy making in this paper we propose some practical steps for setting prices in the face of these difficulties drawing on the example of climate change we consider how to determine the overall target for environmental protection how to set shadow prices to deliver that target and how we can learn from the performance of policies to revise targets and prices perhaps most significantly we suggest that estimates of the marginal cost of environmental protection rather than the marginal benefit will often provide the more consistent and robust prices for achieving targets

threshold effects and incentives for the conservation of biodiversity biological diversity is a central component of the stock of natural capital on which all economic development is based other things being equal loss of biologically diversity implies loss of development potential and its conservation through sustainable use or outright protection implies the protection of that potential one characteristics of biodiversity loss of especial importance is that biodiversity loss more than any other current environmental problem is associated with ecological threshold effects the paper explores the implication of this characteristics for the properties of a biodiversity conservation strategy

the assessment economic policy for transport this paper considers the economic principles underlying contemporary british transport policy issues and the contributions that recent theoretical and empirical work can make to assessing policy solutions it discusses two alternative highly stylised approaches to transport policy 1 transport services supplied by privately owned companies and financed by charges to users 2 statutory publicly owned transport monopolies it considers the corresponding problems of market failure and regulatory failure types of market failures include circumstances where competitive solutions are either 1 feasible but not achieved because of actions by companies or 2 achieved but undesirable for various reasons or 3 not feasible because the relevant sectors have natural monopolies and high entry costs the authors conclude that both the stylised approaches that they analysed have serious drawbacks the most important consequence of the nationalisation of uk transport in the late 1940s was significant inefficiency in production and pricing the public transport deregulation of the 1980s resulted in significant product innovation and changes in the level and structure of prices however artificial restriction of competitive outcomes seems to be the most important source of regulatory failure

hungarian western partnerships a grounded theoretical model of integration processes and outcomes international cooperative ventures icvs are known to be strongly influenced by the parent firms values practices and systems vpss however less clear is whether and why vpss actually adopted by an icv are those of either parent singly both parents jointly or neither parent this question is especially timely in the transition economies of central and eastern europe where cooperative activity with western multinationals is growing rapidly and where decades old legacies of communism abound in this exploratory study we used a multiple case study methodology to examine 17 hungarian western icvs results show that a majority of the icvs adopted the vpss of the western partner we develop a theoretical model of integration process and outcomes and suggest future research directions

regulatory reform capture and the regulatory burden this paper provides a critique of broad aggregate proposals to reduce the regulatory burden it argues that the public debate about regulatory reform and red tape is loose and general with little regard for the complex ways in which regulation imposes costs and benefits on the economy although there are theoretical reasons to expect regulation to be in excess supply there is little empirical analysis to link aggregate regulation with productivity and economic growth regulation is itself a public good and many aspects of economic efficiency require regulation to address market failures the main efficiency issues are better addressed through a disaggregated approach focusing on when where and how to regulate rather than on crude aggregate estimates of the total burden the design of regulation needs to take account of regulatory capture and it is argued that market based instruments and independent regulatory bodies tend to reduce the scope for capture the incentives and employment rules governing regulatory institutions are also discussed in ignoring these disaggregated regulatory design problems crude aggregate targets for the reduction of regulation and rules such as one in one out may be counter productive copyright 2006 oxford university press

strategic choice of quality when quality is costly the persistence of the high quality advantage in a two firm two stage model of vertical product differentiation i show that for every convex fixed cost function of quality the firm that chooses the higher quality at the first stage earns the higher profits the result holds for the pure strategy equilibrium in the simultaneous quality game and it holds as well if firms choose their qualities in sequential order

regulation by prices quantities or both a review of instrument choice choosing appropriate policy instruments is an important part of successful regulation once objectives are agreed and suitable targets adopted policy makers can employ command and control regulation and or economic instruments and choose between fixing a price or a quantity this paper examines the relative advantages of price quantity and hybrid instruments according to their efficiency under uncertainty the trade off between credible commitment and flexibility implementation international considerations and political economy various illustrations of the theory are provided with two detailed applications to climate change and transport policy specifically congestion and safety pricing

