A portmanteau experiment on the relevance of individual decision anomalies for households

Although households are responsible for many important decisions, they have rarely been the subject of economics experiments. We conduct a series of linked and incentivized experiments on decision-making, designed to see if the anomalies typically found in individual choice experiments are found when the subjects are couples from long-term relationships. Specifically we investigate the endowment effect, the compromise effect, asymmetric dominance and the ‘more is less’ phenomena. Comparing the results with two control groups (students and non-student individuals) we find broadly the same pattern of anomalies in individuals as we do in couples. Thus behavioural patterns that appear in individual choices appear relevant for decisions made by established couples.     

Growing a small firm; experiences and managing difficult processes

International Entrepreneurship and Management Journal - Contrary to a simple model of small firm growth where increased inputs produce greater outputs, we consider growth is a complex and difficult...     

Marketing in high-tech start-ups: Overcoming the liability of newness in Israel

For new companies in general, marketing is a critical issue. However, many high tech start ups face particular problems associated with marketing. They may have a product, rather than a customer focus; they may lack marketing experience and may even neglect marketing to focus on developing a better product. They also work in an ambiguous environment; a new, or yet to be established market, unclear application and often a need to internationalise rapidly. The purpose of this paper is thus to try to capture what experienced experts have found to work best in these difficult conditions. The study is based in Israel, but may have lessons for many other small countries. A multiple stage methodology, seeking expert views; analysing, consolidating and then refining them was adopted, based on the condensed wisdom of some 80 of the key players in new Israeli high tech firms. The paper shows how some aspects are vital for success, but also explores the roles played by the various aspects of marketing.     

Thousands of models,one story: Current account imbalances in the global economy

The global financial crisis has led to a revival of the empirical literature on current account imbalances. This paper contributes to that literature by investigating the importance of evaluating model and parameter uncertainty prior to reaching any firm conclusion. We explore three alternative econometric strategies: examining all models, selecting a few, and combining them all. Out of thousands (or indeed millions) of models a story emerges. The chance that current accounts were aligned with fundamentals prior to the financial crisis appears to be minimal.     

The taxman cometh: Some observations on the interrelationship between accounting and inland revenue practice

Foucault, Discipline and Punish: The Birth of the Prison, (1977a) portrays the operation of society as an exercise of disciplinary technologies. Adopting this position, the author seeks to explore the British Inland Revenue's use of techniques of registration, categorization and surveillance which have the effect of subjecting organizations and their accounting practice to a compulsory visibility. The application of this disciplinary technology is seen to influence, intentionally or otherwise, the adoption and development of particular forms of accounting practice in the organization under study. The accounting process is seen to be inextricably involved in the Revenue's powers and practices, both as the focus of the Revenue's interest and as a facilitative technology which renders the financial transactions visible to the Revenue's gaze.