Preference Reversal

Preference reversal concerns a systematic divergence between prices of lotteries and subjects' expressed preferences for playing the respective lotteries. This article surveys the discovery of preference reversal by psychologists, its re–examination and corroboration both by psychologists and later on by (first sceptical) economists, as well as the causes of preference reversal. The preference reversal phenomenon has been explained to be caused by four determinants, viz. by the mode of elicitation of certainty equivalents, by intransitivity of preferences, by overpricing and/or underpricing of lotteries, and by nonlinear probabilities. JEL classification: D81     

BOOKS IN REVIEW

A Guide to the Industrial Relations Act by C. G. Heath Guide to the Industrial Relations Act by N. M. Selwyn Managing Shiftwork by Robert Sergean An Employer's Guide to the Industrial Relations Act by Peter Paterson Trade Unions and Technological Change by J. E. Mortimer Exploring the Industrial Subculture by Barry A. Turner The Sociology of Industry by S. R. Parker, R. K. Brown, J. Child and M. A. Smith Status, Productivity and Pay: a major experiment by Ronald S. Edwards and R. D. V. Roberts The Nylon Spinners: A Case Study in Productivity Bargaining and Job Enlargement by Stephen Cotgrove, Jack Dunham and Clive Vamplew The Techniques of Production Management by R. Wild SHORT REVIEWS: The New Anatomy of Britain by Anthony Sampson SHORT REVIEWS: Capital, Inflation and the Multi-Nationals by Charles Levinson SHORT REVIEWS: Flexible Working Hours by J. Harvey Bolton SHORT REVIEWS: Labour Market Issues of the 1970's edited by D. J. Robertson and L. C. Hunter     

BOOKS IN REVIEW

Book reviewed in this article: Stevedores and Dockers: a Study of Trade Unionism in the Port of London, 1870–1914 by John Lovell Ownership, Control and Ideology by Theo Nichols Labour Problems of Technological Change by L. C. Hunter, G. L. Reid and D. Boddy Three-dimensional Foremanship by Frank A. Busse The Workers' Union by Richard Hyman Organizational Analysis: a Sociological View by Charles Perrow Psychology in the Industrial Environment by M. P. Feldman     

金银花挥发油提取工艺研究

目的:采用蒸馏法提取,比较提取金银花中的挥发油,筛选出金银花中挥发油最佳提取方法。方法:取金银花进行加工处理,采用共水蒸馏法和通水蒸气蒸馏法提取其中的挥发油。结果:以芳樟醇为考察指标,结果显示,经盐加工处理后的金银花采用以上2种蒸馏法能提出淡黄色芳香的挥发油,较未经加工处理的金银花提取的芳樟醇含量多。结论:在提取金银花中挥发油的过程中,应经盐加工处理后再进行共水蒸馏提取。     

融资优序与行业管制——兼析中国上市公司“异常融资优序”现象

企业融资先通过内部资金进行,然后再通过银行借款或发行低风险的债券,最后才采用股票,这种融资的“先后顺序”是企业出于降低融资成本和防止剩余利润被分享所做出的理性选择,这就是融资优序理论。本文认为,寡头竞争所形成的行业进入壁垒为优序融资的实现提供了必须的市场环境,其资金使用方式能够优化资源配置,提高资金的使用效率。融资优序理论在发达市场经济国家得到了实践的验证,但在我国上市公司中却存在“异常融资优序”(Abnormal pccking Order)现象,即外部资金优于内部资金,外部资金中股权融资优于债权融资。其原因在于,中国市场经济不太完善,缺乏通过寡头竞争自发形成的行业进入壁垒。本文认为只有采取行业管制手段,设置一定的行业进入壁垒,才能实现优序融资,从而达到优化资源配置的目的。     

