New firm location: An equilibrium model and its disequilibrium dynamics

This paper is centered on two basic statements: i) the birth of new firms is spatially related to location factors endowment and ii) the set of location factors can support only up to a given number of firms.The paper firstly defines the regional ex-ante demand for firms as a function of location factors set. In the following step a definition of regional equilibrium stock of firms is given and a static equilibrium model of new firms birth is built up. In a dynamic disequilibrium model the net birth of firms is a function of two disequilibrium terms: a sectoral and a regional one.The sectoral disequilibrium depends on the industry production structure, the regional disequilibrium is linked to the adaptation elasticity of location factors set to an exogenous shock.Finally, a first estimation on Italian data is performed, on the basis of which some new lines of analysis are suggested.     

Design efficiency for non‐market valuation with choice modelling: how to measure it,what to report and why*

We review the basic principles for the evaluation of design efficiency in discrete choice modelling with a focus on efficiency of WTP estimates from the multinomial logit model. The discussion is developed under the realistic assumption that researchers can plausibly define a prior belief on the range of values for the utility coefficients. D‐, A‐, B‐, S‐ and C‐errors are compared as measures of design performance in applied studies and their rationale is discussed. An empirical example based on the generation and comparison of fifteen separate designs from a common set of assumptions illustrates the relevant considerations to the context of non‐market valuation, with particular emphasis placed on C‐efficiency. Conclusions are drawn for the practice of reporting in non‐market valuation and for future work on design research.     

INVENTORY ACCOUNTING AND PROFIT EVALUATION

In an inventory model with exogenous sales, FIFO and LIFO criteria are formalized and compared with national account estimates for intermediate and finished good products. The model is simulated by utilizing manufacturing input and output prices for Italy (1970–88). LIFO and national account estimates of inventory are usually close and also imply reliable measures of output level and changes which can be shown by solving the quantity model. Conversely, FIFO exhibits larger profits and leads in real terms to unsatisfactory estimates of output changes.     

Nuove classi di funzioni scalari concave generalizzate

In questo lavoro si introducono cinque nuove classi di funzioni concave generalizzate; di esse si studiano le proprietà e le interrelazioni con le classi più note in letteratura. Più precisamente, dopo aver evidenziato che le nuove classi sono distinte tra loro e da quelle già note in letteratura, se ne analizzano organicamente le differenze e si studia il loro comportamento dapprima in ipotesi di semicontinuità superiore e poi in ipotesi di continuità. Nel lavoro si dimostra inoltre il mantenimento di alcune proprietà strutturali come pure la conservazione delle principali proprietà relative all'ottimizzazione.

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Summary In this paper five new classes of generalized-concave functions are introduced and studied. In particular, it is firstly pointed out that the new classes are different from the known ones, then their relationships are stressed both in general and under hypothesis of upper semicontinuity and continuity.Also some properties about optimization and functions transformation are provided.

     

Examining the Usefulness of an Accounting Work‐readiness Program as Perceived by Employed Program Graduates

This study investigates the usefulness of an Australian accounting work‐readiness program as perceived by international accounting graduates. Using logistic regression, the study reports the results of a survey of 186 graduates who completed the program in the period 2010–2013 and are now employed in either accounting or non‐accounting roles. The results show that graduates who were employed in an accounting role perceived internships and critical thinking skills to be the most useful curriculum components of the work‐readiness program in obtaining their employment. The findings have implications for various stakeholders, in particular educators and professional bodies involved in the curriculum design of the work‐readiness program. The government also has an interest in the value of this program as they grant visas for international students to study in Australia and fill a skills shortage in the profession. The results also provide insights for other Western economies that attract large numbers of international graduates as skilled migrants.     

When Economics Faces the Economy: John Bates Clark and the 1914 Antitrust Legislation

The aim of this paper is to analyze John Bates Clark's influence in the passing of the Clayton and Federal Trade Commission Acts of 1914. It is argued that Clark was important to the passage of these acts in two ways. First, he exercised an indirect influence by discussing in academic journals and books problems concerning trusts, combinations, and the measures necessary to preserve the working of competitive markets. At least as importantly, Clark took an active role in the reform movement, both contributing to draft proposals for the amendment of existing antitrust legislation and providing help and advice during the Congressional debates that led to the passage of the FTC and Clayton Acts.     

Optimal safety stock levels of subassemblies and manufacturing components

In order to control the time to market and manufacturing costs, companies produce and purchase many parts and components before receiving customer orders. Consequently, demand forecasting is a critical decision process. Using modular product design and super bills of materials are two effective strategies for developing a reliable demand forecasting process. They reduce the probability of stockouts in diversified production contexts. Furthermore, managing and controlling safety stocks for pre-assembled modules provide an effective solution to the problem of minimizing the effects of forecast errors. This paper develops, evaluates, and applies innovative cost-based analytical models so that the optimal safety stock of modular subassemblies and components in assembly to order and manufacturing to order systems, respectively, can be rapidly quantified. The implementation of the proposed models in two industrial case applications demonstrates that they significantly reduce the safety stock inventory levels and the global logistical cost.     

Technology and the firm

The globalization of the economy is a process driven by the enterprise. As enterprises form networks of alliances they tend to create huge oligopolistic structures on a global scale. Although these global enterprises are not subject to national norms, it is evident that a new alliance is growing up between the enterprise and the state. In the context of fierce international competition, enterprises need the support of the state, which is able to ensure that its 'national champions' enjoy optimum conditions for development; in return, successful enterprises are the state's best guarantee of national independence. But through this alliance the enterprise has acquired a totally new legitimacy, approaching that formerly reserved for the state, while the state finds itself engaged in global economic competition, which lacks adequate regulatory procedures. There is also a growing disassociation between globalized economic power on one hand, and political power conjned within national borders, on the other. There is a need to formulate a new regulatory framework, in order to overcome a situation where actors representing particular interests impose their own rules on actors representing the public interest. Such a framework would encourage the emergence of a transnational civilian society able to mobilize itself in the face of global economic, technological and environmental problems.