Technical efficiency of Kansas arable crop farms: a local maximum likelihood approach

This study uses local maximum likelihood (LML) methods recently proposed by Kumbhakar et al. (2007) to assess the technical efficiency of arable crop Kansas farms. LML techniques overcome the most relevant limitations associated to mainstream parametric stochastic and nonparametric frontier models. LML allows deriving farm‐level frontier parameter estimates. The relevance of using localized estimates is evidenced by the observed heterogeneity in production technologies. Technical efficiency scores derived from the LML approach [0.905] are higher than those of the DEA model under CRS [0.808] and SFA [0.804] and close to DEA‐VRS [0.917] ratings. Deriving reliable information about farm efficiency performance is relevant to identify inefficient farms and define adequate policy and management strategies. The use of refined methods has thus important implications.     

Beyond Achievement: Entrepreneurship as Extreme Experience

How do entrepreneurs experience entrepreneurship, and what are the implications? The cognitive and emotional experiences of the entrepreneur as he/she performs the tasks associated with venture creation and high growth have received limited attention from researchers. The entrepreneurial context can be characterized in terms of peaks and valleys, or periods of relatively high pressure, stress, uncertainty, and ambiguity and periods of relative stability and predictability. Three inter-related psychological variables are investigated to determine their applicability in an entrepreneurial context: peak performance, peak experience, and flow. Results are reported of a series of in-depth, structured interviews conducted with two samples of entrepreneurs. Both qualitative and quantitative evidence is provided of the relevance of all three variables to entrepreneurs, with the highest scores for each variable demonstrated by entrepreneurs in high growth ventures. A number of implications are drawn for ongoing research and entrepreneurial practice, most notably in the area of entrepreneurial motivation. The findings suggest that entrepreneurship be approached as a vehicle for optimal human experiencing.     

Resolving international contract disputes

An ounce of prevention is truly worth a pound of cure when the cure for a dispute between buyer and seller in the international arena is litigation in a foreign courtroom. Resolution may be time consuming and expensive, appeal impossible, and the outcome unpredictable.     

HETEROGENEITY,FRICTIONAL ASSIGNMENT,AND HOME-OWNERSHIP

We study the composition of the housing stock across ownership and rental markets in a dynamic model of frictional assignment. Houses are rented or sold to heterogeneous households that sort over quality. Due to matching frictions and an increasing ownership surplus, wealthy households tend to own and lower value housing tends to be rented, even without financial frictions or rental supply constraints. When calibrated to match key housing market features of the average U.S. city, the model is consistent with observed empirical relationships across cities. We study the model's implications for affordability, ownership, and the impact of progressive property taxation.     

Experimental errors in predictions of thermal hazards

Predictions of critical conditions for thermal runaways are generally based on heat balance models using experimentally generated heat and kinetic data. The accuracy of the predictions depends on the fit of the models and the quality of the thermal data. The relative importance of these factors to the calculated critical reaction conditions are discussed. Some additional procedures for evaluating and improving results are recommended.