bluuebunny/crossref_metadata_2025_split huggingface dataset:
COMPUTER APPLICATIONS IN TEACHING ECONOMETRICS
Authors: Kraft Arthur , Kraft John 
Published: June 2007

AbstractIn most econometrics courses the students are given limited exposure to the empirical applications of econometric theory. The use of canned programs would make it possible to cover more applied econometric work, and help prepare the students for more empirical work. The computer can be a valuable teaching aid for both instructor and student. The students will also gain valuable experience in the area of computer assisted data analysis.This paper discusses many of the programs appropriate for use in econometrics courses. Examples of problems using programs, and several alternative outlines of possible courses in applied econometrics are presented.
CONCEPTS, THEORY, AND TECHNIQUE
Authors: Abernathy W. J. , Baloff N. 
Published: June 2007

AbstractThe problem of maintaining a balance between production output and demand growth during new product introductions is analyzed. In many cases, the introduction of a new product results in both rapid demand growth and significant changes in the production rate through‐out the startup period, during which productivity and product output increase significantly. It is demonstrated that, if these two phenomena are not estimated and used as a basis of closely coordinated planning between production and marketing, very large costs can be incurred – either lost sales and potential introduction failure related to stock out conditions caused by “underproduction” or excess inventory holding, obsolescence and opportunity costs when an over production imbalance occurs. Following a description of the problem examples are used to illustrate the benefits of increasing rigor in the joint planning of new product introductions. Finally, a general methodology based upon an heuristic pattern search algorithm is employed to provide an optimal solution to a multivariate planning example.
BOUNDS ON SAMPLE SIZE IN MODIFIED BERNOULLI SAMPLING, WITH APPLICATIONS IN OPINION SURVEYS
Authors: Beckwith Richard E. 
Published: June 2007

AbstractSimple “yes or no” questions can be replaced in opinion surveys by equivalent questions involving k≥3 answer categories. Interpretation of these classifications as subjective probability levels leads to efficient survey designs, in the sense that high precision in the estimator of the population characteristic can be achieved with rather small sample sizes. Explicit formulae for bounds on sample size, obtained under several different philosophies, are given, together with illustrations.
APPLICATIONS OF SPECTRAL ANALYSIS: SOME FURTHER CONSIDERATIONS*
Authors: Smith V. Kerry , Marcis Richard G. 
Published: June 2007

AbstractIncreasing attention has focused in recent years on the use of spectral analytic techniques for the analysis of economic time series data. Sovereign, Nolan and Mandel [26] have recently outlined the basic concepts underlying such analysis and presented examples relating to the management science area including inventory demand, transportation simulation and stock market price behavior. The purpose of this paper is to supplement and extend their tutorial with a discussion of some of the problems involved with the application and interpretation of spectral statistics, emphasizing the problems of stationarity and detrending and data windows. Additionally, the scope of the examples is broadened to include applications in the area of monetary economics.The first part of this paper presents a brief discussion of the objectives of spectral analysis. Since this paper attempts to extend the work of Sovereign, Nolan and Mandel, only a heuristic discussion of spectral techniques of analysis is presented. This is followed by a more detailed description of the problem of stationarity and the effects of detrending upon the interpretation of spectral results. Then we consider the problem of estimating a continuous curve with finite information and the implications of both of these problems by presenting several applied examples in the area of monetary economics. The concluding section of this paper briefly summarizes some additional considerations in harmonic analysis of economic time series data and notes some potential directions for future research.
A DYNAMIC PROGRAMMING MODEL FOR OPTIMAL ALLOCATION OF DECISION TIME
Authors: Shrode William A. 
Published: June 2007

