Are generalized call-spreads efficient?

In order to explain coexistence of a deductible for low values of the loss and an upper limit for high values of the loss in insurance contracts, we consider the exchange of risk between two rank dependent expected utility maximizers. It is shown that if the insurer (insured) takes more into account the lowest outcomes – hence maximal losses – than the insured (insurer), then the optimal contract has an upper limit (includes a deductible for high values of the loss). If furthermore, the insured (insurer) neglects the highest outcomes while the insurer (insured) does not, the optimal contract includes a deductible (full insurance) for low values of the loss.     

Ein verallgemeinerter Geburten- und Todesprozeß zur Erklärung der Entwicklung des deutschen Volkseinkommens, 1851–1939

Ohne Zusammenfassung     

The occurrence of outliers in the explanatory variable considered in an errors-in-variables framework

Summary The problem of estimating the slope of a linear relationship between two jointly normally distributed random variables is considered when outliers may occur in the explanatory variable. It will be studied as a special case of an errors-in-variables problem where the explanatory variable is measured which a nonnormally distributed error. In this more general model and under certain conditions a consistent estimator can be given with a normal limiting distribution. Applications to cases of outliers in the explanatory variable will be presented.     

Unlocking the potential of advanced manufacturing technologies

This research examines whether investments in advanced manufacturing technologies (AMTs) such as flexible manufacturing systems (FMS), computer aided design (CAD), computer aided manufacturing (CAM), robotics, etc., are more likely to lead to improved performance if they are supported by improvements in the manufacturing infrastructure of the company. This question is evaluated using data gathered from 202 manufacturing plants chosen from industries generally considered to have relatively high investments in technology.Multiple item scales are developed and adapted from sources in the literature to measure investments in technology, infrastructure, and the performance of the plant. Evidence supporting the reliability and validity of these scales is provided. Hierarchical regression is used to analyze the relationship between technology, infrastructure, and performance. The results suggest that there is an important interaction between the adoption of advanced manufacturing technologies and investments in infrastructure. Firms that invest in both AMTs and infrastructure perform better than firms which only invest in one or the other. Separate analyses on sub-samples of firms with the highest and lowest investments in AMTs show that infrastructural investments have a stronger relationship with performance in the high investment group. Thus, the data indicate that infrastructural investments provide a key to unlocking the potential of advanced manufacturing technologies.     

The Impact of Non-Normality and Estimation Methods in SEM on Satisfaction Research in Marketing

This paper discusses consequences of violating the normal distribution assumption imbedded in Structural Equation Modeling (SEM). Based on real data from a large sample customer satisfaction survey we follow the procedures as suggested in leading textbooks. We document consequences of this practice and discuss its impact on decision making in marketing.     

A model of the Dutch labour market (AMO-K)

Summary So far, the labour market has not received any special attention from macro-econometric model builders. In this article an attempt has been made to describe the labour market in detail, paying attention to such important phenomena as the friction between labour supply and demand, the heterogeneity of labour, the dependence of labour supply on the labour-market situation, the Phillips mechanism and the impact of real wages on labour demand. To make it suitable for policy simulations, the model has been extended to a complete macro-econometric model, taking account of the fact that both labour and capital limit the production possibilities.This paper summarises an extensive Dutch report on the construction of a model for the Netherlands labour market. The title of the original report is AMO-K: Een arbeidsmarktmodel met twee categorieën arbeid; (AMO-K, A labour-market model with two categories of labour) ; it was published by the Netherlands Economic Institute (NEI) in Rotterdam in the so-called Olive Series, 1982-2, pp. 403ff. Some details of the model presented in that report were changed after its publication; see G. den Broeder, AMO-K 81-12, Tussenrapport betreffende de verdere ontwikkeling van het arbeidsmarktmodel (Interim report on the further development of the labourmarket model), Rotterdam, September 1983. Since then, only minor changes have been carried through. The model reproduced in this paper is the modified version. The model was developed within the National Programme of Labour-Market Research (NPAO) (now defunct), the NPAO organisation having granted a commission to the NEI in Rotterdam.     

An empirical test of trust-building processes and outcomes in sales manager-salesperson relationships

This study examines three trust-building processes and outcomes in sales manager-salesperson relationships. This study, based on a sample of more than 400 business-to-business salespeoples from a variety of industries, shows two trust-building processes (predictive and identification) to be significantly related to salesperson trust in the sales manager. Interpersonal trust was found to be most strongly related to shared values and respect. Trust was directly related to job satisfaction and relationalism, and indirectly related to organizational commitment and turnover intention. Thomas G. Brashear (brashear@mktg.umass.edu) (Ph.D., Georgia State University) is an assistant professor of marketing in the Isenberg School of Management at the University of Massachusetts-Amherst. James S. Boles (jboles@gsu.edu) (Ph.D., Louisiana State University) is an associate professor of marketing in the Robinson College of Business at Georgia State University. His research has appeared in a variety of journals, including theJournal of Marketing, theJournal of Business Research, theJournal of the Academy of Marketing Science, theJournal of Retailing, theJournal of Personal Selling and Sales Management, and theJournal of Applied Psychology. His areas of research interest include personal selling, sales management, key and strategic account management, and business relationships. Danny N. Bellenger (mktdnb@langate.gsu.edu) (Ph.D., University of Alabama) is currently chairman of the Marketing Department in the Robinson College of Business at Georgia State University. His research has appeared in a number of academic journals including theJournal of Marketing Research, theJournal of Marketing, theJournal of Advertising Research, theCalifornia Management Review, theJournal of Retailing, theJournal of Personal Selling and Sales Management, Industrial Marketing Management, and theJournal of Business Research. He has authored four monographs and four textbooks on marketing research, sales, and retailing. Charles M. Brooks (brooks@quinnipiac.edu) (Ph.D., Georgia State University) is an associate professor and chair of the Department of Marketing and Advertising at Quinnipiac University. His research has appeared in theJournal of Business Research, theJournal of Retailing, Marketing Theory, and theJournal of Marketing Theory and Practice.     

Markov-Chain Analysis of Internal Manpower Supply

The separation of manpower forecasting into a demand forecast and a supply forecast emphasizes that each depends on quite different sources of information. The demand forecast is based primarily on an estimate of sales, which is then transformed into the number and type of personnel needed to produce and sell the company's products. The information for forecasting internal supply can often be treated as if it were independent of the external environment and is often available within the firm. If a matrix representing the probability of transition from one job classification to another can be prepared for the relevant classifications, Markov-chain theory can be used to generate a forecast of internal manpower supply.