credible carbon policy the paper sets out the credibility problem in carbon policy provides a number of examples of non credibility in recent energy policy and identifies the costs of failing to address it the time inconsistency of carbon policy arising because of multiple objectives the irreversibility of energy investments and the scope for ex post reneging on ex ante commitments to set policy instruments such as carbon taxes or emission permits at appropriate levels is set in a conceptual framework analogies with monetary policy are drawn and a solution to the time inconsistency problem is proposed through the establishment of an energy carbon agency

environmental policy and the economic downturn this paper considers how environmental policies should respond to macroeconomic downturns it first explores the implications of the global economic downturn of 2008 09 for environmental policies focusing in particular on the example of action against climate change the arguments for and against activist fiscal policies in general are then reviewed and the case made that a demand induced downturn provides a very good opportunity to undertake a necessary step change in the public spending component of environmental policies and to start working through a backlog of public investment to improve the environment fiscal policy should be used to improve the allocation of resources across time and space recent fiscal stimuli are considered in the light of this discussion it is also argued that there is little cause to delay the introduction of price signals to internalise environmental externalities but the levels at which such signals should be set requires careful analysis changes over the business cycle may be warranted depending on the nature of the environmental externality and the cause s of the business cycle in question

conceptions of self and performance related feedback in the u s japan and china effective international management requires knowledge of culturally patterned self concepts and concomitant feedback desires this paper argues that the cultural forces of individualism versus collectivism shape the self concept and by extension individual performance evaluation and feedback seeking we present a comparative study to test the hypotheses that u s respondents desire success feedback whereas japanese and chinese desire feedback show more initiative and perceive more direct workplace feedback than do either japanese or chinese respondents strong support was found for comparisons between the u s and japan but the chinese consistently departed from predictions we interpret these results in terms of recent reforms in the people s republic of china and discuss implications of the study for international management

the market for sulfur dioxide emissions the 1990 clean air act amendments initiated the first large scale use of the tradable permit approach to pollution control the theoretical case for this approach rests on the assumption of an efficient market for emission rights the authors empirical analysis shows that the emission rights market created by the 1990 amendments had become reasonably efficient by mid 1994 they also show that the auctions specified in the amendments to jump start trading had become a small part of the overall market finally the authors demonstrate that the strategic bidding behavior discussed in the literature has had no effect on market prices copyright 1998 by american economic association

voluntary compliance with market based environmental policy evidence from the u s acid rain program the u s acid rain program implemented a nationwide market for electric utilities sulfur dioxide so2 emissions and included voluntary compliance possibilities for nonaffected sources i observe significant voluntary participation albeit with small impact on the so2 market mostly from sources with counterfactual emissions below their allowance allocations an ex post analysis suggests that costs from the resulting higher emissions outweigh savings from shifts in emissions reductions from high cost affected sources to low cost nonaffected sources further utilities voluntary participation is well explained by economic variables which provides new evidence of cost effective compliance strategies and low transaction costs

minimum quality standards and market dominance in vertically differentiated duopoly abstract the paper establishes conditions for low quality dominance within a vertically differentiated duopoly and studies the consequences for minimum quality standard policies gross surplus from unit consumption consists of a benefit from quality and a baseline benefit consumers are heterogeneous homogeneous with regard to the former latter marginal cost increases in quality the quality then price equilibrium exhibits low quality dominance first in market share and then in profit as baseline benefit increases relative to the willingness to pay for quality the preference structure determines the effect of a minimum quality standard in a way related to the pattern of dominance the standard reduces increases welfare under conditions that lead to low high quality dominance