AbstractRecurrent decision making by a lower‐level manager can be viewed as a sequential decision process in which time and uncertainty are limiting factors. Under these conditions, the manager must determine how to best utilize his decision making time consistent with his own particular set of decision values. A dynamic programming model was devised to determine the optimal (consistent) allocation of decision time among five different types of problems for a sequence of simulated recurrent decision situations. Fifty‐one lower‐level managers were interviewed about their use of decision time and decision procedures. The model was validated by comparing model assumptions and results with the findings from the interviews. The model was used to determine the effects of variations in the levels of time available and uncertainty upon the optimal allocation of decision time.
FACTOR ANALYSIS APPLIED TO PREDICTORS OF INNOVATIVE BEHAVIOR
Authors: Ostlund Lyman E. 
Published: June 2007

AbstractStudies concerning innovative behavior have applied many predictor variables, to the point where a purge to reduce redundancy now appears in order. Factor analysis with orthogonal varimax rotation was applied to product perception and demographic, socioeconomic, and predispositional variables in order to reduce their numbers without a significant loss of information. The derived rotated factors were then related by way of factor scores obtained from respondent data to a surrogate measure of innovative behavior using multiple regression equations. The resulting coefficients of determination, while smaller than those originally derived using all of the perceptual and predispositional variables individually, were not reduced by any massive amounts. Thus, the gain from reducing the number of predictor variables through the use of factor analysis seems to more than off‐set the modest reduction in explained variance. Moreover, the resulting factors and their item loadings suggest possible alternative predictor variables to those that have commonly been used in past studies concerning the diffusion of innovations.
PROFITABILITY IN BUYING PUTS AND CALLS
Authors: Hawkins Clark A. , Halonen Robert J. 
Published: June 2007

AbstractIt is a rather widely held view that a large majority of purchases of put and call options are unprofitable, and that the profit to be made is in writing the options. A number of authors have suggested that selling options can be a profitable adjunct to institutional portfolio management. The results of an analysis of variance factorial design of a random selection of options in various market trends, shows that only a slim majority of the options purchased would have been unprofitable. In addition, if one is able to forecast the market trend, a random selection of the proper type of options would yield a high return.
EFFECTS OF USE OF COMPUTER IN FIRST‐YEAR STATISTICS SEQUENCE ON STUDENT ATTITUDES*
Authors: Neter John , Chervany Norman 
Published: June 2007

AbstractThe use of computers in teaching statistics can make an impact upon students in two ways. First, it can affect the amount and rate of learning of statistics. Second, it can affect student attitudes toward computers, statistics and quantitative methods. This note reports a study on the effects of the computer in teaching statistics on student attitudes. The data are based on pre‐ and post‐course questionnaires administered in a first‐year statistics sequence. The results partly confirm expectations, and partly raise questions for further investigation.
A PRESENT VALUE FORMULATION OF THE CLASSICAL EOQ PROBLEM*
Authors: Trippi Robert R. , Lewin Donald E. 
Published: June 2007

ABSTRACTThe usual analysis of the deterministic economic order quantity problem seeks to minimize the average cost of inventory ordering and holding costs per unit time. An alternative approach described in this paper examines the present value of discounted costs over an infinite horizon. Differences in the solutions and implications of errors using the two methodologies are discussed.
COMPARISON OF NURSE ALLOCATION POLICIES‐A MONTE CARLO MODEL*
Authors: Hershey John C. , Abernathy William J. , Baloff Nicholas 
Published: June 2007

ABSTRACTMany hospitals have historically used a fixed staffing policy for allocating nursing personnel, in which the daily demand in each ward is met by nurses who are permanently assigned to the specific wards. In recent years, the concept of variable staffing has been proposed as a means of increasing manpower efficiency. A variable staffing policy is one which provides for staffing adjustments to meet work load through the use of a common pool of cross‐trained nurses.In this paper, a model is formulated to evaluate the relative benefits of variable and fixed staffing policies. Results from a Monte Carlo evaluation of the model demonstrate how the hospital administrator can assess the sensitivity of savings to changes in policy and operating parameters. Several criteria which an administrator might adopt for equating levels of patient care under alternative staffing schemes are suggested and studied. The proposed method of analyzing benefits of alternative allocation procedures shows promise for evaluating policy choices in hospitals, as well as other service organizations with similar characteristics.
RESIDENTIAL MORTGAGE RISK CHARACTERISTICS*
Authors: Bolten Steven E. 
Published: June 2007

