Mergers, welfare, and concentration: Results from a model of stackelberg-cournot oligopoly

This paper explores the relationship between mergers, welfare, and concentration, using a two-stage oligopoly model that generalizes the Cournot and Stackelberg models. This model has been used to show that some profitable mergers raise welfare and that some welfare-lowering mergers are unprofitable. Based on this, one might conclude that policy designed to restrict mergers is unnecessary or even counterproductive. This present paper examines in greater detail the implications of this model and finds that a merger's effects depend not only on the reduction in the number of firms, but also on premerger and postmerger firm behavior. In fact, most mergers lower welfare, and many of these are profitable. Usually, but not always, changes in concentration and welfare are negatively related.     

Mind the gaps: a political economy of the multiple dimensions of China's rural–urban divide

China's impressive growth has been accompanied by high inequality and a wide rural–urban divide. This paper identifies and examines some of the major dimensions of this divide: income, consumption, education, employment, health care, pensions, access to public services, and the environment. The paper attributes the main causes of the divide to China's urban‐biased development strategies and the resulting lack of social provision of public goods in rural areas. It also highlights the severe and multidimensional constraints on the Chinese peasantry and argues that increased equality and efficiency can now be pursued simultaneously.     

The self-catering accommodation market: A review of electronic and other sources

This paper contributes to a better understanding the self-catering accommodation sector by considering its nature and scope within Scotland, the UK and the international context. It reviews the available literature search and also presents an exhaustive search of the Internet. The term “self catering accommodation” typically refers to cottages and holiday flats, but also may include larger premises as well as mobile units such as boats. Student accommodation comes into this category, as do serviced apartments for business use. Self-catered accommodation is widely used for activity holidays, and courses for outward-bound or country pursuits. The sector is considered in terms of economic impact, ownership, and mode of use, and an analysis of the market shows that it has grown and changed rapidly since the 1980s driven by changes in the economy and advances in technology. During the same period demand has increased due to demographic, economic and lifestyle changes, the predominant segments being older and middle-aged customers and young couples without children. The growth of short break holidays and a growing interest in country pursuits and activity holidays favour the self-catering sector.     

Supply‐side perspectives on ecotourism in Northern Thailand

This study provides a supply‐side perspective on ecotourism by exploring the ways in which travel agents and tour operators in Chiang Mai, Thailand conceptualise, prioritise and furnish ecotourism. Although travel agents and tour operators serve as crucial intermediaries between tourists and destinations, the ecotourism literature has largely ignored the ways in which retailers and suppliers of tourism experience approach and define ecotourism. Using quantitative data gathered from 300 travel agents and tour operators, this paper illustrates that the conceptualisation of ecotourism among agents and operators in Chiang Mai is expansive, flexible and, in some ways, internally contradictory. Copyright © 2010 John Wiley & Sons, Ltd.     

Navigating in the Midst of More Uncertainty and Risk

With the steady increase in the variety and scale of uncertainties and risks, the challenges for today's executives have become ever more complex and daunting. One powerful tool for navigating among different risks and uncertainties is scenario planning. From its early days of use within Shell, scenario planning has evolved in ways that make it better suited to the tasks of identifying, analyzing, and managing various financial risks across different industries. During the last ten years, Morgan Stanley has also been using scenario planning to gain a better understanding of key risks and uncertainties facing the financial services industry, ranging from the consequences of possible changes in the dollar to the emergence of hedge funds and the remarkable growth of China and India. In discussing the benefits of scenario planning, the authors note its potential to help management in a number of ways:

• ? By challenging conventional thinking and current assumptions about its industry and world;
• ? By identifying key signals or potential direction changes ahead of time, which is especially important when lead times to invest, hedge, or change assets are limiting factors;
• ? By identifying and assessing the value of strategic or “real” options—options to invest in new opportunities or limit downside risks that may suddenly open up or disappear, and that man‐ agement must be prepared to “exercise” quickly and decisively;
• ? By reinforcing the recognition that value added comes not just from better strategic thinking and planning, but from the role of risk management in helping companies take advantage of new opportunities;
• ? By encouraging more cross‐divisional and firm‐wide conversations about strategic choices and options, thereby creating a shared understanding of and greater consensus about chosen strategies; and
• ? By forcing them to go beyond the limits of typical three‐to‐five year forecasting limitations to think hard about longer‐term strategic choices.

     

社会硅谷:社会创新的发生与发展

社会创新是为满足社会需求而进行的创造性行动和服务。近年来,随着人口老龄化、环境污染、酗酒等社会问题的日益严重,社会创新已迫在眉睫。尽管社会创新时有发生,但较之于商业和科技创新,人们对这方面的研究却较少。本文紧紧围绕社会创新的概念、发展简史、动力和过程等展开讨论,并把组合各种资源和能量以推动社会创新的机构喻为“社会硅谷”。     

Wage discrimination and antidiscrimination policy in unionized industries

We consider industries where the equally skilled workers/members of firm-specific monopoly unions can be grouped according to different reservation wages. We show that, in absence of active antidiscrimination policy, discriminatory wage contracts across groups of employees may emerge, in equilibrium, under either oligopoly or a perfectly competitive product market. We subsequently propose that to combat wage discrimination a benevolent policy maker should under either market structure subsidize the employment of the low reservation wage group. The reason is that taxing wage discrimination, as an alternative antidiscrimination policy, always entails a welfare loss relative to the no policy/wage discrimination status quo.     

Reconstruction and visualisation of melt topology in veined microdioritic enclaves

A number of xenocrystic microdioritic enclaves within the Ross of Mull Granite contain narrow veins of monzonitic material that have formed through the selective partial fusion of granitic magma mechanically incorporated into the microdiorite magma. Field evidence suggests that, as melting of the granitic material ensued, a monzonitic melt formed and exfiltrated from the surrounding microdioritic matrix resulting in Saffman–Taylor instabilities and the development of viscous fingering phenomena. The monzonitic melt network is now preserved as monzonitic veins. Mechanical serial sectioning through a representative veined microdioritic enclave shows that: (a) the topology of the veins is complex but crudely polyhedral, (b) there is porosity (monzonitic melt fraction) variation throughout the length of the veined enclave and (c) that the monzonitic veins are interconnected in three dimensions. Using image analysis software, the total porosity of individual veined enclave sections has been estimated, along with the variation in porosity with depth. Three dimensional rendering and animation software has been used to reconstruct and visualise the monzonitic melt network using Apple QuickTime? software. The above method provides a cheap and powerful way of visualising remnant macroscopic transport properties (such as connectivity and melt topology) in partially molten igneous rocks.