BOOK REVIEWS AND NOTES

Book reviews in this article: G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: The World of Labour Introduction by John Lovell G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: Self-Government in Industry Introduction by J. G. Corina G.D.H. COLE AND INDUSTRIAL DEMOCRACY: A REVIEW: Workshop Organisation Introduction by A. I. Marsh WORKPLACE INDUSTRIAL RELATIONS: Building: Teamwork or Conflict? by L. G. Bayley The Management of Wage Payment Systems by Alan Gillespie Labour Relations on the Docks by M. Jackson ORGANIZATIONAL BEHAVIOUR: Social Psychology of the Work Organisation by A. S. Tannenbaum Organisational Problems in European Manufacture by T. D. Weinshall LABOUR ECONOMICS: Manpower Economics by E. B. Jakubaus and Neil A. Palomba Labour Economics by J. E. King Unemployment and Wage Inflation with Special Reference to Britain and the U.S.A. by J. Taylor UNEMPLOYMENT: Regional Unemployment Differences in Great Britain by P. C. Cheshire Interregional Migration Models and their Application to Great Britain by R. Weeden The Changing Pattern of Employment—Regional Specialisation and Industrial Localisation in Britain by M. Chisholm and J. Oeppen Men Out of Work—A Study of Unemployment in Three English Towns by M. J. Hill, R. M. Harrison, A. V. Sargeant and V. Talbot Do The Poor Want To Work? A Social-Psychological Study of Work Orientation by L. Goodwin Marienthal: The Sociography of an Unemployed Community by M. Jahoda, P. F. Lazarsfeld and H. Zeisel b     

The Effectiveness of Gun Control Laws:

ABSTRACT In the July, 1998 issue of The American Journal of Economics and Sociology Professor Tomislav V. Kovandzic strongly criticized the 1997 work on gun control by Kwon, Scott, Safranski and Bae, which appears in the same journal. A rejoinder by Kwon et al. refuted Kovnanzic's criticisms and the authors stand by their published results. The purpose of this comment is to reconsider some of the points raised by Kovandzic and to consider other issues not raised in the original exchange. The bottom line is that several of the criticisms by Kovandzic are valid and, in fact, other serious econometric problems may plague the original paper by Kwon et al.     

BOOK REVIEWS

Book reviews in this article: LABOUR IN THE EUROPEAN COMMUNITY: The Migration of Workers in the United Kingdom and the European Community by W. R. Böhning LABOUR IN THE EUROPEAN COMMUNITY: Labor Movements in the Common Market Countries by Marguerite Bouvard LABOUR IN THE EUROPEAN COMMUNITY: Employment Conditions in Europe by Margaret Stewart TRANSNATIONAL INDUSTRIAL RELATIONS: Proceedings of a Symposium held at Geneva by the International Institute for Labour Studies by Hans Günter MULTINATIONAL CORPORATIONS AND BRITISH LABOUR: REVIEW OF ATTITUDES AND RESPONSES by John Gennard INDUSTRIAL CONFLICT—A COMPARATIVE LEGAL SURVEY by B. Aaron and K. W. Wedderburn WORKERS PARTICIPATION IN MANAGEMENT IN BRITAIN by R. O. Clarke, D. J. Fatchett and B. C. Roberts DO TRADE UNIONS CAUSE INFLATION? by D. Jackson, H. A. Turner and F. Wilkinson HANDBOOK OF INDUSTRIAL RELATIONS by D. Torrington ORGANISATIONS IN THEORY AND PRACTICE by Cyril Sofer THE SOCIAL PSYCHOLOGY OF WORK by Michael Argyle     

Intrametropolitan location of employment

Differences among employment density functions for members of different income and sex groups in Toronto in 1971 indicate that jobs held by females were more centralized than jobs held by males, jobs held by lower-middle income females were more centralized than jobs held by other females, and jobs held by high-income males were more centralized than jobs held by other males. It is also concluded that use of the negative exponential functional form involves a misspecification of the employment density function.     