ABSTRACTThis paper applies discriminant analysis to a relatively large sample of residential mortgages‐some of which have defaulted or have been foreclosed and others of which have remained untroubled at least until the date of the last observation‐in an attempt to derive a function which would allow mortgage lenders to increase their accuracy of predicting mortgage difficulty.From the data available for testing, no improvement in predictability is obtained, because it is thought that the data may already have been badly biased by the screening process of the loan officers which had already taken place and by the post‐loan origination nature of the important variables in mortgage difficulty. The latter is confirmed by discriminant models of post‐origination variables which are successful. It is concluded that changes in home value, changes in mortgagor income, mortgage assumption, and regional economic considerations are the major explanations of mortgage difficulty.
SOME ASPECTS OF THE DYNAMIC PROPERTIES OF ECONOMETRIC MODELS*
Authors: Smith V. Kerry 
Published: June 2007

ABSTRACTRecent efforts by several authors have resulted in the development of techniques for analytically describing the dynamic properties of linear stochastic difference equation models1. Since these techniques have not been extensively applied to econometric models and consequently are not generally familiar to economic modelers, the purpose of this paper is to summarize the techniques these researchers have developed and to illustrate them using a simple (and admittedly unrealistic) econometric model.
BEHAVIORAL OBJECTIVES AND THE QUANTITATIVE METHODS COURSE
Authors: Busch Paul , Wilson David T. , Dolich Ira J. 
Published: June 2007

ABSTRACTThe topic of behavioral objectives has recently received considerable attention in the academic community. This paper contains a comprehensive overview of issues and explores the relevance of using the behavioral objective framework for teaching quantitative methods (QM) to undergraduate business administration students. Included in the paper are (1) a discussion of the nature and meaning of behavioral objectives, (2) arguments for and against their use, (3) a rationale for their use in a QM course, and (4) a series of examples demonstrating the use of behavioral objectives in a quantitative course. The evidence‐consisting of expert opinion from professionals who have successfully used behavioral objectives for teaching quantitative material, the logic of the arguments for behavioral objectives, consideration of arguments against objectives along with rebuttal to these arguments, and the available empirical studies‐indicates that behavioral objectives do appear to offer considerable potential for improving QM teaching. The use of behavioral objectives is worthy of thoughtful consideration by QM teachers.
A STRATEGY FOR INTEGRATING QUANTITATIVE TECHNIQUES INTO THE BUSINESS CURRICULUM*
Authors: Drake Albert E. , Van Matre Joseph G. 
Published: June 2007

ABSTRACTQuantitative methods courses play an increasingly significant role in the programs of Schools of Business. However, maximum utilization of the concepts can occur only when these quantitative techniques have been integrated into the various functional areas via a faculty knowledgeable with such techniques and their applications. Lacking sufficient stimuli, this integrative process is observed to be one of an evolutionary nature. This article presents a strategy for stimulation of this process.
A BAYESIAN APPROACH TO DISCRIMINATION AMONG ECONOMIC MODELS*
Authors: Wiginton John C. 
Published: June 2007

ABSTRACTFrequently, alternative theories are proposed as relevant models for an economic process. Which alternative is a relatively better representation is a question of fact, but empirical methods of resolving the issue have not been compelling. This study developes a technique for discrimination from Bayesian statistical theory. This technique can analyze an arbitrary number of alternatives simultaneously, and each alternative can be characterized by distribution theory appropriate to its structure. An example, the aggregate consumption function, is considered, and each alternative is characterized by the Normal regression process. The results may only be regarded as suggestive, as the parameterization of the structure may be incomplete on that assumption.
A METHOD FOR SOLVING LINEAR PROGRAMS WITH VARIABLE RESOURCES
Authors: Sweeney Dennis J. , Williams Thomas A. 
Published: June 2007

