Multiple-objective methods in regulatory decision making: A conceptual framework applied to U.S. automobile safety standards

Public policy making is a complex matter. Policy makers are charged with balancing a broad spectrum of competing objectives, reflecting in varying degrees the interests and aspirations of a diverse range of constituencies and stakeholders. Policy decisions have differential impacts on differing constituencies and the contributions of these impacts to objectives are frequently uncertain, difficult to quantify, and hotly disputed. Formal methods of decision analysis have been advanced as aids for coping with complexity and have been applied to some public policy issues, most notably the management of water resources. While formal methods have the apparent benefit of rationalizing the policy process and improving the efficacy and equity of policy decisions, serious questions remain concerning the acceptability and ultimate usefulness of formal analyses in the public arena. In this article we examine these questions in the context of policy making relating to government regulation of automobile designs for safety. We consider what would be involved in attempting to use a relatively modern, multiple-objective approach in this context. The key questions are how and, more importantly, why multiple-objective methods might be used. The article begins with an illustrative case study, describes the current policymaking process, identifies the parties involved in and affected by this process, elicits key objectives, looks briefly at some scalar-objective approaches, and then outlines a multiple-objective approach. The framework developed arguably is useful in assisting policy making, at least at a qualitative level. Issues which impede a more quantitative resolution of this framework are discussed. This article is intended as a pilot study which may promote research toward the achievement of a useable multiple-objective procedure applicable in the public domain.     

Observations on The "Vanity of the Philosopher"

A bstract .   The purpose of this essay is to identify certain points at which the presentation in Vanity appears incomplete or in error, especially as regards the interpretations of Mill and Spencer. It is shown that, while the authors have stated their case well, certain mischaracterizations, misstatements, and omissions seem to allow an alternative overall interpretation. However, another look suggests that, despite these discrepancies, the given interpretation is quite valid.     

Alternative Demand for University Outreach Services from Georgia's Golf Industry

Recent technological advancements have influenced farmers' growing demand for private information suppliers, a service traditionally monopolized by public outreach programs of land grant educational institutions. This waning appeal for university extension services creates pressure for these institutions to explore other market segments to broaden their audience coverage. This study demonstrates a potential market niche in Georgia's golf industry for university outreach services. Binomial logistic regression results indicate that significant demand ( a ) is negatively influenced by golf facility size; ( b ) is directly related to the level of industry experience of the golf superintendents; and ( c ) could come from facilities that require assistance in growth-, pest-, and employment-related concerns.     

What Austrian Economics Can Teach Historians

Austrian economics is a valuable resource for historians. Scholars informed by Austrian insights can make better sense of historical phenomena, and can provide far better insight into economic history, than those who lack this background. It is impossible to understand events such as the Great Depression with the assistance of no theory at all, so it is essential that the historian adopt the correct one. Sound theory also prevents the historian from falling into a wide array of fallacies—about the stimulative effects of public works projects or the economic benefits of war, for instance—that have insinuated their way into so much scholarly and popular writing.     

"Proxy Power" and Corporate Democracy:

A bstract . Separation of corporate ownership from control has permitted the rise of a self perpetuating managerial elite , which operates businesses in its own self interest. The attempt of the corporate democracy and corporate responsibility movements to curb unbridled management power through stockholder proxy proposals has been highly publicized. Analysis of stockholder initiated resolutions contained in the proxy statements of 626 corporations indicates that relatively few companies receive even one resolution, that proposers are usually small shareholders operating independently or in loose coalitions with limited resources and divergent interests, that managements use massive resources to oppose virtually all proposals and defeat most overwhelmingly, and that the handful of management concessions to stockholder activists is actually cosmetic mollification. We conclude the proxy power is structurally weak and is not a realistic agent of corporate change, in that management structure and policy-making power remain intact.