Relationships in business markets: Exchange episodes,value creation,and their empirical assessment

Conclusion David Wilson (1995) has provided us with much grist for thought with his integrated framework for customer-supplier relationship development. In focusing on which constructs are “active” and therefore most meaningful at each stage, he has opened a new vista for research in this area. Our models and empirical research ought to reflect this, but to date they largely have not. I have suggested qualitative, longitudinal research as a preferred next step in gaining the knowledge that we will need to make field-survey, longitudinal research worthwhile. Wilson also is to be lauded for drawing greater attention to value creation as a central undertaking in customer-supplier relationships. Understanding and actualizing value creation (and value sharing) are critical aspects of the market-sensing and customer-linking capabilities in market-driven organizations (Day 1994), yet the mechanisms underlying them and the methodologies for accurately assessing them remain largely unknown. Here, particularly for tool development research, it would seem to be an opportune time for business marketing academics and practitioners to form their own collaborative relationships for mutual gain. His research interests are in working relationships between firms in business markets and measurement techniques. His articles have appeared inHarvard Business Review, Journal of Marketing, Journal of Marketing Research, Management Science, Psychological Bulletin, andPsychometrika, among others. He has been vice president of the Business Marketing Division of the American Marketing Association and is a fellow of the American Psychological Association.     

Substance abuse coverage provided by employer medical plans

In summary, substance abuse is a serious problem in America. In fact, a Gallup poll ranked drug use as the Nation's number one problem. As a rapidly accelerating component of health care costs, charges for alcohol and drug abuse treatment are helping to drive up medical care expenses. The substance abuse crisis is also affecting employers, both public and private, who are struggling to provide needed health benefits while controlling spiraling plan costs. Despite the upward pressure on health costs, the problem is so serious that there has been a steady increase in the incidence of coverage for substance abuse treatment in employer-provided medical care plans, to the point that virtually all plans now provide some benefits. Nevertheless, health plans typically cover substance abuse treatment on a more restrictive basis than other illnesses. This may change, however, as the interest in, and the need for, comprehensive substance abuse treatment benefits grows.     

Team up to meet child-care needs

Recognizing the importance of child care is not the same as providing it. The options for many employees are limited, but some employers are trying to assist employees with their child-care needs. One option that benefits many small to medium-sized companies is a child-care consortium.     

On the theory of macroeconomic policy

Summary Jan Tinbergen originated the theory of policy in the 1950s. Here I apply it to contemporary macroeconomics. The two standard instruments of short-run demand management cannot achieve the two usual targets, full employment and price stability. With respect to those goals, these two instruments are collinear, except for small and transient effects on foreign exchange rates. But the mix of fiscal and monetary policies, relative to one another, does have important effects on the composition of national output, as between investment and consumption.I point out that policy-makers, like portfolio managers, should diversify the instruments they use when they are uncertain of their effects. I discuss some pitfalls in the empirical estimation of policy effects, especially possible misinterpretations of simple correlations, and I note that policy rules cannot be invariant to changes in macroeconomic structure. I argue that policy rules should involve responses to new information and in practice allow discretion. Finally, I suggest that Tinbergen's theory of policy needs to be extended to policy coordination among nations.Third Tinbergen Lecture delivered on October 20, 1989, in Utrecht for the Royal Netherlands Economic Association.