ABSTRACTThis paper is concerned with the solution of linear and linear goal programming problems in which the values of the right‐hand side parameters are not fixed constants. Specifically, we are concerned with linear optimization problems in which the right‐hand sides of the constraining equations are free to vary subject to a set of linear constraining equations. By formulating a relaxed linear program wherein the right‐hand sides are treated as variables, we show how it is possible to solve one larger linear program that yields as a solution not only the optimal values for the decision variables, but also the optimal values for the right‐hand sides.
RELATIVISM AS A CULTURAL INFLUENCE ON TWENTIETH CENTURY DECISION MAKING
Authors: Chiattello Marion L. , Waller Robert J. 
Published: June 2007

ABSTRACTCulturally determined norms are seen as guides to the subjective components in the decision process. An understanding of normative elements in choicemaking must therefore begin with an analysis of the culture relevant to the decision. Ways in which the Western twentieth‐century intellectual and cultural climate have influenced the ability of modern managers to make value‐laden decisions are examined. Implications of relativism for management decision making along with the influences of relativistic decision making on organizational health also are discussed.
AN EMPIRICAL COMPARISON OF TWO MODELS FOR PREDICTING PREFERENCES FOR STANDARD EMPLOYMENT OFFERS
Authors: Hill Raymond E. 
Published: June 2007

ABSTRACTThere are two major types of job‐choice models in the current literature. One may be called an ideal job model, and the other is primarily a linear utility model. This study attempts to compare the predictive capacity of the two types of models. The ideal job model implemented in the study performs better than a linear utility model in predicting preferences among a set of standard job offers.
THE INFLUENCE OF OPEN AND CLOSED BELIEF SYSTEMS ON COOPERATION IN THE PRISONER'S DILEMMA*
Authors: Leininger Wayne E. , Bitta Albert J. Della , Frey M. William 
Published: June 2007

ABSTRACTThe Rokeach Dogmatism Scale was employed to identify subjects possessing either open or closed belief systems. Forty‐eight subjects were randomly selected and assigned to eight open‐open, eight open‐closed, and eight closed‐closed pairs. The dyads then played a modified version of the Prisoner's Dilemma where they were also permitted to communicate using a predetermined list of messages. It was found that the eight open‐open pairs cooperated significantly more than the other pairs in the experiment. However, results also suggest that individuals possessing open belief systems may not be able to achieve significantly greater cooperation with individuals possessing a closed belief system than two individuals both possessing closed belief systems.
INTEGRATING THE COMPUTER INTO A BUSINESS SCHOOL CURRICULUM*
Authors: Lucas Henry C. , Larreche Jean Claude , Montgomery David B. 
Published: June 2007

ABSTRACTThe results of a study of computer utilization in the Graduate School of Business at Stanford are presented. The benefits and costs of a dedicated time‐sharing system acquired by the Business School to supplement the central campus computer facility are discussed. The study showed that the time‐sharing system produced many benefits, including improved service and a lower per student cost for computing. The implications of the Stanford experience for other schools are discussed.
ALLOCATE: A COMPUTER MODEL FOR SALES TERRITORY PLANNING
Authors: Comer James M. 
Published: June 2007

ABSTRACTRecent years have witnessed a renewal of interest in the application of management science techniques to personal selling related problems. Some early applications are described in [2] [7]. Cloonan has employed simulation in examination of the salesman routing problem [3] [4]. Lodish, in CALLPLAN, has devised an interactive call planning system designed to assist sales management and/or salesmen in allocating sales call time more efficiently [6]. Armstrong has devised a system he labels SCHEDULE which estimates the value of calls on accounts [1]. Hess and Samuels have designed a computer based sales districting model which is an analogue of a legislative apportionment model [5]. The objective of this paper is to explore the nature of a call planning system entitled ALLOCATE. ALLOCATE was designed to be employed by upper sales management either as an input device for sales management decisions such as sales‐territory‐size, or as a vehicle for determining the effects of alternative call allocation strategies on territorial revenue over multiple time periods.
A STUDY OF THE PERFORMANCE OF SUBJECTIVE PROBABILITY ASSESSORS
Authors: Pickhardt Robert C. , Wallace John B. 
Published: June 2007

