Maximum efforts in contests with asymmetric valuations

Efforts may be reduced when players with different valuations participate in a contest. This paper considers the problem of designing a contest to elicit maximum aggregate effort from players with asymmetric valuations. Optimal designs for different classes of contest technologies are computed and characterized. A value weighted contest is optimal in the concave case. In the unconstrained case, the optimal contest is equivalent to a first price all-pay auction with a reserve price. The optimal design discounts the effort of the high valuation player in order to induce him to compete vigorously.     

A new family-community social structure

The purpose of this paper is to examine whether a new family-community social structure of accumulation (FSSA) has emerged in the Unites States to contribute to long-wave growth and development through the early decades of the 21st century. Institutions that promote system-functions or public goods are required for sustainable growth and development. Three dimensions of the potential FSSA institutions are examined in this paper, within the context of the systemic circuit of social capital: (a) stability within families, (b) trust and association in the community, and (c) the degree of relative equality. Overall, the findings are that a new FSSA does not currently operate in the US because the emerging family type is not promoting sufficient stability, trust has diminished to low levels, and structural inequality has continued to rise. These factors have negatively impacted long-term economic performance through several transmission mechanisms, which are analyzed in the paper.     

Stated Preferences, Real Behaviour and Anchoring: Some Empirical Evidence

We compare different contingent valuation question formats with each other and with observed behaviour for a non-monetary estimation task, the expected number of kilometers travelled by automobile. Open-ended questions, open-ended follow-up questions, dichotomous choice (DC) questions, and double-bound DC questions are included. The single and double-bound DC questions result in an estimated mean about twice as high as the actual value and the open-ended mean. The DC question overestimation seems to be due to an anchoring effect leading to yea-saying behaviour. Our results about the difference between DC questions and open-ended questions is consistent with the pattern observed in contingent valuations studies of the willingness to pay. Our results indicates that DC questions seem to be associated with a general overestimation problem that is present even for simple non-monetary estimation tasks.     

AGRICULTURAL POLICY AT THE CROSSROADS—AGAIN

American agriculture is suffering from severe structural adjustments and from its worst financial depression since landmark price and income policies were legislated more than half a century ago. As much as one-third of the $220 billion in agricultural debt is now delinquent, nonaccrual, or subject to renegotiation. Land values have fallen precipitously in the past few years. Farm foreclosures are near 1930 Depression levels. The congressional debate over programs that could determine the course of U.S. agriculture for the remainder of the century began in the summer of 1985.     

Exchange Rate Regimes and Foreign Direct Investment Flows to Developing Countries

Drawing on recent advances in exchange rate regime classifications, the paper examines empirically the effect of exchange rate regimes on foreign direct investment (FDI) flows to developing countries. Using system generalized methods of moments estimation on a panel of 70 developing countries for the period 1985–2004, we find that developing countries adopting de facto fixed or intermediate regimes significantly outperform those opting for a flexible exchange rate system in attracting FDI flows. No statistically significant differences in the FDI‐inducing properties of fixes, intermediates and floats are found using the International Monetary Fund official classification.     

The winner-loser anomaly: recent evidence from Greece

This article finds evidence of significant reversals in returns over the medium term in Greek stocks. In contrast with previous research, return reversals are more pronounced for past winners, suggesting that the market overreacts to a greater extent to good news. These contrarian returns are particularly elevated when portfolios are formed using quartiles and during tranquil and bull markets. The optimum contrarian strategy involves skipping the first 6 months of the holding period and implementing the contrarian strategy for a period of 18 months, as returns exhibit continuation followed by reversal. The profitability of the contrarian investment strategy is robust to adjustments for risk and seasonalities. It is the tranquil times and not the crisis/volatile times that generates a significant and profitable contrarian strategy. The recent credit crisis and resulting stock market falls, resulted in extreme movements in some Greek stocks and testing of the contrarian strategy problematic, especially when portfolios are decile ordered. Our findings also highlight the importance of survivorship bias and also suggest that contrarian strategies that just use market beta may be ill-equipped to take into consider extreme market movements, illiquidity and short-sales constraints.     

Factors influencing organizational participation in the Clinical Nurse Leader project

When the American Association of Colleges of Nursing introduced the Clinical Nurse Leader"s (CNL) pilot project in 2004, it was the first time in more than 40 years that an attempt was made to introduce a new role to the profession. This new role was designed to address many challenges related to patient care in the current health care delivery system including a need for more effective clinical problem solving, better coordination at the point of care, stronger interdisciplinary relationships, and more rapid implementation of evidenced-based practice findings at the patient-provider interface. Critics from both academic and practice settings have questioned the need and wisdom of introducing a new role to the profession at this time. The factors that led some nursing leaders in early stages of this project to be proactive and involve their organizations as early adopters of the CNL role were examined in this study. Five major factors were identified from the research to form a framework designed to explain organizational participation: organizational needs, a desire to improve patient care, an opportunity to redesign care delivery, the promotion of the professional development of nursing staff, and the potential to enhance physician-nurse relationships. The ability of academic and service partners to forge the types of relationships and promote best practices as is occurring in the CNL project may be a critical success factor in confronting the current and impending nursing shortage.     

Screening‐oriented recruitment messages: Antecedents and relationships with applicant pool quality

The ability of firms to attract qualified job applicants is a critical component of the human resource management process. However, while a large body of research has examined the relationship between firm recruitment practices and applicant pool attributes, very little research has investigated what factors are associated with organizational decision makers' utilization of specific recruitment tactics. We draw on labor economics, sociological, and agency theoretical perspectives to make predictions regarding the use of screening‐oriented recruitment messages in actual web‐based job advertisements. Results suggest that perceptions of labor supply, recruiting firm reputation, and the use of quality‐based compensation incentives are associated with use of screening‐oriented messages, which in turn are associated with applicant pool quality. These findings hold important theoretical insights into the factors shaping firm recruitment activity and provide practical strategic implications for managing firm recruitment objectives. © 2012 Wiley Periodicals, Inc.