Comment

How well does competitive theory explain the outcome in experimental markets. The authors examined the results of a large number of classroom trading experiments that used a pit-trading design found in Experiments with Economic Principles, an introductory economics textbook by Bergstrom and Miller. They compared experimental outcomes with predictions of competitive-equilibrium theory and with those of a simple profit-splitting theory. Neither theory was entirely successful in explaining the data, although in the first rounds of trading there was significant profit splitting and, as traders became more experienced, outcomes were closer to those predicted by competitive theory.     

Mathematical methods of optimization for multi-objective transportation systems

Transportation systems have multi-objective functions and there are multi-factor decision situations. A general mathematical optimization model for such systems is developed which has broad applications for the planning, system design and evaluation of many transportation systems. Three types of solution techniques are discussed. For multi-objective linear programs, a solution is obtained which satisfies the decision maker's preferences and optimization from the decision maker's point of view is considered. A goal programming solution technique is given when goals for the system can be defined. If this is not possible, an overall utility function is defined on the various objective functions and a concept of additive utilities is explored and a parametric programming solution is given.     

Covariate and Idiosyncratic Shocks and Coping Strategies for Poor and Non-poor Rural Households in India

The objective of the paper is to track the association between different type of shocks experienced by rural households and corresponding coping strategies opted by them as they are, not only exposed to household-level and community level shocks, but also, lack effective risk management strategies which make them vulnerable to get into chronic poverty. A probit analysis has been used to articulate the comparative static distinction of risk management strategies between poor and non poor rural households using Additional Rural Incomes Survey/Rural Economic and Demographic Survey (ARIS/REDS) data surveyed by National Council of Applied Economic Research (NCAER) in rural India across 17 states to get a comparative static analysis. Households, generally, withdraw savings, seek remittances from migrant family members, take loan from formal and informal lenders and sell their existing assets and participate in Government sponsored welfare based programs to control after effect of shocks. Comparatively non-poor rural households could build up safety net (precautionary measure) to cope with price rise and other sudden shocks. But, extremely poor, generally, if don’t get help from relatives or can’t borrow from informal sources, ultimately starve at the time of sudden shocks. The welfare based government programs fail to arrest this extreme situation of grief during the idiosyncratic shocks.

     

From Rhythm and Blues to Broadway: Using Music to Teach Economics

Although supporting this approach, the author discusses shortcomings and extensions of the original article in this journal.     

Productivity of Agricultural Labour and Land: An International Comparison

This paper examines partial agricultural land and labour productivity in 1975 and 1980, for different world regions. The results suggest that land and labour productivity are higher in developed countries relative to developing countries. However, agricultural labour productivity differences are more marked than those for agricultural land productivity. The productivity values for 1975 and 1980 indicate a widening of productivity differences, more so in the case of agricultural labour than land. The paper also proposes an alternative approach to estimating agricultural land and labour productivity. This approach, which regresses agricultural labour productivity on a given level of agricultural land productivity, suggests a narrowing of agricultural land productivity differences, relative to the initial approach, across Africa, Asia and Europe during the 1975-1980 period. A brief discussion of the agricultural development policy implications of the results concludes the paper.     

Disengagement of Nascent Entrepreneurs from the Start‐Up Process

This study examines the roles of entrepreneur motivation and a potentially adverse founding condition in disengagement of nascent entrepreneurs from the start‐up process. Specifically, measures of goal commitment, self‐efficacy, and perceived competition intensity from 943 nascent entrepreneurs are employed to predict disengagement as reported one year later. Results indicate that high perceived competition intensity renders the otherwise strong negative main effect of goal commitment on disengagement, not significant. The even stronger negative main effect of self‐efficacy on disengagement, however, is not contingent on perceived competition intensity. Further, perceived competition intensity by itself does not appear to influence nascent entrepreneurs' disengagement.     

An Alternative Lens for Understanding Technology Acceptance: An Equity Comparison Perspective

Many studies of technology acceptance have noted that new technology can have far-reaching effects, dramatically changing the environment (e.g., work, home, school) in which we use the technology. The current research considers an equity comparison perspective on technology acceptance and usage in the context of online discussion tools based on the equity implementation model (EIM). The EIM applies equity theory to assess user net outcomes related to adopting new technology in comparison to the net outcomes of other technology stakeholders. Facilitating conditions with the new technology are investigated as a moderating factor on intentions and usage. Equity theory and social comparisons provide an alternative lens for understanding technology acceptance that may capture broader issues related to the changes resulting from new technology. This research describes what we believe to be a first effort to operationalize social comparisons of equity in the context of technology acceptance. A survey instrument measuring social comparisons of net outcomes is developed, and a longitudinal, empirical study is conducted in the context of online discussion forums. The research model is also investigated within a nomological network of technology acceptance constructs. The results indicate that the model provides explanatory power comparable to existing models of technology acceptance and that outcome comparisons provide unique insight beyond known determinants of intentions and usage.