Miracle-dz/UniFAR-FTUs huggingface dataset:
Strategic Capacity Management When Customers Have Boundedly Rational Expectations

type="main" xml:id="poms12420-abs-0001"> In retailing industries, such as apparel, sporting goods, customer electronics, and appliances, many firms deploy sophisticated modeling and optimization software to conduct dynamic pricing in response to uncertain and fluctuating market conditions. However, the possibility of markdown pricing creates an incentive for customers to strategize over the timing of their purchases. How should a retailing firm optimally account for customer behavior when making its pricing and stocking/capacity decisions? For example, is it optimal for a firm to create rationing risk by deliberately under stocking products? In this study, we develop a stylized modeling framework to answer these questions. In our model, customers strategize over the timing of their purchases. However, customers have boundedly rational expectations in the sense of anecdotal reasoning about the firm's fill rate, i.e., they have to rely on anecdotes, past experiences, or word-of-mouth to infer the firm's fill rate. In our modeling framework, we distinguish two settings: (i) capacity commitment, where the firm commits to its capacity level in the long run, or (ii) the firm dynamically changes it in each season. For both settings, within the simplest form of anecdotal reasoning, we prove that strategic capacity rationing is not optimal independent of customer risk preferences. Then, using a general form of anecdotal reasoning, we provide sufficient conditions for capacity rationing to be optimal for both settings, respectively. We show that the result of strategic capacity rationing being suboptimal is fairly robust to different valuation distributions and utility functions, heterogeneous sample size, and price optimization.
BEQUEST BEHAVIOR AND THE EFFECT OF HEIRS' EARNINGS: TESTING THE ALTRUISTIC MODEL OF BEQUESTS

That parents transfer resources to children because of altruistic concern is a reasonable a priori assumption. However, economic theories of altruistic transfers have produced many counterintuitive conclusions and, consequently, much debate. When applied to bequests, these theories predict that inheritances will compensate for earnings differences between siblings as well as between parents and children. This paper tests these implications. Using a new data set centered on federal estate tax returns, little support can be found for an altruistic theory of bequests. This finding has implications for macroeconomic policy, government transfer programs, and inequality. Copyright 1996 by American Economic Association.
WORKING PAPER SERIES INNOVATION AND PRODUCTIVITY ACROSS FOUR EUROPEAN COUNTRIES

This paper compares the role innovation plays in productivity across the four European countries France, Germany, Spain and the UK using firm-level data from the internationally harmonized Community Innovation Surveys (CIS3). Despite a considerable number of national firm-level studies analysing this relationship, cross-country comparisons using micro data are still rare. We apply a structural model that describes the link between R&D expenditure, innovation output and productivity (CDM model). Our econometric results suggest that overall the systems driving innovation and productivity are remarkably similar across these four countries, although we also find interesting differences, particularly in the variation in productivity that is associated with more or less innovative activities. Rachel Griffith IFS 7 Ridgmont Street London WC1E 7AE UK rgriffith@ifs.org. uk Elena Huergo Universidad Complutense Facultad CC. Económicas y Empresariales Campus de Somosaguas 28223 Madrid Spain ehuergo@ccee.ucm. es Jacques Mairesse INSEE, CREST 15, Boulevard Gabriel PERI 92245 MALAKOFF CEDEX FRANCE and NBER mairesse@ensae.fr Bettina Peters ZEW Postfach 103443 D-68043 Mannheim Germany b.peters@zew.de
Is public infrastructure undersupplied

The paper describes how the undersupply of public infrastructure is as much a problem of political economy as pure economics. The view that is most commonly expressed by public officials is that they know more public investment is desirable, but their hands are tied by an electorate that does not share their opinion. The evidence reviewed in this paper suggests that this explanation for undersupply of infrastructure is spurious. If anything, voters appear to be ahead of public officials in their willingness to support the costs of increasing public capital investment. Nevertheless, a great deal of political ingenuity during the past two decades has been devoted to circumventing the need for voter approval of infrastructure spending proposals. Over the long run, this effort is likely to be counterproductive. Proponents of stronger infrastructure investment seem to be better off taking their case directly to the public.
Financial reporting on the Internet by leading Japanese companies

