On the appropriate objective function for post-disaster humanitarian logistics models

The paper argues that welfare economic principles must be incorporated in post-disaster humanitarian logistic models to ensure delivery strategies that lead to the greatest good for the greatest number of people. The paper's analyses suggest the use of social costs—the summation of logistic and deprivation costs—as the preferred objective function for post-disaster humanitarian logistic models. The paper defines deprivation cost as the economic valuation of the human suffering associated with a lack of access to a good or service. The use of deprivation costs is evaluated with a review of the philosophy and the economic literature to identify proper foundations for their estimation; a comparison of different proxy approaches to consider human suffering (e.g., minimization of penalties or weight factors, penalties for late deliveries, equity constraints, unmet demands) and their implications; and an analysis of the impacts of errors in estimation. In its final sections, the paper conducts numerical experiments to illustrate the comparative impacts of using the proxy approaches suggested in the literature, and concludes with a discussion of key findings.     

Finite-sample exact tests for linear regressions with bounded dependent variables

We introduce tests for finite-sample linear regressions with heteroskedastic errors. The tests are exact, i.e., they have guaranteed type I error probabilities when bounds are known on the range of the dependent variable, without any assumptions about the noise structure. We provide upper bounds on probability of type II errors, and apply the tests to empirical data.     

Which HRM practices enhance employee outcomes at work across the life-span?

Abstract

Based on the social exchange theory and on ageing and life-span theories, this paper aims to examine: (1) the relationships between perceived availability and use of HRM practices, and employee outcomes (i.e. work engagement and employability); and (2) how employee age moderates these relationships. Using a sample of Nmaximum = 1589 employees, correlational analyses and multiple hierarchical regression analyses were conducted. First, confirming our hypotheses, results showed predominantly positive relationships between work engagement and both perceived availability and use of development HRM practices, such as HRM practices related to learning, development, and incorporating new tasks. The study outcomes opposed, however, our hypotheses with predominantly negative relationships between work engagement and perceived availability and use of maintenance HRM practices. Predominantly positive relationships were furthermore found, as was hypothesized, between employability and perceived availability and use of development as well as maintenance HRM practices. Generally speaking, these results were not more pronounced for any of the age groups. That is, age appeared to not play any significant moderating role. Research limitations, implications for practice and directions for future work are also discussed.     

Fiscal,financial and monetary foundations for the formation of nation states in the west compared to imperial states in the east c.1415–c.1839

This speech introduces O’Brien’s research approach to the divergence debate and presents the fiscal capacities of the states as the key condition for ushering in modern economic growth in the pre-industrialization West. The concerns of pre-modern European states (1415–1839) were not with economic development, but with external security and internal stability of their kingdoms. Mercantilism prepared European states for capitalist industrialization. Historical evidence supports the hypothesis that effective command and control over sovereign revenues were what gave Britain and other European states the advantage over their oriental counterparts in providing public goods of external security and internal stability, which made the divergence in economic development inevitable.     

Shark bytes: message sensation value and emotional appeals in shark diving websites

Websites designed to promote risky activities provide a novel context for studying the role of emotional appeals and message sensation value (MSV) in risk messages in order to ultimately understand the type of messages that motivate people to engage in risk behaviors. Framed in theories of message design and emotion, this study investigates representations of threat, efficacy, and the extent to which risk messages appeal to a range of positive and negative emotions through the examination of 53 shark diving websites using content analysis and computer generated linguistic analysis. Results indicate that few websites provide explicit threat information (i.e. severity and susceptibility) but many do present implicit threats. Efficacy-related messages were present on all websites. Positive emotion was more common than negative emotion and there is little representation of the traditional components of MSV. Implications for theory development and communication about risk-seeking are addressed.     

General approximation schemes for option prices in stochastic volatility models

In this paper we develop a general method for deriving closed-form approximations of European option prices and equivalent implied volatilities in stochastic volatility models. Our method relies on perturbations of the model dynamics and we show how the expansion terms can be calculated using purely probabilistic methods. A flexible way of approximating the equivalent implied volatility from the basic price expansion is also introduced. As an application of our method we derive closed-form approximations for call prices and implied volatilities in the Heston [Rev. Financial Stud., 1993, 6, 327–343] model. The accuracy of these approximations is studied and compared with numerically obtained values.     

Balancing your technology‐sourcing portfolio: How sourcing mode diversity enhances innovative performance

With external innovation becoming more and more important, many firms struggle with the question of how to balance their technology‐sourcing portfolio. This study addresses this issue by looking at the effects of portfolio diversity on performance outcomes and the conditions under which diversity is most likely to materialize. Using a dataset of strategic investments by pharmaceutical firms, the results show that the variance in relative technological proximity between the focal firm and its partners exhibits an inverted U‐shaped relationship with innovative performance and that this relationship is affected by the diversity of the external sourcing modes used in the portfolio.     

Effects of reintegration activities on the Dutch labour market,regarding several levels of education

In the Netherlands during the early nineteen nineties social security administration offices and labour exchange offices decided to co-operate. Goal of this cooperation is to support the reintegration of unemployed people into the labour market and to shorten the individual spells of unemployment. As a result of the cooperation information is available about levels of education of the unemployed. This article primarely focuses on the effects of reintegration activities on the duration of unemployment for different levels of education. Results of the analysis are compared with the human capital theory. Also the question is discussed whether within the framework of the cooperation persons with a higher level of education have shorter spells of unemployment. Finally there is an analysis of the effects of activities undertaken by the unemployed themselves to find a job. People with a university degree have significant longer spells of unemployment. The reintegration activities of the social security administration offices shorten unemployment durations significantly for this group only. Activities undertaken by the unemployed themselves shorten the spells of unemployment for lower educated people (only primary education) and for persons with higher general secondary/secondary/intermediate vocational education as highest completed education.