A Solution Methodology for Probabilistic Capital Budgeting Problems Using Complex Utility Functions

Historically, the study of economic equipment replacement is primarily limited to that of a single machine or a single machining system. The replacement situation whereby machines under consideration are part of a large integrated system has received little attention. This paper proposes a framework, for the analysis of multiple-machine replacement within an integrated system context. The major difficulty of analyzing such a problem lies in the interactive nature of an integrated system; that is, how should the effects to the entire system be assessed as a result of alterations to one or more of its components. The emphasis of this work is on the issues regarding multiple machine replacement. A single-period model is utilized in order to simplify the presentation. A comprehensive example is also provided for illustration.     

Firms' Cost Functions: A Reconstruction

Three empirical stylized facts characterize afirm's cost functions: AVC is generallyhorizontal; scale economies are often important;and capital usage (as well as labor usage)varies with the rate of output. In contrast ourstandard theory of diminishing marginalproducts, variable proportions, and U-shapedunit cost curves does not adequately reflectthese stylized facts of industrial reality. Explicit distinction between capital stocks andcapital flows allows a remodeling of a firm'scost curves to conform with these empirical facts.     

Appeals in Korean Magazine Advertising: A Content Analysis and Cross-Cultural Comparison

This paper examines the economic, advertising industry, cultural, and product factors influencing the use of emotional and rational appeals in advertising for South Korea and the U.S. Content analysis of 600 Korean magazine advertisements shows that emotional appeals predominate in headlines, but rational appeals are more common overall and in the illustrations. Compared to results from 403 U.S. advertisements, Korean magazine advertising uses more emotional appeals, though differences vary across product types and executional method. Implications for advertising practice and future research are discussed.     

Project Valuation With Time-Varying Cash Flows: A Bayesian Approach

This article investigates the valuation of a project when the distributions of cash flows vary over time. The decision maker is assumed to be a Bayesian decision maker under uncertainty. Using the dynamic programming principle of backward induction and assuming that the capital asset pricing model is valid in each time period, we derive the project's valuation formulas and systematic risks, and investigate their characteristics. Our valuation formulas embed a Bayesian learning effect and differ from the traditional textbook capital budgeting formulas.     

德尔菲法确定市场比较法调整系数的实证研究

文章分析目前市场比较法估价中区域因素调整系数确定方法的局限性,提出运用现代技术测定方法--德尔菲法确定区域因素和个别因素调整系数.结合具体房地产估价案例,实证研究了德尔菲法确定区域因素内容、不同因素的影响程度(权数),以及区域因素调整系数的基本过程,运用这一方法确定区域因素等房地产估价有关参数和调整系数的可行性和有效性.     

企业捐赠作用的综合解析

本文提出一个综合的理论解释框架,将捐赠作用划分为四类:合法保护——企业通过捐赠购买利益相关者的“伤害权,”提高组织的合法性,减少企业经营中的不确定性,维持企业正常运行;伤害保险——慈善捐赠将形成积极的道德资本,当企业经营活动伤害到利益相关者时,道德资本能降低受害者制裁/报复企业的强度,并减少企业关系资产的损失;间接增值——慈善捐赠可以通过改善企业与利益相关者的关系来间接提升企业绩效;直接增值——精心设计的战略性慈善捐赠可以改善企业经营环境,直接提升企业绩效。     

Investment decisions in troubled times: A Bayesian approach applied to Brazilian firms

This study analyses the investment decision of 497 Brazilian firms during a period of unstable macroeconomic conditions. The role of financial constraints is considered in a Bayesian econometric model. We estimate three different models, and the results indicate the presence of financial restrictions, especially for capital-intensive firms. The recursive predictive density criterion indicates that the most preferred model is the one in which firm-specific effects are correlated with cash-flow. Financial restrictions are more important for capital-intensive firms, probably due to their lower profitability indexes, higher fixed costs and higher degree of property diversification.     

Assessing the risks of service failures based on ripple effects: A Bayesian network approach

This study responds to the need for assessing risks of service failures by focusing on ripple effects. We propose a Bayesian network approach to assessing risks of service failures based on the depdendence relationships among individual service failures. To avoid conceptual misunderstanding and imprecise use in practice, the suggested approach is designed to be executed in three consecutive stages: modeling a Bayesian network; assessing the risks in terms of probabilities of service failures (PSFs) and impacts of service failures (ISFs); and developing a service failure assessment map. A case study of the outpatient consultation service is presented to show the feasibility of our method.     