ABSTRACTDespite the key role that subjective probabilities play in decisions made under conditions of uncertainty, little is known about the ability of probability assessors in developing these estimates. A literature survey is followed by a review of results from a continuing series of experiments designed to investigate the external accuracy of subjectively assessed probability distributions. Initial findings confirm that probability assessments provided by untrained assessors are of questionable value in predicting the distribution of actual outcomes of uncertain events. Particular difficulty is encountered when subjects attempt to quantify the extremes of their subjective distributions. The impact of extended assessor training and hypotheses regarding the effects of variation in the assessor's information level and the complexity of the assessment task are explored. Implications for applied decision making are drawn, and directions for future investigations are suggested.
A PRACTICAL APPROACH TO THE LARGE‐SCALE FOREST SCHEDULING PROBLEM*
Authors: Caswell W. M. , Rao A. 
Published: June 2007

ABSTRACTA large‐scale forest cutting schedule problem involving 1166 forest units to be cut over a 24–year planning period is discussed. The problem is formulated as a generalized version of the basic transportation problem. The conversion procedure for such a problem to the standard transportation format is outlined. The proposed approach is then compared with a linear programming decomposition approach on the basis of operating results obtained and computer time required by each approach. It is shown that this new approach will solve a real world problem about 40 times faster than the usual linear programming decomposition approach.
THE DEPENDENCE OF THE EFFECTS OF LEARNING MODE ON CONCOMITANT FACTORS*
Authors: Swinth Robert L. 
Published: June 2007

ABSTRACTDespite the number of studies comparing the programmed instruction (PI) and text teaching methods, the results to date have been inconclusive. In this paper it is hypothesized that the effects of these two modes of learning on performance are dependent on differences in people and in the material to be learned. In an experiment on 48 subjects it was found that both mode of learning and sex affected performance, but the effect of sex differed for the two modes of learning. Women performed better in the PI mode and men performed better in the text mode. Also, performance on definitional material was dependent on the aptitude of the learner and on inferential material was dependent on the prior knowledge of the learner.
METHODS FOR QUANTIFYING SUBJECTIVE PROBABILITIES AND MULTI‐ATTRIBUTE UTILITIES*†
Authors: Huber George P. 
Published: June 2007

ABSTRACTIn many situations where normative decision‐aiding techniques could be usefully applied, historical data are inadequate for estimating the required outcome probabilities, and economic methodologies are inadequate for estimating the aggregate utility derived from the several outcome attributes. In such cases it is often useful to obtain the required estimates in the form of expert judgments, i.e. to obtain subjective probabilities and multi‐attribute utilities. Similarly, in many situations where behavioral decision processes are to be studied, it is necessary to scale the expectations and perceived values of the decision makers.This article describes the methods for eliciting subjective probabilities and multi‐attribute utilities whose usefulness has been empirically studied and reported in the research literature. It also contains summary guidelines concerning the elicitation and use of such judgments.
PORTFOLIOS OF RISKY PROJECTS
Authors: Cozzolino John M. 
Published: June 2007

ABSTRACTThe problem of selecting a portfolio from a set of independent risky business ventures is formulated in terms of maximization of the risk‐adjusted (certainty‐equivalent) profit of the portfolio, based upon the exponential utility function. Objects of investment include fractional participation (risk sharing) in projects with other firms, where costs and returns are shared in the same proportion. The method assumes that project costs are certain. Project revenues are uncertain, and any probability function for revenue can be used.
EXPERIMENTAL DETERMINATION OF COMMUNITY PREFERENCES FOR WATER QUALITY—COST ALTERNATIVES*
Authors: Whitmore G.A. , Cavadias G.S. 
Published: June 2007

ABSTRACTThis paper describes the theoretical background, methodology, and results of a small water‐pollution study conducted in a suburban Canadian community. In the study, preferences of heads of households were determined for different levels of environmental water quality and cost to the household of achieving this quality. Inferences are drawn from the preference data about the underlying individual utility functions. Implications of the study methodology and results for social decision making are discussed.