Decisions in the criminal justice process and signal detection theory: A note

Quality & Quantity -     

Hungary Shares in Capitalism

Hungary has long been to the fore in East European attempts to introduce elements of the market into communist economies. Peter Falush, a Hungarian economist now working in London, discusses the latest step towards capitalism, the guarded encouragement of a capital market.     

The Applicability of information-revealing incentive schemes in economic organizations

The applicability in centrally planned economies of bonus functions that are designed to encourage subordinates to report information honestly is evaluated. If central planners seek Pareto-efficient outcomes, a unique bonus function and therefore a unique distribution of managerial incomes results. Hence, income distribution considerations must be embodied directly in the objective function. However, once such a change in the objective function is introduced, an optimal bonus function can no longer be found.     

The restaurant — a place for quality control and product maintenance?

The development of an awareness of quality control and product maintenance within the restaurant business should be regarded as an important facet of, not only the product-mix, but also of the marketing-mix strategy. From the management's point of view the development of a standard quality product that is precisely costed and documented has financial, organisational and marketing implications; from the employees' point of view, it has participatory and productivity implications; but, most importantly, from the customer's point of view, the sustained attainment of his perception of quality expectations should result in greater customer satisfaction, fewer complaints and a higher level of repeat and recommended business.     

THE ECONOMICS OF INSURING CROPS AGAINST DROUGHT

The necessary conditions for the existence of a financially viable crop insurance scheme against drought are examined. A supply and demand model for crop insurance is developed which identifies the parameters that are critical to the efficiency of such a scheme. The values of these parameters are estimated by using data from the Australian wheat industry. It is found that crop insurance against drought would appear to be unattractive from an efficiency point of view.