Financial reporting on the Internet is an activity that has increased in recent years. This paper reports the results of a survey of Internet reporting by the top 99 Japanese companies in 1998. It was found that the majority of these companies (78) had a Web site in English and that of these 68 reported some financial information with 57 providing detailed accounting information. Company size was significantly positively associated with the existence of a Web site but the extent of financial disclosure did not appear to be related to size. There was no significant association between profitability, industry grouping and overseas listing status and Internet disclosure. The survey was updated in 2001 by re‐evaluating those companies which had no Web site or only a Japanese Web site in 1998. It was found that the majority of these companies now have an English language Web site with full annual reports available.
The open source software phenomenon as a role model for networked innovations in biotechnology: an exploratory study

Nowadays, several virtual communities claim to operate in accordance with the way Open Source Software (OSS), i.e., freely available and modifiable software codes, is developed. Given this observation, the present study concentrates upon a longitudinal case study at Biological Innovation for Open Society (BiOS), a nonprofit initiative that aims to develop biotechnological innovations similar to the manner by which OSS projects operate. Thereby, this research contributes to the literature on virtual communities with two predominant findings. First, we show that the parallels between the OSS arena and OSS-inspired initiatives can be drawn cautiously. Second, we elaborate upon the diverse barriers that shed a critical light upon the allegedly OSS-related nature of projects that try to operate in line with mechanisms from the OSS arena. We discuss the ramifications of these findings for the conception of OSS-inspired initiatives.
The Contagion of Political Conflict in Africa and the World

In this article we seek to specify and measure the paths by which domestic political conflict can diffuse across state boundaries. By focusing on data for Africa and the world from 1962 to 1966 and 1971 to 1975 we have found that receptivity to outside political conflict is contingent upon a recent history of domestic strife and will increase if a society is polarized among a few contending groups. In those countries where the mass media come under central political control, a greater level of media development will slow the spread of conflict by offering political elites an important means by which to control the information available about outside discord.
Using Peer Learning Support Networks and Reflective Practice: The Arkansas Leadership Academy Master Principal Program.

note: This manuscript has been peer-reviewed, accepted, and is endorsed by the National Council of Professors of Educational Administration (NCPEA) as a signi cant contribution to the scholarship and practice of education administration. In addition to publication in the International Journal of Educational Leadership Preparation, Volume 7, Number 3 (Winter 2012), ISSN 21559635, this manuscript exists in the Connexions Content Commons as an Open Education Resource (OER). Formatted and edited by Theodore Creighton, Virginia Tech; Brad Bizzell, Radford University; and Janet Tareilo, Stephen F. Austin State University. The assignment of topic editor and double-blind reviews are managed by Editor, Linda Lemasters, George Washington University. The IJELP is indexed in the Education Resources Information Center (ERIC), sponsored by the United States Department of Education under Contract No. ED-04-CO-0005.
Student part-time employment: implications, challenges and opportunities for higher education.

Purpose – The purpose of this paper is to examine the pattern of part‐time working amongst a cohort of full time hospitality and tourism students studying at a university in Scotland.Design/methodology/approach – Students studying hospitality and tourism management were chosen due to the vocational nature of their program and the part‐time opportunities available in the hospitality industry. A questionnaire was developed to investigate the extent of part‐time employment amongst hospitality and tourism students. The questionnaire solicited demographic information, level, type and extent of part‐time employment. The questionnaire also explored students' impressions of the benefits of part‐time working, their likes and dislikes in their part‐time employment and what they felt might be done to develop the relationship between the parties involved in part‐time work.Findings – Evaluating responses from 150 students, the study found that almost two thirds of this cohort were engaged in part‐time employment and h.
More than a failure? The computerized reservation systems at French Railways

Presents part of ongoing research into French Railways (SNCF) and the introduction of Socrate, a computerized reservation and ticketing system. SNCF bought Sabre from American Airlines in order to build Socrate; one of its aims was to transform commercial activities through the instigation of a new philosophy of selling, based on a technological investment, importing techniques, such as yield management, used in the airline industry. Seeks to understand the links between the strategic and political aims and the technical choices, as well as how actors interpret and appropriate technical tools. Argues that Socrate is an integral part of the problematic adoption of a new rail transport model based on the deregulated airline industry.
Determinants of the Trade Balance in Industrialized Countries

This paper investigates the determinants of the trade balance using panel data for 32 industrialized and emerging economies for the period 1990? 2007. The results based on fixed effects models and linear mixed models allowing for random slope coefficients, show that the trade balance as a percentage of GDP is significantly positively related to real foreign GDP per capita of the trading partners. Real domestic GDP per capita has a negative effect on the trade balance. A real depreciation of the real exchange rate index leads to an improvement of the trade balance. However, in countries with a negative trade balance and/or a large positive net foreign direct investment position the trade balance is much less sensitive to movements in the real effective exchange rate index.
The Relevance of Characteristics of the Information Environment in the Selection of a Proxy for the Market's Expectations for Earnings -- An Extension of Brown, Richardson and Schwager [1987]

