Portfolio Choice in the Presence of Non-Tradable Income: An Experimental Analysis

Abstract. This paper reports the results of an experiment on portfolio choice in the presence of non-tradable income. The non-tradable income part could either be riskless or risky (background risk). In many cases, we observe behavior that is qualitatively consistent with the predictions of normative theory. However, correlations between financial and non-tradable wealth are neglected. The computation of aggregated risk profiles helps subjects to partly overcome the deviations from normative theory due to neglect of correlations.     

An empirical investigation of interregional production relations and comparative advantage in US manufacturing, 1960–70

Hypothesized differences in mean changes in shares of European Community (EC) import markets over the period 1976-84 are tested for each of 36 less-developed countries. Means are calculated for cases in which MFN tariffs are re-established and for cases in which duty-free treatment is restored under the EC generalized system of preferences. They are compared with means for cases in which tariffs remained constant. We attempt to control for both product-specific and cyclical influences on imports. In contrast to some previous results, our findings suggest that denial (restoration) of preferential treatment, i.e. a tariff increase (decrease), has its expected negative (positive) effect.     

Domestic R&D and offshoring: does offshoring reduce knowledge production?

An important question in industrialized countries is whether offshoring activities reduce the probability of performing own research and development (R&D) or whether the R&D intensity falls in firms that already have R&D activities. This question is addressed using a unique data set that combines survey and register data. No evidence is found for a lower probability of own R&D after offshoring takes place compared to before. Moreover, offshoring does not lead to lower R&D intensity in general. However, firms that offshore R&D activity have larger R&D intensity after offshoring has taken place, which suggests that R&D performed at home is complementary to foreign R&D.     

Technology Management in a Mature Firm: Structuration Theory and the Innovation Process

Most innovation studies focus on the activities or characteristics of individuals (agency) or on organizational attributes such as size and formalization (structure). In attempting to reconcile this agency-structure dichotomy we draw on structuration theory to examine the innovation process in detail. Structural properties (signification, domination and legitimation) are constantly reproduced from social interaction (communication, power and sanctions) by means of the modalities (interpretative schemes, facilities and norms) drawn on by knowledgeable, reflexive actors. This framework is utilized to examine the case of a mature manufacturing company in which managers and engineers were attempting to access new technologies. The data were acquired by means of a 6-year, on-going study which began in 1992 and which we suggest is essential for a thorough understanding of the innovation process.