Implementation of the recursive core for partition function form games

In partition function form games, the recursive core (r-core) is implemented by a modified version of Perry and Reny’s [Perry, M., Reny, P., 1994. A non-cooperative view of coalition formation and the core. Econometrica 62, 795-817] non-cooperative game. Specifically, every stationary subgame perfect Nash equilibrium (SSPNE) outcome is an r-core outcome. With the additional assumption of total r-balancedness, every r-core outcome is an SSPNE outcome.     

On‐the‐job training: a skill match approach to the determinants of lifelong learning

A recurrent finding in on‐the‐job training research is the ‘training gap’ in formal training: the positive correlation between initial education and continuing training. This finding is here examined from the perspective of two important distinctions: (i) between employee skill supply and job skill demand and (ii) between formal and informal training. Less‐educated workers may hold jobs with low skill requirements demanding little further formal training because the use of high skills is irrelevant, jobs that moreover provide little informal training. Exploring these issues on representative Swedish survey data using the educational mismatch (overqualified, the rightly qualified and the underqualified) model, we find that job requirements are strongly correlated with the incidence of both formal and informal training. Rather than, as has previously been argued, employee training decisions being the cause of the gap, this suggests that employer decisions regarding how to structure jobs and whom to hire are the primary factors behind the training gap.     

An almost‐too‐late warning mechanism for currency crises1

We propose exploiting the term structure of relative interest rates to obtain estimates of changes in the timing of a currency crisis as perceived by market participants. Our indicator can be used to evaluate the relative probability of a crisis occurring in one week as compared to a crisis happening after one week but in less than a month. We give empirical evidence that the indicator performs well for two important currency crises in Eastern Europe: the crisis in the Czech Republic in 1997 and the Russian crisis in 1998.     

Project marketing in multi-project organizations: A comparison of IS/IT and engineering firms

An emerging trend suggests that a project marketing approach could, or should, be merged into project management. Consequently, an exploratory study has been made of the project marketing and management functions in four firms in two different industries and analyzed with a project marketing overlay. Contrasts were noted. The engineering firms actually described their marketing activity as a sales activity and the function tended to be differentiated from project management. The IS/IT firms, on the other hand, appeared to be particularly oriented toward establishing mutual understanding of customer needs and marketing was closely integrated with project management. Major differences are associated with the relative environments in which the firms work.     

Individual discount rates: a meta-analysis of experimental evidence

Experimental Economics - A key parameter estimated by lab and field experiments in economics is the individual discount rate—and the results vary widely. We examine the extent to which this...     

Extending the supply chain: Integrating operations and marketing in the online grocery industry

This study reports results from case studies of four Internet-ordering and home-delivery grocers and 2440 of their customers. Each grocer follows a different operations strategy as determined by choice of where to fulfill customer orders (from existing stores or from a dedicated DC) and by choice of delivery method (direct to the customer's home/office or indirect via customer pickup or third-party logistics provider). The survey data from customers are used to assess the degree of integration between marketing and operations and the relationship with customer behavioral intentions. The results indicate that eBusiness-, product-, and service-quality, all have a significant direct effect on customer behavioral intentions to purchase again. There is limited support for technology as a moderating factor. Finally, the relationships between the predictor variables and customer behavioral intentions differ across grocers. This supports the idea that grocers utilizing different operational strategies should focus attention on different facets of their business and provides insight as to where efforts should be directed.     

Is Grameen Lending Efficient? Repayment Incentives and Insurance in Village Economies

Many believe that a key innovation by the Grameen Bank is to encourage borrowers to help each other in hard times. To analyse this, we study a mechanism design problem where borrowers share information about each other, but their limited side contracting ability prevents them from writing complete insurance contracts. We derive a lending mechanism which efficiently induces mutual insurance. It is necessary for borrowers to submit reports about each other to achieve efficiency. Such cross-reporting increases the bargaining power of unsuccessful borrowers, and is robust to collusion against the bank.