Stability and instability in oligopoly

For regular oligopolies (both homogeneous and heterogeneous) the (local) Cournot-Nash equilibria are the (non-degenerate) critical points of a Morse-Smale vector field, defined on the feasible region of non-negative prices and outputs. When at the boundary of this feasible region this vector field points inwards, it follows from the Morse inequalities that there is at least one stable equilibrium. When there is a unique, non-stable, interior equilibrium, necessarily the vector field points outwards somewhere along the boundary of the feasible region. This raises to a stable boundary equilibrium.     

Grocers' window displays: The eclipse of a British tradition

By reference to period retailing narratives, this paper examines the changed significance of shop window displays for British grocers with the transition from counter‐based to self‐service from the late 1940s to the 1960s. The ‘well‐dressed’ window showing a selection of goods and price offers became an early casualty of changed retail practices. Opportunities presented by self‐service for comprehensive stock displays and in‐store promotion proved a decisive challenge to the art of the grocer's window display. These displays had been ubiquitous; large and small shops alike tried to impress passers‐by with examples of their stock range. Self‐service shops had different internal space requirements and soon it was more important that potential customers could see the well‐stocked aisles and activity within.     

How does capital affect bank performance during financial crises?

This paper empirically examines how capital affects a bank’s performance (survival and market share) and how this effect varies across banking crises, market crises, and normal times that occurred in the US over the past quarter century. We have two main results. First, capital helps small banks to increase their probability of survival and market share at all times (during banking crises, market crises, and normal times). Second, capital enhances the performance of medium and large banks primarily during banking crises. Additional tests explore channels through which capital generates these effects. Numerous robustness checks and additional tests are performed.     

Union organizing in Britain: a survey of policy and practice

Analysis of the reasons for trade union decline in developed economies has pointed to their failure to invest in effective methods of recruitment as a contributory factor. This article presents survey and case research to examine the extent to which union failure in recruitment and organizing has been rectified in the United Kingdom. The evidence indicates a varied but nevertheless substantial re-direction of union effort towards recruitment since the mid-1990s and is used to identify the characteristics of 'recruiting unions' which have invested more heavily and adopted more ambitious recruitment targets. Recruiting unions are found to be those which are receptive to learning new approaches to recruitment from overseas and which have relatively advanced arrangements for the representation of women and minorities in their internal systems of government.     

Central Bank Independence: An Update of Theory and Evidence

This paper reviews recent research on central bank independence (CBI). After we have distinguished between independence and conservativeness, research in which the inflationary bias is endogenised is reviewed. Finally, the various challenges that have been raised against previous empirical findings on CBI are discussed. We conclude that the negative relationship between CBI and inflation is quite robust.     

CRM analytics: The fuel for the engine

How often are there articles about customer relations (CRM) in the press today? Almost as many as there were about Year 2000 last year! How many companies state that the customer is king but can do or are doing anything about this? Few really attempt to improve or build relationships with customers or increase their product holdings; treating a customer as an individual and not just another record is still rare. The opinion in many companies seems to be that they can buy a system to deliver what is needed, which is true, but the system is only as good as the rules that drive it, hence the emergence of CRM analytics. This paper aims to illustrate to the reader how a company can start to apply CRM from an analytical rather than from a purely technological angle.     

Social capital,risk preference and adoption of improved farm land management practices in Ethiopia

Many developing countries grapple with high rates of farmland degradation and low agricultural productivity amidst increasing climate variability. Considerable efforts have been exerted to promote the diffusion of improved farmland management to address these challenges. Despite these efforts, adoption rates, especially of soil conservation and water harvesting technologies, are still low, which has been the subject of investigation in several studies in Ethiopia and elsewhere. Most studies on the adoption of these technologies, however, tend to focus on economic incentives only, paying little attention to the role of social capital. This article provides evidence of the effects of different dimensions of social capital on innovation adoption across households holding different levels of risk aversion. We address this issue by using cross section and panel data from Ethiopia. Results show that social capital plays a significant role in enhancing the adoption of improved farmland management practices. We also find evidence that the effect of social capital across households with heterogeneous risk taking behavior is different.     

Oil price and FX-rates dependency

Oil prices and exchange rates against the dollar have both experienced long swings over the recent decade. Regardless of the great amount of research, some issues are still open to debate. In this vein, this paper focuses on the evolution of the relationship between oil prices and dollar exchange rates of 12 oil exporting and oil importing countries based on a dynamic copula approach. We use daily data for two 5-year periods between 2003 and 2013, taking the collapse of Lehman Brothers as the dividing point. Our results have four main implications: first, the intensity of relationship between oil prices and FX-rates has increased over time even if the peak of the financial crisis is included. Second, the increased tail dependency shows that extreme events are likelier to occur simultaneously for both series. Third, the dependency has become more dynamic after the financial crisis and is therefore better characterized by time-varying copulas. Finally, currencies of oil importers and oil exporters display a different dependency structure against the US dollar in the case of rising oil prices with the latter appreciating and the former depreciating.     

Concept learning by direct current design challenges in secondary education

This paper presents a mixed methods study in which 77 students and 3 teachers took part, that investigated the practice of Learning by Design (LBD). The study is part of a series of studies, funded by the Netherlands Organisation for Scientific Research, that aims to improve student learning, teaching skills and teacher training. LBD uses the context of design challenges to learn, among other things, science. Previous research showed that this approach to subject integration is quite successful but provides little profit regarding scientific concept learning. Perhaps, when the process of concept learning is better understood, LBD is a suitable method for integration. Through pre- and post-exams we measured, like others, a medium gain in the mastery of scientific concepts. Qualitative data revealed important focus-related issues that impede concept learning. As a result, mainly implicit learning of loose facts and incomplete concepts occurs. More transparency of the learning situation and a stronger focus on underlying concepts should make concept learning more explicit and coherent.     

Brand Placement in Movies: The Effect of Film Genre on Viewer Recognition

This study investigates viewer recognition of brands placed in films, according to film genre, gender, and previous viewing experience. A sample of 137 moviegoers watched 12 film clips representing three popular genres (action, comedy, and drama) and reported their recognition of brand placements. Results suggest that brand recognition is more common in drama films. Previous viewing experience and gender did not make significant differences in brand recognition. It is suggested that brand placements require more public relations research.