A Comparison of Multiple‐Unit All‐Pay and Winner‐Pay Auctions Under Incomplete Information*

This article examines the properties of independent‐private‐value all‐pay and winner‐pay auctions when there are multiple units sold. We study bidding behavior, efficiency, and revenue in a set of 23 experimental sessions. Our data show that the all‐pay auction and the winner‐pay auction are empirically revenue equivalent, though both yield higher revenue than the risk neutral Bayesian equilibrium. Our evidence also suggests that the winner‐pay auction is more likely to lead to a Pareto‐efficient allocation than the all‐pay auction.     

Market Orientation and CSR: Performance Implications

Corporate social responsibility (CSR) has become of great interest to both researchers and practitioners alike with much discussion on whether the costs outweigh the performance implications. CSR has become a firm strategic tool (not only an ethical concept) as firms recognize that the customer value proposition and CSR is integrated with the focus on how to differentiate the firm from the view of the customer. We utilized market orientation (MO) theory as our foundation for our research as it explains how organizations adapt to their customer environment to develop competitive advantages. With the current customer focus on CSR, MO assists the field in identifying a possible firm differentiation. Our research found that firms that ranked high on CSR correlated positively to performance. We also found our theoretically developed constructs of firm customer orientation (CO) and firm market orientation correlated with the firm adopting CSR. The results also indicated that CSR positively mediates CO and MO to firm performance. As past research had mixed results over the direct relation of MO to performance, our research suggests that CSR may be the missing variable to explain the MO/Performance relationship.     

International linkages and productivity at the plant level: Foreign direct investment, exports, imports and licensing

Productivity growth may be affected particularly for developing countries by international linkages or technology transfer. We evaluate relationships between productivity and FDI, exports, imports and licensing for Turkish manufacturing plants in the apparel, textiles, and motor vehicles industries. We assess performance premia associated with these international technology transfer channels that control for plant size and location. We then use a structural model to allow for plant-specific input composition and interactions, estimated alternatively by quantile regression and semi-parametric techniques to recognize plant heterogeneity and to accommodate simultaneity and selection issues. Overall, we find that productivity is most closely related to foreign ownership, especially for larger plants and in combination with other forms of technology transfer, followed by exporting and then licensing.     

Electronic medical record use and efficiency: A DEA and windows analysis of hospitals

We use data envelopment analysis (DEA) to examine the relationship between hospital electronic medical record (EMR) use and efficiency in a national sample of acute care hospitals. Data sources include the American Hospital Association (AHA), Health Information Management Systems Society (HIMSS), and Case Mix Index. Using two research approaches including a retrospective, cross-sectional design and a first differencing repeated measures design, we find limited evidence that EMRs can improve hospital efficiency. Small hospitals may benefit in the area of efficiency through EMR use, but medium and large hospitals generally do not demonstrate such a difference. Likewise, there does not appear to be a significant increase in efficiency over time associated with EMRs when compared to the efficiency of hospitals without such documentation.     

The symmetric multiple prize all-pay auction with complete information

This paper extends the analysis of the n-player all-pay auction with complete information to cover the case of m≤n prizes, valued in weakly decreasing order, but symmetrically across players. We provide a complete characterization of the Nash equilibrium distributions for this class of auctions and provide an exact expression for the expected revenue generated.     

Outsourcing, productivity, and input composition at the plant level

Abstract .  We evaluate the productivity and input composition effects of outsourcing (or subcontracting) for Turkish textile and apparel manufacturing plants. We analyze differences in performance indicators for plants that subcontract inputs or outputs, and find that plants that outsource internationally perform better than those that outsource domestically. We evaluate labour productivity gaps and find that more productive plants both initiate outsourcing and subsequently increase their productivity. We then estimate a flexible production function, controlling for simultaneity and selection bias, and find that higher productivity from input subcontracting involves greater skilled labour intensity but the reverse is true for output subcontracting.     

Circulation and effective demand: a comment on Nell

In a recent paper in this Journal, Ed Nell presented a theoryof circulation intended to unify ‘the theories of money,production, and effective demand’. The current commentuses a very simple leakage and injection approach to arriveat some of Nell's results. In doing so, we are able to correcta small slip in Nell's original paper. More importantly, withthe slip corrected, the money supply and multiplier processesare seen to be one and the same.     

Trading Kuznets curve: empirical analysis for China

Empirica - Due to inspiring growth over the past 20 years, the dynamics of Chinese exports have been the focus of many researchers. In contrast to current literature, this study examines...