corporate social responsibility business strategy and the environment we examine the concept of firms sacrificing profits in the social interest within the environmental realm with particular focus on the case of the united states by addressing four key questions may they do so within the scope of their fiduciary responsibilities to their shareholders can they do so on a sustainable basis or will the forces of a competitivemarketplace render such efforts and their impacts transient at best do firms in fact frequently or at least sometimes behave this way reducing their earnings by voluntarily engaging in environmental stewardship should firms carryout such profit sacrificing activities i e is this an efficient use of social resources we address these questions through the lens of economics including insights from legal and business scholarship

a comment on a model of vertical product differentiation in a duopoly model with vertical differentiation if the firms do not cover the market the lower quality firm chooses a quality level exactly 4 7 of that of the higher quality firm and chooses a price that is 2 7 of the price of the higher quality firm copyright 1992 by blackwell publishing ltd

to what extent are eu steel companies susceptible to competitive loss due to climate policy abstract in recognition of their competitive vulnerability a set of special rules have been devised for managing sectors such as iron and steel within the eu ets under these rules the eu steel sector has received free allocations in excess of their compliance needs to now and will continue to receive some free allowances up to 2020 however perceptions of the sector s competitive vulnerability have been largely based on inherently hypothetical analyses which rely heavily on counterfactual scenarios and abatement cost estimates often provided by firms themselves this paper explores how the three largest steel firms in the eu acerlormittal corus and thyssenkrupp have sought to strategically exaggerate their vulnerability to carbon pricing to the effect of an inefficient policy outcome we conduct a qualitative assessment of two of the key narratives underpinning the competitive vulnerability argument of eu steel companies lack of abatement opportunities and inability to pass through cost increases based on interviews case studies and publicly available data we find that these arguments provide only partial and weak justifications for competitive loss and preferential treatment under the eu ets the strategy however remains successful due to information asymmetry and the peculiar political economy of eu climate regulation

are we consuming too much this paper articulates and applies frameworks for examining whether consumption is excessive we consider two criteria for the possible excessiveness or insufficiency of current consumption one is an intertemporal utility maximization criterion actual current consumption is deemed excessive if it is higher than the level of current consumption on the consumption path that maximizes the present discounted value of utility the other is a sustainability criterion which requires that current consumption be consistent with non declining living standards over time we extend previous theoretical approaches by offering a formula for the sustainability criterion that accounts for population growth and technological change in applying this formula we find that some poor regions of the world are failing to meet the sustainability criterion in these regions genuine wealth per capita is falling as investments in human and manufactured capital are not sufficient to offset the depletion of natural capital

the role of markets and policies in delivering innovation for climate change mitigation this paper identifies market incentives and international and domestic policies that could technologically alter energy systems to achieve greenhouse gas stabilization targets while also meeting other societal goals i consider the conceptual basis and empirical evidence on the effectiveness and efficiency of climate technology policies the paper reviews the literature on trends and prospects for innovation in climate change mitigation and examines the evidence on induced innovation and the implications for the choice of technology policy i then consider the impact of technological advances on the environment the role of direct government support for r d and the complementarities between policies internalizing

government failure and market failure on the inefficiency of environmental and energy policy in this article we describe some important themes in energy and environmental policy there are two main reasons for our interest in these policies first such policies will likely be important in the coming decades as issues related to climate change and energy security come to the fore second there are important lessons to be learned from a careful review of the actual performance of energy and environmental policies we undertake a selective survey of the literature to highlight what is known about the efficiency of particular kinds of policies laws and regulations in these areas this paper makes three key contributions the first is to synthesize a large literature on energy and environmental policy in a way that can be easily digested by both non experts and experts the second contribution is to suggest that if history is a guide then we should not expect many interventions in these policy areas to come close to maximizing net economic benefits the third is to suggest what might be needed for the development of more efficient energy and environmental policies copyright 2010 oxford university press

