Multivariate multistage methodologies for simultaneous all pairwise comparisons

We consider the problem of constructing simultaneous fixed-width confidence intervals for all pairwise treatment differences μ₁−μ _J , in the presence ofk(≥2) independent populationsN _p (μ₁,Σ), 1≤i≠j≤k. Appropriate purely sequential, accelerated sequential and three-stage sampling strategies have been developed and variousfirst-order asymptotic properties are then derived when Σ _pxp is completely unknown, but positive definite (p.d.). In the two special cases when the largest component variance in Σ is a known multiple of one of the variances or Σ=σ² H where σ(>0) is unknown, butH _pxp is known and p.d., the original multistage sampling strategies are specialized. Under such special circumstances, associatedsecond-order characteristics are then developed. It is to be noted that our present formulation and the methodologies fill important voids in the context of multivariate multiple comparisons which is a challenging area that has not yet been fully explored. Moderate sample performances of the proposed techniques were very encouraging and detailed remarks on these were included in Mukhopadhyay and Aoshima (1997).     

Coexistence of large firms and less efficient small firms under price competition with free entry

This study constructs a game of technology selection and Bertrand-like price competition in a market with free entry. It demonstrates the existence of a Nash equilibrium in which a small number of firms adopting a large-scale technology coexist with, and charge a lower price than, a large number of firms adopting a small-scale technology. In this equilibrium, both available technologies and resources are allocated efficiently. This result provides a new economic rationale for antitrust law in general and, in particular, the US Sherman Act, wchich regards free entry and price competition as of foremost importance for maintaining market quality.     

A HEDONIC ANALYSIS OF LAND PRICES IN YAMANASHI PREFECTURE, JAPAN

This paper presents a hedonic analysis of residential land prices in Yamanashi Prefecture for the period 1985–1995. The main purpose is to divide Yamanashi Prefecture (including selected attached areas) into Tokyo-influenced and Kofu-influenced areas. This was accomplished by finding the minimum sum of squared residuals following two hedonic regressions. One regression uses access to Tokyo Station, the other access to Kofu Station. We find that the Tokyo-influenced area expanded during the period studied.     

On the equivalence of weak dominance and sequential best response

In this paper, we identify the conditions under which a strategy is weakly dominated if and only if it is not sequential best response. In addition, we explore the implication for extensive form rationalizability.     

On forward induction in money-burning games

Summary. We first consider money-burning games studied by Ben-Porath and Dekel [6]. We show that iterative weak dominance and extensive form rationalizability yield the same unique outcome in this class of games. This result suggests that weak dominance captures the forward induction logic implied by extenisve form rationalizability. Next, we consider an example of entry model by Arvan [1] to demonstrate the power of forward induction. In this example, despite the presence of multiple equilibria, forward induction chooses a unique outcome. Received: January 25, 2000; revised version: January 5, 2001     

Fertility,Intra‐Generational Redistribution,and Social Security Sustainability

Incorporating heterogeneity in preference to having children into an overlapping generations model of a small open economy, we examine the effects of changes in the size of pay‐as‐you‐go (PAYG) social security on fertility choices of individuals and population growth of the economy. It is shown that PAYG social security will raise population growth by increasing the number of individuals who have children and the number of children parents have if the system involves redistribution between retirees with different contributions, whereas, if it has no redistribution, PAYG social security does not affect the fertility decisions of individuals.     

On the comparison of alternative specifications for money demand: The case of extremely low interest rate regimes in Japan

Using Japanese money market data, this paper compares the predictive ability of the log–log specification with infinite elasticity at a zero interest rate and the semilog specification with a one time switch from moderate to relatively high semielasticity at annual interest rates less than 0.5%. We find that the latter specification dominates the former in terms of predictive ability for the extremely low interest rate regime (the period between 1999 and 2006) because under the former the semielasticity is excessively sensitive to slight changes in interest rates. We find that interest rate semielasticity has remained stable at a high level since the mid-1990s.     

Sales management: Learning and innovation in Japan

Abstract

The purpose of this study was to examine ways to promote learning, based on four empirical studies of salespeople and sales departments in Japan. First, analyses of survey data of 192 real estate salespeople indicated that customer- and goal achievement-oriented sales beliefs enhanced experiential learning at work. Second, analyses of data of 193 sales departments indicated that customer orientation in sales departments promotes innovation by facilitating task conflict and preventing process conflict. Third, analyses of survey research of 199 sales departments indicated that behavior-based and knowledge-based management control systems are effective at promoting learning and innovation. Finally, a case study of Nippon Boehringer Ingelheim (NBI) revealed several ways to facilitate learning using a behavior-based sales management control system. Theoretical implications for sales management systems were examined.     

INSUFFICIENT ENTRY OF EMPLOYEE‐CONTROLLED FIRMS IN A FREE‐ENTRY OLIGOPOLY

This study is a theoretical examination of whether employee‐controlled firms (ECFs) enter a free‐entry oligopolistic market excessively or insufficiently, from the viewpoint of welfare maximization. The excess entry theorem is well known in oligopoly theory. According to this theorem, a greater number of profit‐maximizing firms enter a free‐entry oligopolistic market than is optimal for welfare maximization. We demonstrate the possibility that insufficient entry arises when ECFs compete in a free‐entry market. In particular, we show that if both the demand and cost functions are convex, insufficient ECF entry necessarily occurs. Our results suggest that competition among firms seeking purposes other than profit might lead to insufficient entry because differences in competing firms’ objectives affect the intensity of market competition.