Publications

Abstract not available.

This paper develops and compares nonnested hypothesis tests for linear regression models with first-order serially correlated errors. It extends the nonnested testing procedures of Pesaran, Fisher and MacAleer, and Davidson and MacKinnon, and…

Easterbrook and Fischel have proposed a passivity rule that would prohibit target management from resisting a tender offer. For a m model in which target management has private information about the true value of the target and tender offers are…

It is widely believed that changes in foreign currency exchange rates can affect the prices of goods in domestic markets as well as the prices of traded goods. A question of interest to economists, businesses and policymakers is: What determines…

One of the oldest and most central open problems confronting economic theory is to reconcile the fact of involuntary unemployment with the hypothesis of equilibrium by constructing a closed, reasonably complete economic model which admits such…

This paper proposes that the strategic process in large, diversified organizations constitutes an internalized and contrived evolutionary mechanism nested in the external environmental context. The paper elaborates this argument and shows how it…

This paper examines the case for major changes inn the behavioral assumptions underlying economic models, based on apparent anomalies in financial economics. Arguments for such changes based on claims of “excess volatility” in stock prices…

Are attributes of successful MBAs useful for predicting success, and thereby improving business management? In a twenty-year study of Stanford MBAs, 15 and 20 year results have identified the extreme importance to success of sociability. The…

We consider an agency model in which the agent acquires private pre-decision information after contracting. The agent is allowed to breach the contract by paying the principal pre-determined damages. We demonstrate the relationship of this model…

Traditional conjoint analysis techniques do not take account of the fact that consumers often rule out from consideration products that have totally unacceptable attribute levels. This paper proposes a data collection and analysis technique that…

The field of organizational development suffers from a lack of a unifying theory of planned organizational change. Diverse models and methods for achieving organizational change have made integration of research difficult, hampering the advance…

Abstract not available.

Competitive general equilibrium models with efficiency wage features are used to analyze some Keynesian propositions. The models are characterized by fully optimizing agents, flexible prices, competitive markets, and absence of demand uncertainty…

This “paper” consists of six separate, individually authored entries to appear in “The New Palgrave: A Dictionary of Economic Theory and Doctrine”. The contributions are: “Nash Equilibrium” by Kreps, “Large Economies,” “Lindahl Equilibrium and “…

Explored an assumption of norm theory in the context of observers’ reactions to victims that the greater the availability of imagined alternatives to an event, the stronger will be the affective reaction elicited by the event. It was predicted…

Multiple outlying observations are frequently encountered in applied studies in business and economics. Several multiple outlier tests exist, but little evidence is available on their relative power against alternative types of outliers and…

We compare two methods for a monopolist to sell information to traders in a financial market. In a direct sale, buyers of the information observe (versions of) the seller’s signal and subsequently use it to make investment decisions.…

Abstract not available.