certification and minimum quality standards when some consumers are uninformed we compare certification to a minimum quality standard mqs policy in a duopolistic industry where firms incur quality dependent fixed costs and only a fraction of consumers observe the quality of the offered goods compared to the unregulated outcome both profits and social welfare would increase if firms could commit to producing a higher quality an mqs restricts the firms quality choice and leads to less differentiated goods this fuels competition and may therefore deter entry a certification policy which awards firms with a certificate if the quality of their products exceeds some threshold does not restrict the firms quality choice in contrast to an mqs certification may lead to more differentiated goods and higher profits we find that firms are willing to comply with an ambitious certification standard if the share of informed consumers is small in that case certification is more effective from a welfare perspective than a minimum quality standard because it is less detrimental to entry

economic ideas for a complex climate policy regime abstract the parsimony of economic theory provides general insights into an otherwise complex world however the most straightforward organizing principles from theory have not often taken hold in environmental policy or in the decentralized climate policy regime that is unfolding one reason is inadequate recognition of a variety of institutions this paper addresses three ways that the standard model may inadequately anticipate the role of institutions in the actual implementation of climate policy with a u s focus multilayered authority across jurisdictions the impressionistic rather than deterministic influence of prices through subsidiary jurisdictions and the complementary role of prices and regulation in this context the economic approach is built on the premise that incentives affect behavior we suggest that an important pathway of influence for economic theory is to infuse incentive based thinking into the conventional regulatory framework in a complex policy regime incentives can be shaped by shadow prices as well as market prices

determinants of managerial performance a cross cultural comparison of the perceptions of middle level managers in four countries this paper examines differences in what affects managerial performance of middle level managers in four countries china n 204 india n 184 the philippines n 220 and the united states n 176 important differences were predicted and found in factors affecting managerial performance as perceived by the respondents while east west differences exist significant differences are noted among the three asian countries specifically chinese and american managers represented two extremes in their beliefs about what determines managerial performance of middle level managers both filipino and indian managers were found more similar to their u s counterparts than their chinese counterparts implications of the findings are discussed

the uk economy analysis and prospects world trade and output expanded rapidly in 1984 led by a high rate of growth in the united states however the recovery which started in 1983 has not been evenly spread across countries in the us fiscal policies have been lax and domestic demand has expanded at a breakneck pace japan benefited significantly from rapid growth in the us but europe has done less well partly because fiscal policies remain very tight and domestic demand restrained high real interest rates and the strength of the dollar held down commodity prices and thus stopped the pick up in activity feeding through into inflation rates however unemployment has continued to rise in most countries and in total 30 million people are now out of work in the oecd area

trade policy and quality leadership in transition economies trade policy and quality leadership in transition economies are analyzed in a duopoly model of trade and vertical product differentiation we first show that the incidence of trade liberalization is sensitive to whether firms in transition economies are producers of low or high quality second we find that neither free trade nor the absence of a domestic subsidy are optimal both a tariff and a subsidy increase price competition and while the former extracts foreign rents the latter results in quality upgrading third there exists a rationale for a government to commit to a socially optimal policy to induce quality leadership by the domestic firm when cost asymmetries are low finally we establish an equivalence result between the effects of long run exchange rate changes and those of trade policy on price competition but not on social welfare

a cross national study of managerial values this study investigated cross national differences in managerial values a total of 567 managers from twelve nations participated in the study managerial values were assessed by means of rokeach s value survey factor analysis of the eighteen instrumental values included in rokeach s value survey revealed four underlying value dimensions the value dimension that included the instrumental values broadminded capable and courageous was ranked as the most important value dimension by managers from all twelve nations national differences were found on three of the four value dimensions

duopoly and quality standards abstract in the absence of sunk costs a low quality producer benefits from a mildly restrictive quality standard whereas a high quality producer suffers from it consumers welfare increases if the firm producing the higher quality does not increase its quality significantly in response to the increase in quality by its rival a sufficiently severe standard causes exit from the industry when there are no sunk cost the high quality producer exits first