Comparing the True Cost of Living Indices of Demographically Different Households

The comparison of true cost of living indices between demographically different households (relative equivalence scale) is argued to be sensitive to the way demographic characteristics enter demand analysis. In particular, parameters reflecting the cost of demographic characteristics at base prices, though themselves do not have welfare (equivalence scale) interpretation, can alter the benchmark from which demographically varying inflation effects are measured. The empirical analysis, based on a rank‐3 demand system applied to UK individual household data, shows that the inflation adjustment of child benefits can vary with the way demographic costs at base period prices are specified.     

Tariffs,quotas, and voluntary export restraints with endogenous labor supply

This paper develops a two-good, small-country, general equilibrium trade model with endogenous labor supply and wage taxes, and where trade is restricted by a tariff, or an import quota, or VERs. Within this framework we derive (i) the employment and welfare effects of the three types of trade restrictions, (ii) the price effect of an import quota and VERs, and (iii) the shadow price of foreign exchange under each type of trade restriction. The present results are compared to those where (i) factor supplies are fixed, and (ii) perfect international capital mobility exists.     

Banks’ equity performance and the term structure of interest rates

Using an extensive global sample, this paper investigates the impact of the term structure of interest rates on bank equity returns. Decomposing the yield curve to its three constituents (level, slope and curvature), the paper evaluates the time‐varying sensitivity of the bank's equity returns to these constituents by using a diagonal dynamic conditional correlation multivariate GARCH framework. Evidence reveals that the empirical proxies for the three factors explain the variations in equity returns above and beyond the market‐wide effect. More specifically, shocks to the long‐term (level) and short‐term (slope) factors have a statistically significant impact on equity returns, while those on the medium‐term (curvature) factor are less clear‐cut. Bank size plays an important role in the sense that exposures are higher for SIFIs and large banks compared to medium and small banks. Moreover, banks exhibit greater sensitivities to all risk factors during the crisis and post‐crisis periods compared to the pre‐crisis period; though these sensitivities do not differ for market‐oriented and bank‐oriented financial systems.     

Consumer welfare from publicly supplemented private goods: age and income effects on demand for health care

In spite of major advances in the theoretical, positive and normative, literature analysing the welfare implications of public provision of private goods, empirical investigation is often limited to contingent valuation studies, for example, of health care programmes. In this article we argue that when a market for a (subsidised or free of charge) publicly provided good exists, a consumer demand approach can be used to construct a money metric of welfare corresponding to the consumption of public provision. We illustrate this approach in investigating age and income effects on household demand for health care in Cyprus, where free public provision is not universal and those entitled to it often resort to private supplementation. Our findings suggest that the money metric of welfare, which consumers attach to free access to publicly provided health care, varies with age and to a lesser extent with household income.     

Pollution and reforms of domestic and trade taxes towards uniformity

This paper builds a small open economy trade model where there is pollution from the production and consumption of goods. In the presence of production and consumption pollution, we examine a piecemeal consumer-price-neutral reform of the tariff and consumption tax and a piecemeal producer-price-neutral reform of the export and production taxes on a specific good. The paper identifies sufficient conditions under which the above tax reforms improve welfare and increase government tax revenues.     

A narrative networks approach to understanding coordination practices in emergency response

This paper examines coordination practices in emergency response by adopting a narrative networks approach (Pentland & Feldman, 2007). We apply this approach in the analysis of qualitative data collected in an empirical longitudinal study (2003–2006) of emergency response across a geographical region of Greece. We provide an in-depth narrative analysis of two different emergency incidents and the efforts to coordinate those. The paper concludes with the implications of using a narrative networks approach for understanding the temporal and situated nature of coordination, while placing emphasis on the performativity of coordination practices.     

Product innovation in banking: How marketing works

Many benchmarking initiatives are driven by an academic or government desire to understand the position of industry sectors relative to each other or to those of other nations. In contrast, for managers striving to compete and drive their businesses forward, this generalised approach is secondary to their need for tools which are applicable in their own company and which give them direct benefits.

Observing that benchmarking has proved very powerful in manufacturing, the Chartered Institute of Marketing (CIM) invested in research to establish a similar approach in marketing. Benchmarking was defined as a system which incorporates three essential elements: measurement, processes, and a defined, measured, aspirational 'benchmark'.

This paper describes a unique benchmarking tool designed specifically for marketing processes (CIMBA), developed by the CIM. It enables both marketers and senior executives in non-marketing functions to identify the role of marketing in their organisation and to measure the processes which convert marketing strategy into reality.

The system is driven by a model of best practice, tailored to each organisation's situation through their particular critical success factors. Analysis is software-based to provide easy manipulations of the data. CIMBA provides the measurements and the means to broker partnerships between carefully matched companies, even across sectors, if they have gone through a CIMBA assessment.     

在近岸采油装置上实施集成风险检查系统

介绍中东国家把集成风险检查和检查系统用于近岸油田装置。根据详细的风险检查分析和过去的检查记录,对所选择的设备采用无损检测技术实施检查。资产数据、检查记录和有关文件都集中保存在计算机系统中。这样有能力保管和查看不同种类的文件和图样。这个系统能生成和监管维修和检查工作单,并能与企业其他系统进行交流。有一个知识数据库用于资产整合活动,与MS Excel的输入/输出功能进行数据交换也更加方便。     

Temporary Equilibrium,Full Equilibrium,and Elasticity of Cost

The result by Morrison (1985) and Morrison and Schwarzt (1994) that there is an one-to-one relationship between the rate of economic capacity utilization and ratio of cost elasticities at the temporary and the full equilibrium has been instrumental in past studies on measuring economic capacity utilization and on adjusting indexes of productivity growth for temporary equilibrium. In this paper, dynamic duality and comparative dynamics are employed to assess the behavior of cost elasticity along an optimal path to the steady state. The analysis suggests that no a priori relationship exists between economic capacity utilization and elasticity of cost. The absence of an a priori relationship between these two economic variables implies that theoretical and empirical results based on past notions about the dynamic behavior of cost elasticity may have to be reconsidered.