On the hellwig method of feasible portfolio construction

The work feasible portfolio is built into the work, that is, the k-dimensional Q column vector with components q_i where q_i 0 for i=1,...,k and q₁+...+q_k=1. We define i=1,...,k in the following way:

A decent proposal

In this paper we explore the notion that players are decent in the sense that their choices are bounded by certain unwritten social rules. We apply this idea to problems of Bankruptcy and Implementation.JEL Classification: D78, D63The authors wish to express their gratitude for comments and suggestions to N. Baigent, S. Baliga, V. Bashkar, C. Beviá, S. Chattopadhayay, G. Charness, M. Maschler, C. Matutes, P. McAfee, I. Ortuño-Ortín, A. Rangel, J. Roemer, J. Schummer, T. Sjöström, W. Thomson, the participants in seminars in Hakone (Japan), Harvard, Queens University, Rochester, Studienzentrum at Gergenzee (Switzerland), two anonymous referees and an associate editor. The usual caveat applies. This research has been partially supported by grants BEC2002-02194, BEC2001-0535, and GV 01-371. This paper is dedicated to Bob Aumann, from whom we have learned so much.     

Stationary solution to the overlapping generations model of fiat money: Experimental evidence

Overlapping generations model of fiat money yields an infinity of competitive equilibrium solutions, only one of which is stationary. Economies reported in this paper involved a sequence of overlapping generations of three or four individuals; each individual lived for two periods. In their young age individuals were endowed with chips that could be traded for fiat money wish the individuals of the old generation. In their old age, individuals could exchange their units o flat money for the consumption good. Results of the experiments exhibit some support for the stationary solution. The results are robust to two designs of exchange institutions (double oral auctior and supply schedule auction) and to two different endogenous ways of converting money into chips at the end of the game (average price prevailing during the last period the game is actually played and the average price forecast made during the last period the game is actually played).A preliminary version of this paper was presented at the meeting of the Economic Science Association and at the Federal Reserve Bank of Minneapolis. The authors are grateful for comments received from various participants at both presentations. Financial support was provided by the McKnight Foundation, the Honeywell Foundation, National Science Foundation (SES 89-12552), and Richard. M. and Margaret Cyert Family Funds.     

Average Monotonic Cooperative Games

A subclass of monotonic transferable utility (T.U.) games is studied: average monotonic games. These games are totally balanced. We prove that the core coincides with both the bargaining set à la Davis and Maschler and the bargaining set à la Mas-Colell. To obtain this result a technique based on reduced games is used. Journal of Economic Literature Classification Number: C71     

Book reviews

Powering Apollo: James E. Webb of NASA W. Henry Lambright Baltimore, MD, The Johns Hopkins University Press, 1995, 271 pp, £30.00 (hbk), ISBN 0-8019-4902-0.

Managers and Innovation: Strategies for a Biotechnology John Howells London, Routledge, 1994, £40, ISBN 0-415-08590-X.

Mastering the Dynamics of Innovation James Utterback Boston, MA, Harvard University Press, 1994, $24.95, ISBN0-87584-342-5.

Leadership in Action Helmut Mauche McGraw Hill, 1994, £19.95, ISBN 0-07-041041-0.

International Business: Environments and Operationsf John D. Daniels &; Lee H. Readbaugh Addison-Wesley, 7th Edn, 1995, 788 pp, £25.95, ISBN 0-201-59293-2.

Intenational Business: A Strategic Managment Approach Alan M. Rugman &; Richard M. Hodgetts McGraw-Hill, 1995, 630 pp, £21.95, ISBN 0-07-113635-5.

International Business: Competing in the Global Marketplace Charles W.L. Hill Irwin, 1994, 615 pp, £ 26.95, ISBN 0-256-15682-4.     

Book reviews

Routledge Series in Analytical Management Series Editor: D.C. Wilson London and New York, Routledge.

Strategues fir Growth; Maturuity, Recovery and Internationalisation Peter McKiernan London and New York, Routledge, 1992, £35.00. (hbk), ISBN 0-415-07383-9.

Technology and Organisation: Power, Meaning and Design Harry Scarborough & F. Martin Corbett London and New York, Routledge, 1992, £35.000 (hbk), ISBN 0-415-07384-7.

A Strategy of Change; Concepts and Controversies in the Management of Change D. C. Wilson London and New York, Routledge, 1992, £10.99 (pbk), ISBN 0-415-09773-8.

Human Resource Strategies for International Growth Chris Hendry London and New York, Routledge, 1994, £35.00. (hbk), ISBN 0-415-09773-8.

What is Strategy and Does it Matter? Richard Whittington London and New York, Routledge, 1993, £35.00. (hbk), ISBN 0-415-07385-5.

Technological Collaboration in Industry Mark Dodgson London, Routledge, 1993, £40.00 (hbk), ISBN 0-415-08230-7.

Corporate Vision and Rapid Technological Change Peter Swann & Jas Gill London, Routledge, 1993, £37.50 (hbk), ISBN 0-415-09135-7.