国内外加油站相关数据对比与分析

通过对世界主要国家加油站单站服务车辆,单站销量以及加油站密度三个指标的对比分析,论证了目前中国加油站数量偏多以及今后将逐步减少的必然性,并指出在经营薄利化的发展趋势下,减少加油站数量的根本动力是市场力量。建议政府有关部门从完善法律法规入手,进一步慰问信玫条件和经营规范,明确加油站的审批,监管责任,制定加油站整体规划;建议石油,石化两大集团积极配合国家开展加油站专项整治,在逐步降低加油站的盈利空间的同时,进一步扩大连锁经营和物流配送,强化物流管理,充分发挥集团化,规模化的经营优势,经营好自有加油站,促使经营不善的社会加油站退出市场。     

CAXA电子图板的特点及功能分析

结合多年使用 CAXA电子图板的经验 ,重点对该软件的功能、特点进行了分析和总结 ,并与软件 Auto CAD的功能进行了比较     

浅析网络经济的特点和作用

在网络经济时代我们应该如何面对网络给我们带来的诸多的变化,如何看待网络对经济的积极作用。网络是社会进步的表现,网络的存在有其积极的和先进的一面,我们应该及时地把握其特点,全面了解和把握网络经济,才能够在网络经济的大潮中立于不败之地。     

Making Trade-Offs in the New Product Development Process: A German/US Comparison

Using a conjoint analysis experiment, Ashok Gupta, Klaus Brockhoff and Ursula Weisenfeld present how R&D, marketing, and manufacturing managers in Germany make trade-offs among three critical variables in the new product (NPD) process: development schedule, development costs, and product performance. The findings are compared with a similar study of US firms. This comparison underscores the basic problem: US managers do not emphasize product development speed to the same extent as do German managers.     

Globalization and Industrial Relations in East Asia: A Three-Country Comparison

Globalization enhances competitiveness, both at the level of the firm and at the level of the nation. As observed in China, Malaysia, and Korea, this leads management and the state to adopt strategies designed to increase labor effectiveness to the benefit of capital. However, the effect of globalization on industrial relations procedures and substantive outcomes is contingent. Pressure for greater flexibility in the use of labor is ubiquitous, but the outcome is constrained by cultural norms valuing hierarchy and security. State strategies vary by historical circumstance, resource endowments, and internal political dynamics, including the influence of trade unions. While Malaysian industrial relations is heavily constrained by the discipline of high exposure to international capital, in China and Korea, major struggles are shaping the future of workplace and national labor market governance. Thus the extent and impact of globalization vary between countries, resulting in similar preoccupations by policymakers yet leading to variable responses and industrial relations outcomes.     

Product Cue Usage in Two Asian Markets: A Cross-Cultural Comparison

In this paper, we report cross-cultural differences in the use of intrinsic and extrinsic product cues (physical quality, design, brand name and price) on consumers' evaluations and purchase intentions for an apparel product in Shanghai, China and Seoul, South Korea. There were some differences in Chinese and Korean consumers' use of these cues in assessing the quality, value and purchase intentions; however, differences were not extensive. Consumers in both countries relied heavily on price acceptability to determine the value of the product; however, it was used to a greater extent among Chinese consumers to determine value. Our findings revealed that design was another intrinsic product attribute that impacts product evaluations and purchase decisions for both Chinese and Korean consumers. However, design was a stronger predictor of purchase intentions among Korean consumers. Brand name was not a strong cue in product evaluations for consumers in either country, although it was a significant predictor of value perceptions among Chinese consumers.     

Measures of Marketing Success: A Comparison Between China and the United Kingdom

Despite the importance of assessing business performance, there is little research on the measures used to evaluate marketing effectiveness. This paper replicates in China some UK research into the relative importance of categories of marketing metrics, e.g., financial and non-financial, customer and competitive. The Chinese results are compared with those from the UK. In China, respondents saw financial metrics as less important than their UK counterparts and they appeared to be more marketing oriented, but the difference of consumer orientation across departments of firms in China appears larger than in UK. In both countries the importance given to metrics categories were consistent with orientation, while in China there is no relationship between consumer orientation and the important of direct customer metrics as in UK, but the relationship between competition orientation and the measurement of direct customers was found in China.     

中美两国产业结构发展状况比较分析

一国经济发展不仅表现国民生产总值的增加,还必定会伴随着产业结构的发展变化。本文以美国的产业结构作为对比参照系,将中国的产业结构体系与之进行比较分析。通过比较两国的产业结构发展状况,总结出中国第一产业比重持续下降,但是比重和结构偏离度仍然偏高;第二产业产值比重上升趋势缓慢,制造业处在价值链底端;第三产业比重偏小、内部结构发展不完善等问题。进而提出继续巩固农业基础地位,提高农村人口教育水平;加速第二产业调整,发展劳动密集型产业,加大科技研发的投资力度;坚持推进生产性服务业,完善第三产业内部结构等对策建议。以期为政府产业结构调整政策的制定提供依据与参考。     

Make or Buy: Offshoring of Services Functions in Manufacturing

Review of Industrial Organization - About 40% of employment in manufacturing is in services functions. This paper develops a measure of narrow outsourcing: the matching of services functions that...