Medical service reform: Rituals,hypothetical games and the social sciences

The purpose of this article is two-fold. It provides a framework for understanding what happened in the recently failed effort to reform the U.S. medical industry. The guiding theme is that politicians, the public at large and social scientists framed the discussion in largely ritualistic terms: “bureaucratic reformers” advocated a federally regulated national health system: “market reformers” advocated a free market health system. This framing of the debate doomed meaningful reform, whether or not the Clinton plan had passed. Second, with this discussion as backdrop, a closely related problem is examined:¹ why most social scientists failed to introduce more thoughtful, critical discussion into public debate. This part of the discussion draws on, though is not limited to, the author's experience of more than a decade with issues of health planning and policy,² in medical industry reform in Omaha and in Nebraska.     

Supervision and cost efficiency in banking

This paper suggests a link between bank operating efficiency and federal supervisor. Since supervisory priorities can vary by the context in which the supervisor was conceived, resulting differences in supervisory policies and procedures may underlay differences in the operating efficiency of their supervised banks. The effect on bank operating expenses is estimated at the individual bank level for each of four size strata using a translog cost function, controlling for bank characteristics and the impact of scale and scope economies. Results generally support a conclusion that bank operating cost differences exist by supervisor, except in the largest size stratum.The authors gratefully acknowledge helpful comments and suggestions from Seungmook Choi, Cary Collins, Curt Hunter, Bradford D. Jordan, Richard H. Pettway, John D. Stowe, Larry Wall, and Jim Wansley, and others at the University of Missouri and Northern Illinois University.     

Means matter, but variance matter too: Decomposing response latency influences on variance heterogeneity in stated preference experiments

Response time latencies have been shown to influence consumer’s choice behaviour in choice-based-conjoint studies. The literature has shown that response time latencies affect the mean outputs of parameter estimates derived from models of discrete choice. In this paper, we add further insight into the influences response time latencies have on such models by modelling latent response information associated with the variance of random parameter distributions through parameterisation of variance heterogeneity (or heteroskedasticity). We demonstrate that response time latencies influence not only the means of random parameter distributions, but also the variances, and that failure to account for both may result in incorrect model inferences being drawn.     

Entrepreneurial Narratives in Sustainable Venturing: Beyond People,Profit, and Planet

Sustainable venturing, the process of starting a new sustainable enterprise, has been studied extensively through the triple‐bottom‐line lens. The narratives employed by sustainable entrepreneurs, however, have proven to be more complex and diverse. In this paper, we set out to inductively explore the narratives underlying sustainable venturing. We conducted an interpretative analysis to elucidate how these entrepreneurs perceive, think about and give meaning to sustainability as they develop their ventures. Findings allow for an expansion of the role of narratives in business venturing toward a more sophisticated conceptualization grounded in how actual entrepreneurs experience and enact sustainability in the context of their ventures.     

Human resource development in remote island communities: an evaluation of tour‐guide training in Vanuatu

About 30% of visitors to Vanuatu visit the outer islands, where ecotourism has recently emerged as a small‐scale but significant activity. In the face of increasing competition from comparable Asia–Pacific destinations, there has been pressure on tourism operators and the Vanuatu Government to improve product quality through mechanisms such as the development of high‐quality tours. One way to enhance product quality is through the provision of appropriate professional training for tourism sector employees, including local tour guides. The paper outlines a tour‐guide training programme delivered on the outer islands, which received financial assistance from several foreign aid agencies. The programme is an instructive example of an attempt to implement a human resource strategy in a developing country arising from the recommendations of a national tourism masterplan that sought the active involvement of international funding agencies in the implementation phase. The paper evaluates the effectiveness of the training programme and outlines the challenges of programme delivery. Copyright © 2002 John Wiley & Sons, Ltd.     

Risk premia in the term structure of crude oil futures: long-run and short-run volatility components

Review of Quantitative Finance and Accounting - This paper studies how volatility affects the risk premium in crude oil futures through a discrete-time term structure model with long-run and...     

The impact of make-take fees on market efficiency

Review of Quantitative Finance and Accounting - Stock exchanges structure their trading fees to subsidize liquidity by offering “make” rebates for providing liquidity through limit...