Internal Merkets: Bringing the Power of Free Enterprise Inside your Organisation W.E. Halad, A. Germanmayeh and J. Pourdenhad (eds) New York, Wiley, 1993, 301 pp., US$ 34.95.

Strategic Management: A Methodological Approach, 4th edition A.J. Rowe, R.O. Mason, K.E. Dicker, R.B. Mann & R.J. Mocler New York, Addison-Wesley, 1994, ISBN 0-201-58638-X.

The Management of Scale (Big Organizations, Big Decisions, Big Mistakes) David Collingridge London, Routledge, 1992, £35.00 (hbk), £12.99 (pbk), ISBN 0-415-07856-3.

The Intelligent Enterprise James B. Quinn New York, Free Press, 1992, ISBN 0-02-925615-1.     

Book reviews

Powering Apollo: James E. Webb of NASA W. Henry Lambright Baltimore, MD, The Johns Hopkins University Press, 1995, 271 pp, £30.00 (hbk), ISBN 0-8019-4902-0.

Managers and Innovation: Strategies for a Biotechnology John Howells London, Routledge, 1994, £40, ISBN 0-415-08590-X.

Mastering the Dynamics of Innovation James Utterback Boston, MA, Harvard University Press, 1994, $24.95, ISBN0-87584-342-5.

Leadership in Action Helmut Mauche McGraw Hill, 1994, £19.95, ISBN 0-07-041041-0.

International Business: Environments and Operationsf John D. Daniels & Lee H. Readbaugh Addison-Wesley, 7th Edn, 1995, 788 pp, £25.95, ISBN 0-201-59293-2.

Intenational Business: A Strategic Managment Approach Alan M. Rugman & Richard M. Hodgetts McGraw-Hill, 1995, 630 pp, £21.95, ISBN 0-07-113635-5.

International Business: Competing in the Global Marketplace Charles W.L. Hill Irwin, 1994, 615 pp, £ 26.95, ISBN 0-256-15682-4.     

Education and its intergenerational transmission: country of origin-specific evidence for natives and immigrants from Switzerland

This study compares the intergenerational transmission of educational attainment across immigrant groups using the Swiss Census 2000. Determinants of educational outcome and educational mobility are examined. A child’s educational opportunity depends on its parental background. Not only the effect of parental human capital but also other determinants of child educational attainment vary depending on the child’s nationality. Overall educational upward mobility is more pronounced among second generation immigrants than among natives. Children of Turkish, Portuguese and former Yugoslavian origin appear to be most disadvantaged in the process of human capital formation.

News and notes

New Perspectives on Technology and Organization.

Innovative Banking: Competition and the Management of a New Networks Technology J. Howells &; J . Hines Eds) Ldon, Routledge, 1992, 252pp., £40.00 (hbk), ISB-V 0-415-05941-0. Technology and Organization: Power, Meaning and Design H. Scarborough &; J.M. Corbett London. Routledge. 1992, 178pp., ,£15.00, (pbk), ISBN 0-415-05941-0.

Beyond Partnership-Strategies for Innovation &; Lean Supply Richard Lamming Hemel Hempstead, Prentice-Hall International, 1993, ix + 299pp., £19.95 (hbk).

From Anticipation to Action: A handbook of Strategic Perspective Michel Godet.     

Predictors of glycemic control and diabetes-related costs among type 2 diabetes patients initiating therapy with liraglutide in the United States

Objective:

Liraglutide has been shown to significantly improve glycemic control and reduce body weight while minimizing the risk of hypoglycemia in adult patients with type 2 diabetes (T2D). This study aimed to identify characteristics that predict clinical and economic outcomes associated with liraglutide therapy in clinical practice in the US.

Methods:

Using the Truven Health MarketScan Laboratory Database, glycemic control (A1C <7%) and diabetes-related costs were evaluated in T2D patients initiating liraglutide between January 1, 2010 and June 30, 2012. Patients were required to have ≥1 post-index claim for liraglutide and A1C values at baseline and 6 months follow-up. All valid values of baseline A1C were included. Patients previously treated with GLP-1 receptor agonist(s) or insulin, or with evidence of type 1 diabetes, pregnancy, or gestational diabetes during the study period were excluded. Multivariable regression models were used to identify predictors of glycemic control and diabetes-related costs.

Results:

Of 417 patients newly treated with liraglutide, 54.0% achieved glycemic control (A1C <7%) during follow-up. Factors associated with increased odds of glycemic control during follow-up were: being female, POS/EPO health plan type, baseline A1C, early liraglutide initiation (0–1 prior oral anti diabetics [OADs] vs ≥2), adherence to liraglutide (defined as the proportion of days covered [PDC]), and diabetic retinopathy. Being female, earlier liraglutide initiation (0–1 prior OADs), and higher patient share of liraglutide costs were associated with significantly lower diabetes-related costs during follow-up. Factors associated with significantly higher post-index diabetes-related costs were: higher baseline A1C, baseline use of sulfonylureas, and diabetic retinopathy.

Conclusions:

Within this commercially-insured population of T2D patients treated with liraglutide, gender, baseline A1C, early liraglutide initiation (0–1 prior OADs), diabetic retinopathy, better adherence, and patient share of liraglutide costs were associated with increased odds of achieving glycemic control and the odds of having higher or lower diabetes-related costs.     