BOOK NOTES

COMPARATIVE INDUSTRIAL RELATIONS: Collective Bargaining in Industrialised Market Economies Productivity and Law by R. A. Farnsworth Collective Bargaining and the Challenge of New Technology Productivity Agreements and Australian Wage Determination by P. A. Riach and W. A. Howard Industrial Management: East and West Papers from the International Economic Association Conference on Labour Productivity, 1971. A. Silberston and F. Seton (ed.) CONDITIONS OF EMPLOYMENT: Employees Benefits Today - a survey of attitudes and company practice by H. Marlis Employee Benefits in Europe - an international survey of state and private schemes in 16 countries by D. Callurd Holidays and Hours of Work in the European Community by A. Barry INDUSTRIAL DEMOCRACY: Power Sharing in Industry - a practical guide to employee participation in company operations by I. Macbeath Workers’ Participation in Industry by M. Poole WOMEN IN EMPLOYMENT: What to do about Equal Pay for Women by G. L. Buckingham Equal Opportunity and Equal Pay - a review of objectives, problems and progress by A. J. Mepham Exploitation from 9-5: Report of the Twentieth Century Task Force on Women and Employment Pathways to Work. Unemployment among Black Teenage Females by P. A. Wallace GOVERNMENT-INDUSTRY RELATIONS: Big Business and Government; the new disorder by N. Abraham Intervention in the Mixed Economy - the evolution of British Industrial Policy 1964-72 by S. Young with A. V. Lowe INDUSTRIAL RELATIONS IN AFRICA: Men and Management in Contemporary Africa by C. C. Onyemelukwe Proletarians and African Capitalism. The Kenyan Case, 1960-1972 by R. Sandbrook     

Forecast Summary

Monetary policy was tightened to defend the exchange rate earlier this year. Any adverse effects on activity have since been balanced by growing business confidence, restored by the successful rescue of sterling, falling interest rates and above all by the end of the miners' strike. We therefore still expect output to rise this year by 31/4–31/2 per cent and by over 2 per cent p.a. in the next three years. The recent acceleration in prices, the underlying reason for a tighter policy stance, is not expected to continue. We forecast a fall in inflation to 6 per cent or below by the end of the year and to under 5 per cent during 1986.     

BOOK REVIEWS

Book reviews in this article: LABOUR AND THE LAW Hamlyn Lectures No. 24 Otto Kahn-Freund PERSONNEL MANAGEMENT LAW by F. W. Rose MANAGEMENT BY AGREEMENT by W. E. J. McCarthy and D. Ellis STRAIGHT JACKET OR FRAMEWORK : The implications for management of the Industrial Relations Act by E. G. A. Armstrong INCOMES POLICY, EQUITY AND PAY INCREASE DIFFERENTIALS by Hilde Behrend INCOMES POLICY AND CAPITAL SHARING IN EUROPE by Derek Robinson PAY, PRODUCTIVITY AND COLLECTIVE BARGAINING by Robert B. McKersie and Laurence C. Hunter GOVERNMENT AND INDUSTRY IN BRITAIN: THE FEDERATION OF BRITISH INDUSTRIES IN POLITICS, 1945–65 by Stephen Bland WHITE COLLAR UNIONS—A REVIEW Institute of Personnel Management WHITE COLLAR UNIONISM IN BRITAIN: A SURVEY OF THE PRESENT POSITION by Roger Lumley PARTICIPATION IN INDUSTRY by C. Balfour THE APPLICABILITY OF ORGANIZATIONAL SOCIOLOGY by Chris Argyris WORKING FOR FORD by H. Beynon REDUNDANCY AND PATERNALIST CAPITALISM: A STUDY IN THE SOCIOLOGY OF WORK by Roderick Martin and R. H. Fryer     

关于我国连锁企业供应链管理的研究

详细分析了供应链管理引发连锁企业内部管理巨大变化的两种表现和供应链管理对连锁企业构建竞争优势的积极作用。在此基础上,提出了推进我国连锁企业实施供应链管理的两种主要策略。     