Brown, Richardson and Schwager [1987] (BRS) find that the superior forecasting ability of analysts over time-series models is related to characteristics of a firm's information environment. This paper extends BRS by testing whether these characteristics are also related to analyst superiority as a proxy for the market's expectations for earnings. I find that the analysts' advantage is positively related to firm size and negatively related to dispersion in analysts' forecasts. These results link findings on accuracy to research on proxies for the market's expectations for earnings, and confirm Brown et al.'s [1987] result that the benefit of using analysts' forecasts over time-series forecasts is positively related to firm size, after controlling for the effect of dispersion and number of business segments.
Does Stock Liquidity Affect Incentives to Monitor? Evidence from Corporate Takeovers

We test whether stock liquidity affects acquirer returns through its hypothesized effect on institutional monitoring. We find that firms with lower stock liquidity have higher acquirer gains for takeovers of private targets, but not for takeovers of public targets. The negative relation between liquidity and acquirer gains is stronger when the threat of disciplinary trading (exit) by institutions is weaker and acquirers have higher agency costs. Acquirers of private targets with lower stock liquidity are more likely to withdraw deals and experience higher involuntary CEO turnover following value-destroying acquisitions. Our results support the hypothesis that stock liquidity weakens institutions' incentives to monitor management decisions, except in those cases where the disciplining effect of the threat of exit may be particularly high.
The challenge of the Islamic State

The Islamic State, proclaimed on 29 June 2014, has tremendously shaken up the Middle East and the whole world forcing hostile and friendly states alike to close ranks and create a collective military platform to fight and contain this new danger before it spirals out of control. This analysis probes the threats and the challenges the Islamic State poses to the West and its Middle Eastern allies and examines why the challenges warranted a military response spearheaded by the USA. It argues that the Islamic State – which has captured and currently controls vast swathes across the Iraq-Syria borders – poses formidable ideational challenges to the West, beyond its military threats to the Middle Eastern states, that question the very base and organizing principles of western political order and the West's dominance over the Middle East, what is better dubbed “Eurocentrism” – a concept that articulates and sustains western claim to universalism. Unless coerced into submission or, at least, defeated militarily, the Islamic State looks certain to effectively challenge eurocentric ideas and promote its own version of Islamic universalism.
Criteria for the appropriate use of mediation in construction disputes

Purpose – The purpose of this paper is to consider the circumstances in which a refusal to refer a construction dispute to mediation may be judged acceptable in the English Technology and Construction Court (TCC), thus avoiding the imposition of a costs penalty.Design/methodology/approach – The paper uses traditional doctrinal legal methodology in the evaluation of judicial statements in the TCC on the criteria for determining the appropriate use of mediation and combines this with a socio‐legal approach which examines empirical findings on settlement outcome.Findings – An analysis of TCC cases indicates a significant steer from the judiciary on when construction cases are deemed appropriate for the process of mediation. Most cases are identified as suitable, particularly if they involve small sums compared to litigation and where there is uncertainty about factual and legal issues. Judges continue to emphasise the ability of skilled mediators to deal with intractable parties and the importance of continu.
The Prices vs. Quantities Tradeo ff in Monetary Policy: An Interpretation of Credit Controls

Why do some central banks choose to control directly the quantity of credit rather than to influence indirectly interest rates through market operations? This paper states that the choice of monetary policy instruments is determined not primarily by the nature of the macroeconomic disturbances but by the nature of the interaction between the central bank and the banks. The dilemma prices vs. quantities arises only in a second-best equilibrium because central banks can set a below market-clearing rate.Following Gilbert and Klemperer (2000), I build a simple positive model that derives under which conditions a central bank has incentives to ration directly the quantity of credit. Asymmetries of information between banks and firms and a monopoly of the central bank on banks refinancing are crucial to this result. A striking conclusion is that rationing at the central bank's discount window (a practice usually associated with financial repression) may increase financial development. The model also offers a new interpretation of expansionary policy when the interest rate does not play any role, such as full allotment, and thus provides an original account of current central banks' policies. Finally, quantitative monetary policy always creates rents: banks may support rationing for political economy reasons. The main purpose of the model is to explain the common use of discount and credit ceilings by central banks in Europe from 1945 to the 1980s and in developing countries today.As an example, I show how this model sheds light on the choices and consequences of French monetary policy from 1948 to the 1970s.
Dynamic Labour Supply Effects of Childcare Subsidies: Evidence from a Canadian Natural Experiment on Low-Fee Universal Child Care

