Game equilibrium modelling

Summary Non-cooperative game theory has in recent years become one of the main tools in the social sciences and economics. It deals with decision problems of more than one (rational) player. The actions of those players result in outcomes that are the best that may have happened to a player, given the actions of the other players. This is precisely the content of the 'Nash equilibrium' concept. It would be nice when each game had a unique Nash equilibrium. Unfortunately, both non-existence and multiple equilibria occur. An important role in game theory is played by the information available to the players. Among the economic applications are: the Theory of Industrial Organisation, Bargaining and the Economic Theory of Information.Comments by Eric van Damme and Casper de Vries on an earlier draft of this paper have greatly improved the presentation. I have benefited from the comments of the editor and an anonymous referee ofDe Economist. For all omissions, all possible errors and the revealed views in this paper, I alone am responsible.     

Human resource competencies: An empirical assessment

With data from 12,689 associates of human resource (HR) professionals in 1500 businesses in 109 firms, this research represents an extensive assessment of HR competencies. It extends current HR theory and practice in two ways. First, it proposes specific competencies HR professionals may demonstrate to add value to a business. Second, it offers an empirical assessment of how these competencies affect the performance of HR professionals as perceived by their Associates. The results indicate that when HR professionals demonstrate competencies in business knowledge, delivery of HR, and management of change, then HR professionals are perceived by their associates as more effective. © 1995 by John Wiley & Sons, Inc.     

Study of kite string injuries in Western India

A prospective analysis of 104 patients (outdoor and indoor) with manja (powdered glass coated kite string) injury from January 2011 to January 2015 was carried out at Civil Hospital Ahmedabad. All patients were analysed for mode and severity of injury, site of injury, associated injuries, activity being performed when injury occurred, the clinical diagnosis and treatment required. Analysis of collected data revealed that majority of the injuries occurred while driving or in pedestrians with the neck being the most commonly affected body part. Males were more commonly affected with most of the victims in the age group of 16–45 years. Injuries sustained while driving tended to be more severe. All injuries were recorded in the month of January. No deaths were reported, but potentially fatal injuries did occur. Most of the injuries were superficial and could be prevented or mitigated by either protective clothing or by use of protective devices on vehicles, which should be implemented to reduce the morbidity of such injuries in the future. There were no ethical issues or vested interests associated with the study.     

Unpacking the Goal Congruence–Organizational Deviance Relationship: The Roles of Work Engagement and Emotional Intelligence

Drawing from research on person–organization fit, work engagement, and emotional intelligence, this study investigates the mediating role of work engagement in the link between goal congruence and organizational deviance, as well as how this mediating effect might be moderated by emotional intelligence. Data captured from 272 employees of four IT companies show that the goal congruence between employees and their supervisor negatively affects the former’s organizational deviance, though this effect disappears when controlling for the intermediate role of work engagement. Further, emotional intelligence moderates both the positive relationship between goal congruence and work engagement and the negative relationship between work engagement and organizational deviance, such that these relationships become invigorated at higher levels of emotional intelligence. The findings also reveal that the indirect effect of goal congruence on organizational deviance through work engagement is more pronounced at higher levels of emotional intelligence, which offers evidence of moderated mediation. These findings have significant implications for research and practice.     

Grocers' window displays: The eclipse of a British tradition

By reference to period retailing narratives, this paper examines the changed significance of shop window displays for British grocers with the transition from counter‐based to self‐service from the late 1940s to the 1960s. The ‘well‐dressed’ window showing a selection of goods and price offers became an early casualty of changed retail practices. Opportunities presented by self‐service for comprehensive stock displays and in‐store promotion proved a decisive challenge to the art of the grocer's window display. These displays had been ubiquitous; large and small shops alike tried to impress passers‐by with examples of their stock range. Self‐service shops had different internal space requirements and soon it was more important that potential customers could see the well‐stocked aisles and activity within.     

纤维的供给与需求:涤纶和锦纶价值链的结构转变

石化产品高昂的价格推动化纤产业链结构转变 随着世界经济表现出明显的上升势头,经济学家们开始用一种悲观的态度密切关注全球原油的情况.与此同时,由于一系列情节原料标准和规定的出台,美国汽油的价格正承受着很大的压力,使得汽油和供应系统都受到了很大影响.但是,正如基础能源和汽油价格上涨一样,基本芳香族和化学原料价格也有所增长.涤纶和腈纶原料价格增长背后的玄机其实和所有市场化的商品一样--中国需求的增长和最近几年经济下滑阶段投资不足导致生产和物流对每一个细节的微小变化都十分敏感.这种状况看起来暂时不会缓解,当市场期待纤维价格出现缓和趋势的时候,生产应该遵从一定规划,否则毫无计划的储运损耗将继续造成不稳定的上升趋势,同时,纤维交易价格会继续削弱纤维和纺织领域的利润空间.     

European Agricultural Biotechnology Preferences and Policy: Growth and Trade Implications

European Union policies effectively prohibit the production and consumption of genetically modified agricultural products. This paper examines the prohibition's effects on research and development, innovation, trade flows, and economic growth using a Heckscher–Ohlin–Samuelson trade model with a neo‐ Schumpeterian approach. Restrictive European Union policies on biotechnology production and consumption result in: an effective export subsidy of capital to the South; changing trade flows; North America being the dominant producer of biotechnology research and development; the South being a dominant producer of biotechnology products; and the European Union being the dominant producer of traditional agricultural products.     

什么因素促使国际油价长期居高不下?

在未来5～10年里,世界大多数人不能够就近并尽其所能地购买和消费包括石油在内的大宗商品,所以牛市将会持续.维持国际油价长期居高不下的主要因素包括:1)世界经济发展形势良好;2)通货膨胀得到有效控制;3)美元大幅贬值;4)石油输出国组织控制石油供应量;5)原油库存减少;6)全球炼油能力无法满足需求;7)石油生产国和消费国对全球石油供需的预测值差异较大,供应无法满足需求.虽然石油价格很高,但需求仍在增长,整个供应链的产能仍然很紧张,石油和天然气在能源中的主导地位并没有面临很大的挑战,这可能就是问题的根本所在.     

Valuing Assets Using Real Options: An Application to Deregulated Electricity Markets

This paper provides a detailed case of the application of real options valuation techniques to value a contract for the use of a power generation facility. The authors' aim is not primarily to offer a valuation "recipe" for a specific type of asset, but to show how the real options framework can be actually made to work in a variety of situations.
The case illustrates how minor adaptations that take into account the ways in which actual settings differ from the assumptions of standard formulas like Black-Scholes can be used to increase the precision and realism of results. By introducing relatively simple changes to a standard options valuation model, the authors obtain results that are reasonably close to those reported for actual transactions involving similar types of assets. Despite the industry-specific context of the analysis, the applicability of the techniques discussed in the paper should extend beyond the energy industry to other contexts characterized by similar types of uncertainty and production process, particularly those associated with minerals and other commodities.