A model of the effect of affect on economic decision making

The standard economic model of decision making assumes a decision maker’s current emotional state has no impact on his or her decisions. Yet there is a large psychological literature that shows that current emotional state, in particular mild positive affect, has a significant effect on decision making, problem solving, and behavior. This paper offers a way to incorporate this insight from psychology into economic modelling. Moreover, this paper shows that this simple insight can parsimoniously explain a wide variety of behaviors.

Towards more effective consumer market-place interventions — A model for the improvement of O.F.T. codes of practice

In the U.K., the Office of Fair Trading (O.F.T.) is required to encourage trade associations to prepare and disseminate codes of practice for the enhancement of trading practices. In this paper the authors put forward a model of prerequisites for O.F.T. Code effectiveness. The model is then used to investigate and develop insight into the effectiveness of codes already in existence and to explain the successes and failures of these market-place interventions. Finally, the potential impact of the proposed general duty to trade fairly is considered in the context of the model.

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Effektivere Interventionen auf Konsumgütermärkten — ein Modellansatz für die Verbesserung der Verhaltensrichtlinien der englischen Wettbewerbsbehörde

Zusammenfassung Die englische Wettbewerbsbehörde, das Office of Fair Trading, ist verpflichtet, bei den einzelnen Wirtschaftsverbänden auf die Erarbeitung und Verbreitung von Verhaltensrichtlinien zu drängen, die der Verbesserung von Handelspraktiken dienen.Die Authoren stellen ein Modell der Voraussetzungen für die Effektivität solcher Verhaltensrichtlinien vor, das in Figur 1 zusammengefaßt ist. Mit Hilfe dieses Modells werden die bereits bestehenden Verhaltensrichtlinien analysiert. Vor allem werden die Erfolge und Mißerfolge solcher Markteingriffe erklärt. Schließlich wird die potentielle Wirkung der vorgeschlagenen allgemeinen Pflicht zu lauterem Wettbewerb im Lichte dieses Modells diskutiert.

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William Richardson is acting subject leader and a member of the Business Policy team at Sheffield City Polytechnic. He was formerly Consumer Affairs Officer for South Yorkshire County Council. His address: The Gables, Royston Road, Cudworth, Barnsley S72 8TU, S. Yorks, U.K. David Morris is Dean of the Faculty of Business at Coventry Lanchester Polytechnic, Priory Street, Coventry CV1 5FB, U.K.     

Value creation and destruction in cross‐border acquisitions: an empirical analysis of foreign acquisitions of U.S. firms

We conduct an investigation of the sources of gains and losses in cross‐border acquisitions in light of different motives for undertaking these transactions: synergy‐seeking, managerialism and hubris. We find that the data are consistent with the expectation that multiple sources of value creation exist in synergistic cross‐border acquisitions: asset sharing, reverse internalization of valuable intangible assets, and financial diversification. Gains accrue to bidder firm shareholders only for the least fungible of these sources of gains, i.e., reverse internalization. For value‐destroying acquisitions that are expected to be driven by managerialism, we find that the data are consistent with only one of the sources of value destruction that we examine, i.e., risk reduction. In these acquisitions, the evidence also suggests that the relative size of the target to the bidder mitigates the negative effects of risk reduction. Our results underscore the importance of considering the implications of alternative behavioral assumptions in empirical strategy content research. Copyright © 2002 John Wiley & Sons, Ltd.     

"担心美中贸易遇新阻碍"

面临新的自由贸易时代,中国纺织服装业极为关注像杰西潘尼(J.C.Penney)这样的大型纺织品服装零售商在中国的采购行动和计划.本刊记者在该公司董事长兼首席执行官瓦尼萨·卡斯塔格娜(Vanessa Castagna)与中国纺织工业协会会长杜钰洲会见之际,就杰西潘尼经营状况、对中国纺织品服装供应商的看法,尤其是配额取消后中美纺织品贸易形势等进行了深入采访.     

Parallel sourcing and supplier performance in the Japanese automobile industry

Japanese auto makers are reported to enjoy high supplier performance through long-term relationships, specific investments, and sole sourcing. Quality management consultants in the U.S. have been strongly advocating adoption of these practices. But economic and management theorists would predict that the combination of a high level of relationship-specific investments and sole sourcing will lead to problems with supplier performance. In fact the Japanese auto makers use a hybrid form of organization we term parallel sourcing. We present a transaction costs model that shows how parallel sourcing provides incentives for supplier performance associated with multiple sourcing while preserving claimed benefits of sole sourcing.     

"坚持有所为,有所不为"专访天津防织工业大学校长张宏伟

<中国纺织>:天津工业大学在科学技术创新、重大科学技术成果转化和高新技术产业化中取得不少突破,促进纺织工业科技进步做出了贡献,并获得中国纺织工业协会科学技术贡献奖.请您谈一下天津工业大学目前的产学研结合的状况如何?