Working Papers

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…

This note supplements Duffie and Epstein (1989). Existence and uniqueness of an infinite horizon stochastic differential utility function is proved. The issue of existence is analogous to that of stability of a non-linear feedback system.…

The competitive nature of intergroup relations has been acknowledged in many contemporary views of organizations. However, there is much about the determinants of such competition that remain unclear. The primary purpose of the present chapter is…

This paper concerns the pattern of contributions to a joint project when commitments and enforceable contracts are not available. We analyze a game in which partners alternate in making contributions to the project until the project is completed…

World-Class Manufacturing has received a great deal of attention in the past few years, drawing largely on successful Japanese manufacturing practices. There has also been a separate explosion in the use of conjoint analysis to determine customer…

Abstract not available.

Elasticity structure, the pattern of the cross-price elasticities characterizing a given market, is a revealing way of studying the nature of interbrand competition. Elasticity patterns, however, are often difficult to interpret because the…

This paper examines portfolio choice and asset pricing when some assets are nontraded, for instance when a country cannot trade claims to its output on world capital markets, when a government cannot trade claims to future tax revenues, or when…

Stereotypically, marketing is mainly concerned about satisfying customers and manufacturing is mainly interested in factory efficiency. Using the principal-agent (agency) paradigm, which assumes that the marketing and manufacturing managers of…

A problem that is arising with increasing frequency in dynamic economic analyses is the study of time invariant distributions. These arise in at least two classes of problems. The first is when the object of the research is an equilibrium…

Abstract not available.

Abstract not available.

This paper presents conditions for the existence and properties of stochastic differential utility as a solution of a partial differential equation. Stochastic differential utility is an extension of the classical additively-separable utility…

We show that sales quotas play an essential role in compensation schemes for multi-territory salesforces. A quota-based compensation scheme (i.e., salary plus commission proportional to sales beyond the quota) has the advantage of being simple.…

We study a class of non-cooperative games that includes many standard oligopoly games, macro economic coordination games, network and production externality games, and others. For these games, the sets of rationalizable strategies, pure Nash…

Abstract not available.

A series of recent papers have attempted to investigate the issue of how to compensate a salesforce using the agency theory paradigm. These investigations hypothesize various factors to affect the form of the compensation plan defined in terms of…