Book reviews

New Perspectives on Technology and Organization.

Innovative Banking: Competition and the Management of a New Networks Technology J. Howells & J . Hines Eds) Ldon, Routledge, 1992, 252pp., £40.00 (hbk), ISB-V 0-415-05941-0. Technology and Organization: Power, Meaning and Design H. Scarborough & J.M. Corbett London. Routledge. 1992, 178pp., ,£15.00, (pbk), ISBN 0-415-05941-0.

Beyond Partnership-Strategies for Innovation & Lean Supply Richard Lamming Hemel Hempstead, Prentice-Hall International, 1993, ix + 299pp., £19.95 (hbk).

From Anticipation to Action: A handbook of Strategic Perspective Michel Godet.     

II. RECENT BOOKS - LIVRES RÉCENTS - NEUERSCHEINUNGEN: PUBLIC ECONOMICS THÉORIE DE L'ÉCONOMIE PUBLIQUE ÖFFENTLICHE WIRTSCHAFT

Olivier T abatoni et Pierre A. M ichel , L'évaluation de l'entreprise , Presses Universitaires de France, Paris, 1979, 180 pages.
III. CURRENT PERIODICALS - ARTICLES DE REVUES - ZEITSCHRIFTENARTIKEL: LIST OF THE USED SHORTENINGS PUBLICATIONS MENTIONNÉES PAR UNE ABRÉVIATION LISTE DER ABGEKÜRZTEN ZEITSCHRIFTENTITEL     

Book reviews

Strategic Leaning in Action Tony Grundy London, McGraw-Hill, 1994, 218 pp. ISBN 0-07-707825-X.

The Knowledge-creating Company Ikujiro Nonaka & Hirotaka Takeuchi Oxford, Oxford University Press, 1995, 382pp, £24.95 (hbk), ISBV 0-19-509269-4.

The Challenge of the 21st Century: Managing Technology and Ourselves in a Shrinking World Harold A. Linstone with Ian I Mitroff Albay, Ny, State University of New York Press, 1994, 406 pp, $19.95 (hbk) ISBN0-7914-1949-5.

Practical Steps for Aligning Information Technology with Business Strategies: How to Achieve a Competitive Advantage Bernard H. Boar New York, John Wiley, 1995, 241 pp, ISBN 0-471-07637-6.

Strategic Innovation: An International Casebook on Strategic Management Charles Baden-Fuller & Martyn Pitt (Eds) London, Routledge, 1996, 461 pp, £16.95 (pbk), ISBN 0-451-12870-6.     

Changing monetary transmission mechanisms within the EU

The paper presents a comparative analysis of monetary transmission mechanisms and changes in them after the secondERM in March 1983. The empirical model investigates the determination of money, income, prices, and interest rates in Germany, Denmark, and Italy based on the cointegratedVAR model. It provides empirical results on the macroeconomic effects of joining theERM and financial deregulation.     

Non-addictive habits: optimal consumption-portfolio policies

We formulate a model of preferences with non-addictive habits, where consumption is required to be non-negative at all times, but can fall below a “standard of living” index that aggregates past consumption. We study the consumption-portfolio problem taking account of the non-negativity constraint on consumption, and provide a constructive proof for the existence of an optimal policy on a finite time-horizon [0,T]. We show that the consumption constraint binds up to an endogenous stopping time τ∗∈[0,T], after which it remains slack until T. A decomposition of constrained consumption involving an Asian average-strike capped call-option is demonstrated.     

Building blocks in the economics of mandates

The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers’ insurance, and may also redistribute in favour of more ‘deserving’ workers. The risk is that it may also reduce output. The more diverse are free market contracts—separating the various worker types—the more likely it is that such output effects will on balance serve to reduce welfare. It is shown that adverse effects can be reduced by restricting mandates to larger firms. An alternative to a mandate is direct government provision. We demonstrate that direct government provision has the advantage over mandates of preserving separations.

The optimal intertemporal decision on industrial production and harvesting a renewable natural resource

This paper grew out of a research project financially supported by the Deutsche Forschungsgemeinschaft (DFG) in its program Economics of Natural Resources. This support is gratefully acknowledged. I also thank H. Wacker for helpful discussions. I also thank two anonymous referees for valuable comments on an earlier draft.     

1978—2018年我国科技政策体系对新材料领域的政策资源投入研究

通过对1978-2018年间科技政策、科技中长期规划、科技计划的政策文本分析,理清了我国科技政策体系对新材料领域的政策资源投入。研究结论是:我国科技政策体系对新材料领域的政策资源投入越来越多,2001-2018年间我国对新材料领域的国拨经费总额为251.8亿元,并从科技规划和科技政策两个层面都得到我国科技界对新材料的重要性排序上升起始点为2004年,并在2013年达到了其第一个峰值年。政策建议是:基于我国科技政策体系对新材料领域的政策资源投入越来越多,新材料作为技术领域影响力日渐上升,是否有必要将其作为一个单独的技术领域,已需要开展进一步的研究。