Equilibrium Prices When the Sunspot Variable Is Continuous

We analyze sunspot-equilibrium prices in nonconvex economies with perfect markets and a continuous sunspot variable. Our primary result is that every sunspot equilibrium allocation can be supported by prices that, when adjusted for probabilities, are constant across states. This result extends to the case of a finite number of equally-probable states under a nonsatiation condition, but does not extend to general discrete state spaces. We use our primary result to establish the equivalence of the set of sunspot equilibrium allocations based on a continuous sunspot variable and the set of lottery equilibrium allocations. Journal of Economic Literature Classification Numbers: D51, D84, E32.     

When Success Isn’t Everything – Case Studies of Two Virtual Teams

Researchers have been attempting to identify the factors that contribute to virtual team success. Two virtual teams were studied over six-months using an interpretive approach and qualitative data collection techniques. The outcomes of these teams were outwardly very poor. Yet, team members considered themselves successful in relation to the circumstances in which they found themselves. The team members identified the factors they believed contributed to the outcomes and the rationale for why they were successful despite the outward appearances. The interpretive approach allowed for an exploration of the circumstances, and how these perspectives were derived. The cases indicate that working in distributed mode can be problematic if teamwork issues are not addressed, and a technological focus adopted.     

Professionals' supervisor–subordinate relationships,autonomy and commitment in Australia: a leader–member exchange theory perspective

This article used leader–member exchange theory as a lens for comparing the impact of the supervisor–subordinate relationship on two types of professionals' perceptions of autonomy, and in turn upon their affective commitment. The reason for examining autonomy is because a characteristic of being a professional is having autonomy; however, we argued that such perceptions are affected by the quality of the supervisor–subordinate relationship. The findings confirmed this argument, although the trend was stronger for engineers than for nurses. Using the ordinary least square procedure, the goodness of fit of the model identified that supervision and autonomy accounted for approximately a third of the variance for engineers' levels of affective commitment and a fifth of the variance for nurses. That is, the impact of supervision practices was stronger on autonomy and commitment for engineers than for nurses in Australia. Moreover, statistically, the two groups of professionals were similar in their perceptions of the quality of their supervisor–subordinate relationship as well as in their perceptions of autonomy, and the qualitative findings supported similar factors impacting upon their perceptions. The only significant difference between the two groups was in their levels of affective commitment. The implications of these results include the need for those managing professionals to consider ways of improving workplace supervisor–subordinate relationships because of the impact upon perceived autonomy as well as commitment to their organisation, and hence the retention of such professionals.     

Practitioners' forum perestroika and soviet biotechnology

This article summarizes the findings of a UK Department of Trade and Industry 'Overseas Science and Technology Expert Mission' on Biotechnology to the USSR, made over the period 15-24 September 1989. The mission visited some of the most important basic research institutes working in biotechnmology in the Moscow region, including the 'Biocity' of Poushchino, and Kiev in the Ukrainian SSR. These institutes ranged from primarily basic research to ones which had strong links with industrial production. We report on the scientific and technical level of some of the most advanced Soviet centres, such as the Shemyakin Institute of Bioorganic Chemistry, the most important and prominent biotechnology institute in the USSR. The peculiar problems which best Soviet research in the field are described in the context of perestroika, the current restruing of Soviet society.