Approximate equilibria in microeconomic rational expectations models

For general equilibrium models in which prices transmit information among asymmetrically informed traders, strict rational expectations approximate equilibria are defined. A state-dependent price function is an ε-equilibrium if, when agents use their own information and that conveyed by prices, aggregate excess demand (in each state of the world) does not exceed ε. For any positive ε, existence requires only very mild assumptions—continuity and compact support. Moreover, there are revealing ε-equilibria for all smooth economies satisfying a dimensionality condition. In an open neighborhood of this case, existence of maximally revealing ε-equilibria holds.     

The comprehensive business exam: Usefulness for assessing instructional and student performance outcomes

The authors explore the results of the Comprehensive Business Exam (CBE) administered to business majors during their senior-year business capstone course. The study results identified students' SAT and grade point average as a predictor of CBE performance, and variables that explain the correlation between CBE performance, SAT score, and grade point average are discussed. This study expands the research stream by demonstrating how faculty can use CBE information to more deeply assess student learning at both the course and instructor level than is possible with the Major Field Test for Bachelor's Degree in Business.     

Implementing a Market Orientation in Small Manufacturing Firms: From Cognitive Model to Action

Using in-depth interviews of the CEO/Presidents of 21 small manufacturing firms, this research explored how leaders with a high market-oriented cognitive model have intentionally pursued the implementation of that model and how their activities differed from leaders with a low market-oriented cognitive model. Results indicated that leaders in high market-oriented organizations appeared to be working from cognitive models that reflected market-oriented values, and norms consistent with those suggested by Homburg and Pflesser. Additionally, results indicated strong consistencies across firms in the mechanisms used by leaders to implement their high market-oriented cognitive models and different but equally strong consistencies in the mechanisms used by leaders to implement their low market-oriented cognitive models. Structurally, high market-oriented leaders expressed less departmentalization than low market-oriented firms, used some form of internal customer/supplier networks, had very open communication systems, and established performance management systems designed to initiate and reward market-oriented behaviors among employees.     

A methodology for reducing technological risk

The purpose of the paper is to suggest a quantitative method for analyzing the innovation risk from both technological and an economic point of view as a contribution to the strategic evaluation and planning process. Specifically the method provides a predictive evaluation of the probability of the commercial success of technological breakthroughs.
The method is a quantification of the qualitative method originally developed by White and Graham. It consists of a stepwise process in which the benefits of a technology are classified under four major headings: inventive merit, embodiment merit, market merit, and operational merit. Within each heading, the target technology is evaluated by pairwise comparison with alternative technologies, using a Saaty-type procedure. The decision-maker can conduct a sensitivity analysis and the evaluation can be made collaborative by using a group of judges.
The methodology which is computerized is described in some detail. Its use is illustrated by applying it to an hypothetical project in the field of information retrieval in which CD-ROM is compared with three alternative technologies.     

A non-parametric approach to smoothing by aggregation over preferences

A distributional dispersion condition on C² monotone preferences, defined by unit normals to indifference surfaces, yields a C⁰ mean demand function when one integrates over such suitably diffuse consumers with convex preferences, regardless of the distribution of their initial endowments. For non-convex preferences, the dispersion condition implies that at any price vector, individual demands are finite sets for almost every agent. A stronger dispersion condition, involving both utility functions and unit normals, yields C⁰ mean demand functions with monotone non-convex preferences.     

Monte Carlo theoretical trials of methods for assessing statistical significance for differences between adjusted odds ratios

Odds are generally defined as the number of successes divided by the number of failures in a given number of trials. An odds ratio is the ratio of one odds divided by another. Odds ratios can be adjusted to reflect associations with the outcome independently of the influence of associations with other variables. These are adjusted odds ratios. There are several well known methods for comparing odds ratios and testing for statistically significant differences between them. Analogous methods for adjusted odds ratios are not well known or well documented. One method for comparing adjusted odds ratios is explained by Hosmer and Lemeshow (Applied logistic regression, 2000). This method is used for the odds ratios for two variables from the same data set. The purpose of this analysis was to apply this method to a different situation: comparing odds ratios for the same variable from two different data sets. Monte Carlo trials were used to assess the performance of the method and these indicated the method performed well.