Einzelbesprechungen

Ohne ZusammenfassungAus dem Russischen von Dr. Alexander Gerschenkron übersetzt.     

THE CORPORATE SELL-OFF DECISION OF DIVERSIFIED FIRMS

In this paper I explore the determinants of the corporate sell-off decision of diversified firms during the 1980s. The literature on sell-offs suggests performance, debt, number of operating segments, and level of ownership by officers and directors may play a role in the decision by firms to sell off assets. Empirical results show the probability of a sell-off is significantly negatively related to firm performance, significantly positively related to debt, significantly positively related to the number of business segments, and significantly negatively related to the level of officer and director ownership.     

ON THE UNIQUENESS OF LIMIT CYCLES IN BUSINESS CYCLE THEORY

Abstract. The paper investigates sufficient conditions for the uniqueness of limit cycles in standard business cycle theory. The application of the Levinson/Smith theorem to the generalized Liénard equation reveals that these sufficient yet not necessary conditions usually imply that the uniqueness of limit cycles in, e.g., the Kaldor-model or the Phillips-multiplier-acceteralor model cannot be established without additional restrictive assumptions.     

Will they buy it? The potential for marketing organic vegetables in the food vending sector to strengthen vegetable safety: A choice experiment study in three West African cities

Considering the hazardous use of synthetic pesticides in vegetable production in urban West Africa, this research investigated the marketing potential of organic vegetables in the food vending sector of Cotonou (Benin), Accra (Ghana) and Ouagadougou (Burkina Faso). Certified organic production and marketing was examined as a potential strategy to improve chemical food safety. A stratified random sampling strategy was applied to study the preferences of food vendors (n = 180) and consumers (n = 360); vegetable use, risk perception, choice preferences and willingness-to-pay (WTP) for organic certification were specifically analyzed. The results showed that awareness of chemical contamination risks was generally low. Appearance of a product was central to vendor choice; consumers attributed similar utility to taste and organic certification. Consumer WTP was calculated to be a premium of 1.04 USD (per plate) if the food served contained only certified organic vegetables. In restaurants, this would mean an average premium of 19% for a meal. If certified organic vegetable production is to make a positive impact on food safety in urban West Africa, we suggest concentrating marketing efforts on the educated “elite” who frequent restaurants. However, considering that restaurant owners exhibited a lower preference for organic certification than lower class food vendors, the marketing situation is difficult. We therefore conclude that demand from the food vending sector alone will not institutionalize domestic certification mechanisms; this underlines the need for public commitment to facilitating such change.     

A GATT for the mercantilists?

Since the end of the Tokyo Round six years ago, mercantilistic elements have affected an increasing proportion of world trade. Theorists and practicians alike consider that GATT, as the trade arm of the international economic order, is now in a lamentable condition and is looking increasingly like a “nonsystem”. Professor Detlef Lorenz analyses the problems of the official world trade order against the background of the new GATT round planned for 1986.     

Einzelbesprechungen

Ohne Zusammenfassung