Aspirationen in der Wirtschaftsanalyse

Ohne ZusammenfassungDiesem Artikel liegt ein im Rahmen der Wiener internationalen Hochschulkurse 1955 an der Universität Wien in englischer Sprache gehaltener Vortrag zugrunde. Ausführlicher sind die betreffenden Gedankengänge in meinem jüngsten Buch A General Theory of Economic Process, New York-Harper: 1955, dargestellt.Aus dem Englischen übersetzt von P. Meihsl, Wien     

An investigation of labor assignment rules in a dual-constrained job shop

One of the management decisions required to operate a dual-constrained job shop is the labor assignment rule. This study examines the effects of various labor assignment rules on the shop's performance. Eleven different labor assignment rules are simulated. A longest-queue rule and the traditional counterparts of the first-in-system, first-served, shortest operation time, job due date, critical ratio and shortest processing time dispatching rules are used to determine to which work center available workers should be transferred. Also tested are five new labor assignment rules that use an average of the priority values of all jobs in queue at a particular work center to determine whether that work center should receive the available worker.A SIMSCRIPT simulation program that models nine work centers provided the mechanism by which these rules were tested. Five dispatching rules, the counterparts of the five “traditional counterpart” labor assignment rules mentioned earlier, provided different shop environments. Also, the level of staffing of the work centers was altered to provide additional ship environments. Staffing levels of 50% and 67% were employed.The results show that none of the eleven labor assignment rules had a significant impact on shop performance. This is an important result because it implies that a manager can make the labor assignment decision based on other criteria such as ease or cost of application of the rules. These results were relatively insensitive to the shop environment, as represented by the dispatching rule and the staffing level.     

Class-action privileges and contingent legal fees: Investor and lawyer incentives to litigate and the effect on audit quality

The Cohen Commission recognized the importance of litigation incentives and recommended that research based upon an economic approach be conducted into the effects that litigation incentives can have on the auditing profession. By extending Simon (1981), an economic analysis of an auditing environment is presented wherein audit firms issue reports, representative investors make decisions based upon audit reports, and lawyers (as well as representative investors) play an active role in determining whether or not to initiate litigation against audit firms. The influence that alternative litigation privileges (i.e., class-action privileges with contingent legal fees and no class-action privileges with fixed legal fees) have on representative investor and lawyer incentives to litigate and on the equilibrium characteristics of this audit market are analyzed.     

The relation between alternative choices of monetary policy tool and information variable

This paper develops the intuition of the use of a monetary information variable more completely than has been done thus far. The analysis involves the possibility of some seemingly perverse policy reactions. A new diagram is presented which clarifies and substantially qualifies the nature of the equivalence between an interest rate policy, with the money supply as the information variable, and the reverse assignment of variables.     

SFAS 8 and information inductance: An experiment

Awareness of the potential economic consequences of accounting standards has increased in the accounting literature over the last several years. The effects on management behavior of accounting standards has been cited as one of the consequences. This paper reports the results of a controlled behavioral experiment which examined the effects on managerial actions of Statement of Financial Accounting Standards 8.An accounting variable and an organizational climate variable were manipulated as independent variables. The dependent variable involved a measure of tradeoff between cash flow consequences to the firm and bottom line (net income) effects to the firm. Results of the non-parametric tests performed indicate that managers will sacrifice cash flows in making decisions, if the bottom line effects are disadvantageous to their own position.     

A nash equilibrium model of campaign spending

Conclusion This paper has presented a Nash equilibrium model of campaign spending. The equilibrium is always stable and it possesses sensible comparative static properties. Spending in equilibrium depends on the scale parameter of the vote-share production function and on the intensities of preference for marginal vote share by the two candidates. Thus, campaigns which turn into spending wars are characterized by large values of both candidates' intensities of preference for vote share.     

Deficits,money and inflation: Comment

This paper re-examines the fiscal policy-money growth linkage analysed by Hamburger-Zwick (1981) in this Journal. Newly revised national income accounts data are employed. Unlike Hamburger-Zwick we do not find any strong evidence of a positive Federal budget deficit-money growth relationship over the period 1961–1974. When the estimation period is extended to 1976 and then to 1978, the results suggest no relationship between deficits and money growth.