硫酸锰溶液净化工艺研究

以工业硫酸锰固体配制成的硫酸锰溶液净化工艺,关键在于采用硫酸铁除钾、钠和以氟化锰除钙、镁两部分,文章探讨采用独特的除杂剂多步净化以制得锂离子电池正极材料用高纯硫酸锰的新工艺。结果表明,硫酸锰溶液采用硫酸铁作为钾、纳净化剂和使用氟化锰去除钙、镁杂质效果显著,结合水解沉淀除铁和硫化钡除重金属,不但得到了纯度较高的硫酸锰产品,而且产品质量最终也达到了电池材料用高纯硫酸锰的标准。     

高职应用写作课程行业岗位化教学理念

高职应用写作课程行业岗位化教学模式是一种＂以就业为导向,以增强行业岗位应用写作能力为目标,以行业岗位化应用写作基地为载体,以学校、行业联合办学为组织形式＂的高职应用写作教学新模式,能为社会培养所需的＂零距离＂上岗的应用写作人才。     

Nonlinear deterministic forecasting of daily dollar exchange rates

We perform out-of-sample predictions on several dollar exchange rate returns by using time-delay embedding techniques and a local linear predictor. We compared our predictions with those by a mean value predictor. Some of our predictions of the exchange rate returns outperform the predictions of the same series by the mean value predictor. However, these improvements were not statistically significant. Another interesting result in this paper which was obtained by using a recently developed technique of nonlinear dynamics is that all exchange rate return series we tested have a very high embedding dimension. Additionally, evidence indicates that these series are likely generated by high dimensional systems with measurement noise or by high dimensional nonlinear stochastic systems, that is, nonlinear deterministic systems with dynamic noise.     

Ripping off Aunt Agatha: a decade of the Financial Services Act

The new Financial Services Authority will put the public interest first. These were the words of the Chancellor, Gordon Brown, when announcing that the Financial Services Act 1988 was to be overhauled and self regulation was to be abandoned. This paper argues that the regime put in place by the Act in 1988, has manifestly failed to deliver the protection that was promised to 'Aunt Agatha.' It argues that regulatory failure is ubiquitous and that the cause of this failure is that regulatory agencies are invariably captured by the people that they are supposed to be regulating. Finally, it presents an alternative to state regulation, by highlighting the considerable protections offered by the common law, by self regulation and, most importantly by a free, competitive and open market.     

A PROGRESS REPORT ON MARXIAN ECONOMIC THEORY: ON THE CONTROVERSIES IN EXPLOITATION THEORY SINCE OKISHIO ()

This report explores the development of exploitation theory in mathematical Marxian economics by reviewing the main controversies surrounding the proper definition of exploitation since the contribution of Okishio. The report first examines the debates on the Fundamental Marxian Theorem and Class-Exploitation Correspondence Principle, developed mainly in the 1970s and 1980s, followed by the property relation theory of exploitation by Roemer. Then, the more recent exploitation theory proposed by Vrousalis and Wright is introduced. Finally, the report introduces and comments on recent axiomatic studies of exploitation by focusing on the work of Veneziani and Yoshihara.     

依法执政是依法治国的政治保证

依法治国是我党建设社会主义法治国家的基本方略。依法执政是在此前提下对执政党提出的必然要求,是实现依法治国的关键,二者具有内在统一性。依法执政是新时期党执政的基本方式,实现依法执政的路径包含培养法治意识、完善法律制度、强化监督机制三方面。     

The Role of the Business Press in Creating and Disseminating Information around Earnings Announcements

This paper investigates the role of the business press in creating and disseminating information around earnings announcements by examining different motivations of trading volume. We find that press coverage is positively associated with trading activity motivated by differential interpretation and by differential belief revision, consistent with the press playing both an information creation and information dissemination role around earnings announcements. When we divide press coverage into full articles with additional editorial content and news flashes merely repeating verbatim of firm-disclosed press releases, we find that trading volume motivated by both differential interpretation and differential belief revision increases as coverage by full articles increases, and trading volume motivated by differential belief revision increases as coverage by news flashes increases. We also report that the differential interpretation effect of full articles is more pronounced when information users’ sophistication is high. Overall, we provide new evidence to the literature by showing that each type of press coverage plays an informational role in different motivations of trading activity.