This paper shows that a temporary incentive to join the labor market or to work more can also produce substantial life-cycle labor supply effects. On September 1997, a new childcare policy was initiated by the provincial government of Quebec, the second most populous province in Canada. Licensed and regulated providers of childcare services began offering day care spaces at the subsidized fee of $5 per day per child for children aged 4. In successive years, the government reduced the age requirement, created new childcare facilities and spaces, and paid for the additional costs entailed by this low-fee policy. No such important policy changes for preschool (including kindergarten) children were enacted in the nine other Canadian provinces over the years 1997 to 2004. Using annual data drawn from Statistics Canada's Survey on Labour and Income Dynamic and a difference-in-differences quasi experimental methodology, the paper estimates the dynamic labor supply effects of the program. The results demonstrate that the policy had long-term labor supply effects on mothers who benefited from the program when their child was less than 6. A striking feature of the results is that they are driven by changes in the labor supply of less educated mothers.
Do Investors See Through Accounting Profitability and Recognize Efficiency? Evidence from Chinese Listed Companies

This paper studies the accounting performance measure, profit efficiency and investor valuation of 1,262 Chinese firms listed in Shanghai and Shenzhen Stock Exchanges from 2001 to 2010. Profit efficiency is defined as the ratio of actual profit realized to the optimal profit described by stochastic frontier approach. An estimation of robust ordinary least square model for accounting performance measures (ROA) controlling for industry effect results in negative skewness of the residuals, indicating the existence of profit inefficiency. A year-by-year cross-section stochastic frontier analysis documents a declining pattern of accounting performance and a contrastive increasing tendency of profit efficiency. Linking the market valuation ratios to profit efficiency illustrates a significant empirical relationship that Chinese investors reward firms of higher efficiency with higher market valuation. The over-time improvement of efficiency is also associated with increased market valuation.
Pengaruh Pengetahuan Dewan Tentang Anggaran Terhadap Pengawasan Keuangan Daerah Dengan Variabel Pemoderasi Partisipasi Masyarakat Dan Transparansi Kebijakan Publik

Supervision of local finance is a major problem for each region to create regional autonomy. Public expectation that financial management is going well one of them in terms the area of ​​financial control. But in reality there are still problems concerning the area of ​​financial control misuse of local funds with a variety of modes. Financial supervisory council areas affected by the knowledge of the budget and moderated by public participation and transparency in public policy. The author wanted to determine the effect of these factors on the area of ​​financial control. To test this hypothesis the author uses primary data. Technical analysis of the data using moderated regerssion analysis (MRA). After the data was analyzed it was found that the board had no significant knowledge positively to the area of ​​financial control. Society participation had no significant positive effect on knowledge relations council about the budget and financial control area. Transparency of public policy have a significant positive impact on the relationship of knowledge council about the budget and financial control area. for further research, the sample should be extended to all districts and cities in West Sumatra. Keywords: knowledge of the council on the budget, financial control area, the community participation, transparency in public policy
An exploratory analysis of planning characteristics in Australian visitor attractions

This paper provides an exploratory analysis of the planning practices of 408 Australian attraction operators. The results indicate that attraction managers can be divided into four categories: those that do not engage in any formal planning, those that adopt a short-term planning approach, those that develop long-term plans, and those that use both short-term and long-term planning approaches. An evaluation of the sophistication of attraction planning showed a bipolar distribution. Attraction managers favored a planning horizon of three or five years, and were inclined to involve their employees in the planning process. Managers relied strongly on their own research and tourism industry intelligence when formulating business plans. The content of plans tended to focus on operational activities, financial planning and marketing. The study provides a benchmark for the comparison of attraction planning efforts in various contexts.
Backward Integration by a Dominant Firm

This paper studies the welfare consequences of a vertical merger that raises rivals' costs when downstream competition is a la Cournot between firms with constant asymmetric marginal costs. The main result is that such a vertical merger can nevertheless improve welfare if it involves a downstream firm whose cost is low enough. This is because by raising the input price paid by the nonmerging firms the merger shifts production away from those relatively inefficient producers in favor of the more efficient firm. Yet, there is a trade-off between the gain in productive efficiency and the loss in consumers' surplus caused by the higher downstream price that follows a higher input price. It is also shown, through an example, that this result extends to price competition with differentiated products. Copyright (c) 2003 Massachusetts Institute of Technology.