Some properties of pseudo P-convex functions

In this note we study some properties of pseudo P-convex functions a class of generalized convex functions, recently introduced by Hackman and Passy, defined in product spaces of finite dimension. In particular we introduce some generalized monotone maps studying their relationships with the gradient of differentiable pseudo P-convex functions and a class of continuous P-connected functions that in a differentiable setting belongs to the class of pseudo P-convex functions.

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Sommario In questa nota si studiano alcune proprietà delle funzioni pseudo P-convesse, una classe di funzioni convesse generalizzate, recentemente introdotte da Hackman e Passy, definite nel prodotto cartesiano di spazi euclidei. In particolare si studiano alcune proprietà di monotonia del gradiente di funzioni pseudo P-convesse differenziabili e si evidenziano alcuni collegamenti con le funzioni P-connesse continue.

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This research is partially supported by the Italian Ministery of University and Scientific Research.     

The effectiveness of exchange-rate-based monetary policy: evidence from survey data

Singapore’s monetary policy is centred on the management of the exchange rate. We examine how macroeconomic forecasters perceive the effectiveness of this unconventional policy. We provide empirical evidence that forecasters’ expectations are consistent with a forward-looking exchange-rate-based Taylor-type policy rule. They expect monetary authorities to actively manage the currency against expected future changes in inflation and output.     

Organizing for Inbound Open Innovation: How External Consultants and a Dedicated R&D Unit Influence Product Innovation Performance

Firms increasingly acquire technological knowledge from external sources to improve their innovation performance. This strategic approach is known as inbound open innovation. The existing empirical evidence regarding the impact of inbound open innovation on performance, however, is ambiguous. The equivocal results are due to moderating factors that influence a firm's ability to acquire technological knowledge from external sources and to transform it into innovation outputs. This paper focuses on a relevant yet overlooked category of moderating factors: organization of research and development (R&D). It explores two organizational mechanisms: one informal and external‐oriented (involvement of external consultants in R&D activities) and one formalized and internal‐oriented (existence of a dedicated R&D unit), in the acquisition of technological knowledge through R&D outsourcing, a particular contractual form for inbound open innovation. Drawing on a capabilities perspective and using a longitudinal dataset of 841 Spanish manufacturing firms observed over the period 1999–2007, this paper provides a fine‐grained analysis of the moderating effects of the two organizational mechanisms. The involvement of external consultants in R&D activities strengthens the impact of inbound open innovation on innovation performance by increasing marginal benefits of acquiring external technological knowledge through R&D outsourcing. Moreover, it reduces the level of inbound open innovation to which the highest innovation performance corresponds. Instead, the existence of a dedicated R&D unit makes the firm less sensitive to changes in the level of inbound open innovation, by reducing marginal benefits of acquiring external technological knowledge through R&D outsourcing, and increases the level of inbound open innovation to which the highest innovation performance corresponds. The results regarding the role of informal and formalized R&D organizational mechanisms contribute to research on open innovation and absorptive capacity, and also inform managers as to what organizational mechanism is recommended to acquire external technological knowledge, depending on the objectives that the firm pursues.     

Modelling new pricing strategies for the Santiago Metro

After twenty years of operation the Santiago Metro decided to start a new strategy of price differences by period in order to decrease congestion in the morning peak and to postpone the acquisition of new equipment. In this paper we report the results of a model specifically designed to test the impact of different price levels on patronage by period. Stated preference (SP) data was collected, focusing on three aspects: change in time of travel, price differences and comfort improvements. A goods-leisure microeconomics framework was adopted to decide on users segmentation and model specification. Two methodological aspects were explored, the non-linear marginal valuation of time displacements and the different known ways to analyse SP rating experiments. In this quest, models were calibrated both with a standard and an optimal probabilistic interpretation of the semantic scale and with the ordinal probit and binary logit models. Comparisons were made and conclusions reached about the more appropriate approach.Finally, the current time-of-day pricing strategy of the Santiago Metro, which commenced operation in February 1994, was simulated using the best models reported in the paper. This was done in order to test their validity against an observed reality.     

The Role of Early Adopters in the Diffusion of New Products: Differences between Platform and Nonplatform Innovations

This paper takes a contingency view to investigate how the role of early adopters (EAs) in the diffusion process changes between platform and nonplatform innovations, what launch decisions firms take to leverage the role of EAs, and how these decisions change between platform and nonplatform innovations. Relying on an exploratory multiple case study of eight industrial product innovations launched in Italy in the 2000s, the paper suggests that the EAs of these innovations play two distinct roles in the diffusion process. The first role, called dissemination, sees EAs triggering and bolstering the propagation of information regarding their opinion about the value for money, properties, advantages, and disadvantages of the new product after they have bought and applied it in their operations. The second role, labeled imitation, consists of EAs inadvertently communicating to later buyers the fact that they have bought the new product, which propels imitative behavior and thus subsequent adoption. A key finding of the paper, which supports a contingency view of innovation diffusion, is that the dissemination role played by EAs has an impact on the adoption of platform innovations, whereas the imitation one is the mechanism through which EAs stimulate subsequent adoption in the case of nonplatform new products. Furthermore, the paper's results point to a constructive view of the process of launching an innovation, whereby firms target at launch different segments of EAs, whose identity is shaped depending on the platform versus nonplatform nature of the innovation and thus on the role they are expected to play in the diffusion process. Concerning managerial implications, this study provides a first tentative understanding of the launch decisions that product and marketing managers may use to target the most appropriate segments of EAs, to leverage their roles and ultimately to favor diffusion. As regards platform innovations, targeting decisions should be driven by the goal to improve the chances that EAs will be willing to disseminate their experience and opinion regarding the new product. As regards instead nonplatform innovations, firms should target EAs whose specific characteristics increase the likelihood of an imitative reaction by later buyers that fear to suffer a competitive disadvantage if they do not conform to EAs' behavior.     

Estimating asymptotic standard errors and inconsistencies of impact multipliers in nonlinear econometric models

This paper presents and discusses an analytic simulation procedure which can be used to estimate the asymptotic standard errors of impact multipliers in a structural, nonlinear econometric model. A stochastic simulation approach is used to obtain an approximate estimate of the inconsistencies of multipliers when computed from simulated results. A numerical example for the nonlinear Klein-Goldberger model is provided.     

On the stability of the Klein-I model

This paper presents a revision of the numerical results by Theil and Boot (1962) on the asymptotic standard errors of characteristic roots in the Klein-I model.