Working Papers

The existence and stability of invariant distributions for stochastically monotone processes is studied. The Knaster-Tarski fixed point theorem is applied to establish existence of fixed points of mappings on compact sets of measures that are…

This paper considers single-item inventory systems with immediate delivery and no economies of scale. Bounds are provided on the value loss relative to optimal cost for restricting attention to the class of inventory stocking policies that…

Organizations often encounter the same competitors in more than one market. Some conclude that these “multipoint” rivals should deter one another from competing, but empirical support for this hypothesis is lacking. Using an integration of…

This paper introduces the concept of strategic learning to explain long run dynamics of strategic behaviors and organizations. Strategic learning is organizational learning which improves the strategic capability of the organization and changes…

The first analysis of this part, Analysis 4, presents and analyzes various possible technological improvements. Proposing such improvements requires more understanding of appropriate technologies than would be provided by a typical Operations…

We initiated this section in the Nov-Dec 1989 issue of Interfaces with the publication of the National Cranberry Case and an invitation to submit analyses by May 1, 1990. We promised to “review the reports, select and edit the best sections from…

This article analyzes the value of a corporation as a function of_x000B_its ownership structure. Shareholders can acquire costly information_x000B_about the manager’s effort to produce output. Concentrating share_x000B_ownership leads the…

The last three or four years have seen an explosion in the literature on asset markets with asymmetric information and especially on trading mechanisms, an area called the ‘microstructure of financial markets.” There are a number of reasons for…

In this paper we examine the relation between a firm’s stock return and the earnings of other firms in the same industry, controlling for the firm’s own earnings. We document considerable cross-industry variation in the relation between a firm’s…

The authors derive a theoretical relationship between the market share price elasticity matrix and the aggregate brand switching matrix using a logit model of individual consumer choice among competing brands. The elements of the market-level…

We present one possible rationale for the emergence of everyday low pricing (EDLP) as a competitive strategy in grocery retailing. Using a game theoretic model, we show that under certain circumstances two competing retailers choose different…

We study the viability of a securities market model with continuous trading in which agents are required to remain solvent at all times and cannot add funds to their portfolio of securities in excess of an exogenous endowment. We show that…

We study the joint effect of the trading mechanism and the time at which transactions take place on the behavior of stock return using data from Japan. The Tokyo Stock Exchange employs a periodic clearing procedure twice a day, at the opening of…

In earlier work, I examine the situation where information pertinent to political decisions is dispersed among the members of a society. Rational, self-interested individuals may take costly political action to signal their private information to…

The growth in information systems budgets and in their primary components, hardware and software effort, are analyzed empirically. It is demonstrated that while a large component of the growth is due to technology related factors, these…

Abstract not available.

This paper examines the impact of foreign direct investment on the transfer of technology to the Republic of China (Taiwan). Using a macroeconomic approach based on aggregate statistical data and a macroeconomic approach based on a questionnaire…

This paper argues that the home, or nonmarket, sector is empirically large, whether measured in terms of the time devoted to household production activities or in terms of the value of home produced output. We also argue that there may be a good…

This paper explores the implications of including home, or nonmarket, production in an otherwise standard model of cyclical fluctuations. In particular, we generalize the stochastic growth model, or the real business cycle model, to include a…

This research hypothesizes important individual differences in response to promotions and tests for them using a cross-sectional multinomial logit choice model. Our hypotheses suggest interactions between individual brand preference and the…