The Use of Archimedean Copulas to Model Portfolio Allocations

A copula is a means of generating an n -variate distribution function from an arbitrary set of n univariate distributions. For the class of portfolio allocators that are risk averse, we use the copula approach to identify a large set of n -variate asset return distributions such that the relative magnitudes of portfolio shares can be ordered according to the reversed hazard rate ordering of the n underlying univariate distributions. We also establish conditions under which first- and second-degree dominating shifts in one of the n underlying univariate distributions increase allocation to that asset. Our findings exploit separability properties possessed by the Archimedean family of copulas.     

When is a Bribe a Bribe? Teaching a Workable Definition of Bribery

This paper presents an outline forteaching about bribery. The outline is based onthe presumption that a payment, once defined asa ``bribe' is by definition unethical. Inaddition, the paper develops a simple yetworkable definition of bribery based on theprincipal-agent framework. The idea is that anypayment made to a principal, for any purpose,is not by definition a bribe; however, anypayment made to an agent is a bribe if theagent retains the payment.     

Developing effective intercultural relationships: The importance of communication strategies

As global competition intensifies, it is becoming necessary for organizations to establish strong intercultural relationships with a culturally diverse set of employees, interorganizational partners as well as customers. In order to manage these relationships effectively, organizations need a means to understand and improve global intercultural communications. The complexity of intercultural communications requires management to understand the nature of domains of global relationships and the level of complexity when attempting to communicate with multiple partners having unique national and organizational cultures. In this article, a decision process for developing effective intercultural communication strategies is developed, illustrating the steps necessary for managing a myriad of intercultural relationships. © 2002 Wiley Periodicals, Inc.     

Assessing the needs of assisted reproductive technology users of an online bulletin board

Consumers who are infertile and decide to use assisted reproductive technologies undergo lengthy, expensive and potentially risky medical procedures in their quest for a pregnancy and a live birth. In this research we use a consumer model of decision making to analyse the process. We review information available to consumers and we assess use of an online bulletin board which gives consumers social support and medical information during the process. We conclude with the needs for consumer education and protection.     

Exploration of firms' strategic control mechanisms in Australia and the United States: Implications for global governance structures

How much ownership is enough to exert strategic control over partners in the global marketplace? Top management frequently will attempt to have strategic influence over partners when it comes to the strategic direction of the organization. The question becomes, “what gives one partner control over another, and where does that power come from in the relationship?” This research examines the issue of strategic control in organizations in Australia and the United States to determine how to control global relationships. The research found that: (1) ownership is positively related to the degree of strategic control; (2) directness of ownership is positively related to the degree of strategic control; (3) dispersion is negatively related to the degree of strategic control; (4) board membership is positively related to the degree of strategic control; and (5) strategic control between U.S. and Australian organizations/relationships is different. © 2010 Wiley Periodicals, Inc.     

Presidential Address How Does Economics Fit the Social World?

This paper considers the present state of applied economics and the difficulties of integrating its findings and insights with those of other social sciences. The philosophical basis of social science is re‐considered as a route to resolving these difficulties. Without a more integrated narrative about how our social systems work, applied economics, and all applied social sciences, run the substantial risk of being considered part of the world's problems, rather than offering serious routes to their solution. Some possible strands of a more coherent and integrated framework are outlined, which indicate some potentially fruitful avenues for further development. The paper concludes with illustrations of this outline for the food chain and land use agenda of the Research Councils' Rural Economy and Land Use (RELU) initiative     

Genetically Modified Crops and Product Differentiation: Trade and Welfare Effects in the Soybean Complex

A partial equilibrium four-region world trade model for the soybean complex is developed in which Roundup Ready (RR) products are weakly inferior substitutes to conventional ones, RR seeds are priced at a premium, and costly segregation is necessary to separate conventional and biotech products. Solution of the calibrated model illustrates how incomplete adoption of RR technology arises in equilibrium. The United States, Argentina, Brazil, and the Rest of the World (ROW) all gain from the introduction of RR soybeans, although some groups may lose. The impacts of RR production or import bans by the ROW or Brazil are analyzed. U.S. price support helps U.S. farmers, despite hurting the United States and has the potential to improve world efficiency.     

Towards internal cohesion? The role of local government in economic development under the EU Single Programme in Northern Ireland

This paper focuses on the extent to which EU funding available under the Local Economic Development Measure of the Northern Ireland Single Programme (1994-99) has encouraged local government in Northern Ireland to adopt a new role in local economic development. It also considers whether the implementation of the Measure has effectively addressed its objectives of economic and social cohesion. It discusses the rationale for district council involvement and concludes that the local government structure in Northern Ireland requires adaptation to optimise the impact of the aid on offer.