Investigating the Not Invented Here (NIH) syndrome: A look at the performance, tenure, and communication patterns of 50 R & D Project Groups

The study, carried out in a large laboratory, shows that performance increases up to 1. 5 years tenure, stays steady for a time but by five years has declined noticeably. This tendency is best accounted for by the marked decline in communication rate among group members and between them and critical external sources of information. The authors analyse the significance of this finding and suggest means of maintaining the vitality of long-standing project teams.
The study, carried out in a large laboratory, shows that performance increases up to 1. 5 years tenure, stays steady for a time but by five years has declined noticeably. This tendency is best accounted for by the marked decline in communication rate among group members and between them and critical external sources of information. The authors analyse the significance of this finding and suggest means of maintaining the vitality of long-standing project teams.     

Money-supply turbulence and exchange-rate turbulence: Some empirical results

The purpose of this paper is to present the results of a simple empirical test of the hypothesis that volatile money supplies have led to volatile exchange rates. The results suggest that while there may exist a broad positive relation between money supply and exchange-rate volatility, it may not be discernible for small variations in turbulence.     

An Empirical Exploration of Decision-making Under Agency Controls and Stewardship Structure

abstract Two theories have emerged in the managerial control literature as to the best way for organizations to ensure that managers are acting in the firm's best interest: agency theory, which stresses controlling decision‐makers through monitoring and incentives aligned with organizational goals, and stewardship theory, which stresses that decision‐makers will act in the organization's best interest even in the absence of controls. Much of the research investigating the utility of these two positions is based on archival data where actual decision‐making can only be inferred. In this study, we utilize a laboratory methodology in order to determine if decision‐makers actually make different decisions when under the types of control (or lack thereof) suggested in these two theories. The results of this study show that individuals under agency controls invest more in alternatives that maximize profits of an organization than individuals under stewardship controls.     

Stochastic rationing by waiting list

In a stochastic queueing environment in which participants maximize expected utility, changes in queueing parameters have predictable impacts on waiting list size. For example, a decrease in mean service time cannot produce a decrease in waiting list size when arrival rate and mean service time are functionally independent.     

International adjustment and finance: Lessons of 1985–91

This is a review article of a conference volume on the effects of dollar depreciation in 1985 on the balances of payments of the U.S., Japan, and Germany. The body of the book consisted of in-depth country studies of changing patterns of foreign trade which asked whether the changes from 1986 to 1990 were consistent with the predictions of economists and the expectations of policymakers. On the basis of the evidence, Krugman concluded that exchange rates do promote adjustment and that the international mechanisms had worked about as well as could be expected from 1986 to 1990. This review article maintains a contrary conclusion; that the overvalued dollar from 1981 to 1985 severely injured the import-competing sector of U.S. manufacturing. As a result, the American external deficit widened for two years after depreciation, and stability was not restored to the external position by 1990 even though the dollar had been at the level of 1980 for about three years. This crippling of import-displacing manufacturing also helps to explain the unique character of the 1990–91 recession.     

An equilibrium model of a second economy market in a centrally planned economy

We study a CPE in which an identical good is sold on the official market (OM) and a “second economy” market (SEM ). Planners set parameters. Managers divide inputs between markets to maximize expected utility of wealth. Consumers are expected utility maximizers who purchase the good on the OM or SEM. On the OM, excess demand exists at the non-Walrasian price; delivery date is stochastic. The SEM offers immediate availability. Our solution concept involves the rational expectations of managers, the consistency of consumers' decisions, and a market-clearing SEM. We solve for SEM price and supply and investigate various comparative statics.