Analysis of visual presentation of cultural dimensions: Culture demonstrated by pictures on homepages of universities in Pakistan

The recent prominence of culturally rich visuals for effective global communication and establishing brands of organizations cannot be denied. This inquest observed how Pakistan universities used their homepages to demonstrate culture through a content analysis of 1064 pictures from 100 top universities. The researcher tried to take a stance on visual presentation of cultural aspects by using Hofstede’s cultural dimension theory, and evaluated the impact of cultural elements in choosing pictures as part of web design and marketing strategy. Results indicated that faculty in groups doing academic and official activities were the predominant visual element, and websites mostly marketed faculty. Choice of pictures was positively correlated with Hofstede’s scores on power distance, individualism, uncertainty avoidance and indulgence, but a different trend was observed for masculinity and pragmatism. Findings suggest that institutions should ameliorate their web marketing according to cultural needs of local as well as international students, and further research is needed.     

Marginal risk aversion and preferences in a betting market

An individual's behavioural attitudes toward variance and non-symmetry in the payoff distributions of pari-mutuel gambles are empirically examined using the von Neumann - Morgenstern expected utility of wealth paradigm. Preferences over payoff distributions for a representative bettor are estimated from observed payoffs at a greyhound racetrack. The results indicate that the representative bettor exhibits increasing absolute risk aversion and, given that the representative bettor is locally non-satiated with regard to wealth, exhibits preference for variance and aversion to positive skewness in the payoff distributions of the gambles examined.     

Single‐loop project controls: Reigning paradigms or straitjackets?

This article reports on the results from an ongoing research program to study the role mental models play in project decision making. Project management belongs to the class of multiloop nonlinear feedback systems, but most managers do not see it that way. Our experimental results suggest that managers adopt simplistic single‐loop views of causality, ignore multiple feedback interactions, and are insensitive to nonlinearities. Specifically, the article examines single‐loop models of project planning and control, discusses their limitations, and proposes tools to address them.     

Imperfect Labor Mobility and Unemployment in LDCs: Reply

In a recent paper (Parai and Beladi 1997; PB hereafter), we have analyzed the implications of growth and trade policies for a small open economy facing imperfect labor mobility and unemployment of the Harris-Todaro variety. We have used the Casas (1984) specification of the labor immobility phenomenon for a Harris-Todaro type economy, and have shown that most of the results in Harris-Todaro framework remain unaltered even under imperfect labor mobility, provided that the elasticity of labor mobility parameter exceeds a critical minimum value. On the optimal tariff issue, Gilbert and Mikic (1997; GM hereafter) find our results counterconventional. In GM's view, the nonconventional result in PB is due to our simplification of the labor mobility specification given by Casas. In this note, we offer our response to GM's comments.     

Downsizing, wage inequality and welfare in a developing economy

This paper focuses on the cost cutting effects of firm downsizing in a developing economy. Using a dualistic production structure to depict a developing economy, the impacts of downsizing on wage inequality and social welfare are examined. Downsizing is revealed to not only narrow the wage gap between skilled and unskilled labor but also to raise the level of manufactured output and reduce the unemployment ratio in the urban sector. These effects improve the social welfare of the economy.     

Outsourcing and the Heckscher–Ohlin Model

The purpose of this paper is to incorporate the currently mushrooming phenomenon of outsourcing into the standard two‐sector, two‐factor Heckscher–Ohlin model of international trade. We first show how outsourcing modifies a firm's production function, and then demonstrate that outsourcing generally raises the return to capital and lowers the real wage, although the nation's GDP rises in proportion to the value‐added in the outsourcing industry. Furthermore, the output of the outsourcing sector may actually fall even though its unit cost goes down; the output of the other sector then rises. By contrast, employment in the outsourcing sector may actually rise.     

North–South Trade Liberalization and Economic Welfare

We consider a general equilibrium model of a developing economy (the South) that opens to trade with a developed economy (the North). The southern economy is characterized by open urban unemployment and rural–urban migration, a competitive agricultural sector and a monopolistically competitive manufacturing sector. Hence, there is potential for both inter‐ and intra‐industry trade to arise on liberalization, in addition to distortionary effects of duality. Southern comparative advantage in agriculture may arise from the labor market distortion and the basis for intra‐industry trade is love for variety. We characterize various configurations of the trade pattern, and the resulting welfare consequences of opening to trade in this context. We illustrate a new mechanism under which in some circumstances it may be possible for trade liberalization to lower economic welfare in the South.     

Ethical Principles that Make the World and its Economy More Equal

Abstract

No doubt, the global economic (and political) structure is very unequal. The paper begins by demonstrating the various dimensions of this inequality as they relate to economic measures such as per capita GDP, degree of consumption and ownership, health measures, education, and power and influence in various global organizations such as the United Nations (UN), World Trade Organization (WTO), International Monetary Fund (IMF), and others. Next, the paper, supporting a more equal global economic and political structure, investigates the various instruments in welfare economies and ethics theory that can be utilized to justify a sort of distributional change that could lead to more global equality. Finding various economic and ethical instruments associated with utilitarianism, Pareto Optimality and the Hicks–Kaldor compensation test less than satisfactory in dealing with and advocating sufficient global distributional changes, we will investigate ethical principles developed by John Rawls in both his 1971 The Theory of Justice and his 1999 The Law of Peoples, Sen's capability approach, the debate between Rawls and Sen regarding their ethical principles, and whether or not those ethical principles can justify necessary global distributional changes. As we will argue, although the principles developed by Sen and Rawls can be utilized to justify global distributional changes to a degree, they cannot advocate a global difference principle that can justify sufficient global distributional changes. Attempt is made to develop a global difference principle that can justify and advocate more drastic distributional changes.