Bluffing in labor negotiations: Legal and ethical issues

This paper presents an analysis of bluffing in labor negotiations from legal, economic, and ethical perspectives. It is argued that many forms of bluffing in labor negotiations are legal and economically advantageous, but that they typically constitute lying. Nevertheless it is argued that it is generally morally acceptable to bluff given a typical labor-management relationship where one's negotiating partner is familiar with and most likely employing bluffing tactics him/herself. We also consider whether it is an indictment of our present negotiating practices and our economic system as a whole that, given the harsh realities of the marketplace, bluffing is usually morally acceptable.     

Japanese sogo shosha and the U.S. export trading companies

Recent legislation in the U.S. concerning export trading companies has drawn attention to the Japanese general trading companies. While the intent of the ETC Act was not to replicate the sogo shosha model in the U.S., there are some parallels which we can identify. In this paper we examine the evolving forms of the sogo shosha and ETCs, and show how they compete directly in some areas of international trade. Although early performance results for U.S. ETCs are not encouraging, longer term results are expected to improve. To support this expectation, we identify current problems and offer recommendations for improvement. These recommendations are framed in the context of the U.S. business environment, and implications for public policy are assessed.     

Backlash Hits Business Ethics: Finding Effective Strategies for Communicating the Importance of Corporate Social Responsibility

Recently, several articles have asserted that corporate social responsibility programs have gone too far and need to be reigned in. These critics have charged that corporate social responsibility is to be regarded with skepticism and that any changes in corporate accountability should be superficial at best. I will examine a␣number of these objections; I conclude that these critiques are largely ill founded, but that their increasing frequency in popular media is a cause for concern. I argue that these purported objections are better understood as one part of a long-term cycle that generally accompanies positive moral change in institutions. Using the feminist movement as a touchstone, I examine the similarities between backlash against the movement for corporate accountability as compared to backlash against feminists. I␣also suggest ways in which successful strategies adopted by feminists could be used effectively to communicate the aims of those working to increase awareness of business accountability.     

Experimental analysis of choice

Experimental choice analysis continues to attract academic and applied attention. We review what is known about the design, conduct, analysis, and use of data from choice experiments, and indicate gaps in current knowledge that should be addressed in future research. Design strategies consistent with probabilistic models of choice process and the parallels between choice experiments and real markets are considered. Additionally, we address the issues of reliability and validity. Progress has been made in accounting for differences in reliability, but more research is needed to determine which experiments and response procedures will consistently produce more reliable data for various problems.Sawtooth SoftwareDecision Research     

Conflicts of interest

This paper has two distinct objectives. (1) I defend an analysis of the concept of a conflict of interest. On my analysis the concept of a conflict of interest is broader than is generally supposed. I argue that a very large class of cases not ordinarily regarded as conflicts of interest should be so regarded. Conflicts of interest are an integral feature of many professional relationships and do not (as is often supposed) require the existence of external financial or personal relationships. (2) I defend and explain the commonsense view that conflicts of interest areprima facie wrong and argue that in ordinary cases it is wrong, all things considered, to allow an avoidable conflict of interest to occur. I attempt to establish these claims on the basis of weak and relatively noncontroversial assumptions.Thomas L. Carson is Associate Professor of Philosophy at Loyola University Chicago. He is the author ofThe Status of Morality and numerous papers on ethical theory and business ethics.     

Alain Bertaud,Order Without Design: How markets shape cities. Cambridge,MA: MIT press, 2018. Xiv + 419 pages. USD 40.00 (cloth)

The Review of Austrian Economics -     

Contingent Valuation: Controversies and Evidence

Contingent valuation (CV) has become one of the most widely usednon-market valuation techniques. CV's prominence is due to itsflexibility and ability to estimate total value, includingpassive use value. Its use and the inclusion of passive use valuein benefit-cost analyses and environmental litigation are thesubject of a contentious debate. This paper discusses key areasof the debate over CV and the validity of passive use value. Weconclude that many of the alleged problems with CV can beresolved by careful study design and implementation. We furtherconclude that claims that empirical CV findings are theoreticallyinconsistent are not generally supported by the literature. Thedebate over CV, however, has clarified several key issues relatedto nonmarket valuation and can provide useful guidance both to CVpractitioners and the users of CV results.     

The Wealth Effects of Capital Investment Decisions: An Empirical Comparison of Korean Chaebol and Non‐Chaebol Firms

Abstract:   This paper investigates the capital investment decisions of Korean firms and their impact on shareholder wealth. Overall, we find positive abnormal returns surrounding the announcements of 697 cases of investment projects during the period 1992–1999. This paper also finds that the investment decisions of business group ( chaebol ‐affiliated) firms do not increase shareholder wealth, while the capital investment decisions of non‐ chaebol firms generate significantly positive abnormal returns. The multivariate tests provide consistent evidence that the announcement effects for chaebol firms are lower than for non‐ chaebol firms, after growth opportunities, investment size and firm size are controlled for. The findings support the view that the organizational structure of Korean chaebols creates an incentive for managers to make non‐value maximizing capital investment decisions.     

The pleasures,perils, and possibilities of undertaking international business research

Brian Toyne, Zaida L. Martínez, & Richard A. Menger (Eds.). 2001. International Business Scholarship: Mastering Intellectual, Institutional, and Research Challenges. Westport, CT: Quorum Books. ISBN: 1‐56720‐351‐5. Masaaki (Mike) Kotabe & Preet S. Aulakh (Eds.). 2002. Emerging Issues in International Business Research. Northampton, MA: Edward Elgar. ISBN: 1‐84064‐836‐8.