Real indeterminacy of equilibria and manipulability

In this paper, we analyze the indeterminacy of equilibria in financial markets and propose a selection mechanism. We suggest that there is one equilibrium that prevails over the others, as a result of the market power of the agents that some states of nature become monopolists of certain commodities. Given a financial assets model, we define a price game and show the existence of mixed strategies equilibria. Then we purify these equilibria by considering a price game with incomplete information.     

Die Moderation politischer Gesprächsrunden im Fernsehen

A great number of discussion programmes (talkshows) has been established on television. They constitute a popular medium for processes of political communication. Media critics have complained that the programmes lack substance and deform public discourse. The programmes’ quality partly depends on the performances of their hosts. Critics reproach them for an insufficient level of journalistic activity, for being too soft on their guests, and for being unable to ask adequate questions that would stimulate a rational discussion. While such criticism is widespread, there are but a few empirical studies that provide systematic quantitative data on these programmes. Most of the research in the field dealt with interviews and discussions directly before or after elections. This article, however, focuses on talkshow hosts’ performances in regular TV discussions by content analyzing ten editions each of »Sabine Christiansen«, »Berlin Mitte«, »Presseclub« and »19:zehn«. The study shows notable differences in journalistic activities between different hosts, but also between different editions of the same show. Although some critical evaluations of discussion programmes are supported, the analysis hints at the need to consider significant variations in the performance of political talkshow hosts.     

Corporate social responsibility communication: stakeholder information, response and involvement strategies

While it is generally agreed that companies need to manage their relationships with their stakeholders, the way in which they choose to do so varies considerably. In this paper, it is argued that when companies want to communicate with stakeholders about their CSR initiatives, they need to involve those stakeholders in a two-way communication process, defined as an ongoing iterative sense-giving and sense-making process. The paper also argues that companies need to communicate through carefully crafted and increasingly sophisticated processes. Three CSR communication strategies are developed. Based on empirical illustrations and prior research, the authors argue that managers need to move from 'informing' and 'responding' to 'involving' stakeholders in CSR communication itself. They conclude that managers need to expand the role of stakeholders in corporate CSR communication processes if they want to improve their efforts to build legitimacy, a positive reputation and lasting stakeholder relationships.     

Spatial Price Adjustment with and without Trade*

We investigate the possibility that price transmission between spatially distinct markets might vary during periods with and without physical trade flows. We test for differences between trade and non‐trade regimes by using generalized reduced rank regression (GRRR) techniques suggested by Hansen (2003) . We apply these techniques to semi‐weekly price and trade flow data for tomato markets in Zimbabwe and find that intermarket price adjustment occurs in both trade and non‐trade periods. Indeed, the adjustments are generally larger and more rapid in periods without physical trade flows. This finding underscores the importance of information flow for market performance.     

Applying conjoint analysis in economic evaluations: an application to menorrhagia

The increased demand for health care, coupled with limited resources, means that decisions have to be made concerning the allocation of scarce health care resources. This paper considers how conjoint analysis (CA) can be used to aid this decision making process. It is shown how the technique can be used to estimate marginal rates of substitution between attributes, willingness to pay (WTP) if cost is included as an attribute and overall utility scores for different ways of providing a service. The technique is applied to consider women's preferences for two surgical procedures in the treatment of menorrhagia: hysterectomy and conservative surgery. The results suggest conservative surgery is preferred to hysterectomy, as indicated by higher utility scores for the former and a marginal WTP of 7593 to have conservative surgery rather than hysterectomy. The internal validity of CA was also shown. It is concluded that CA is a potentially useful instrument for policy makers. However, numerous methodological issues need addressing before the technique becomes an established instrument within economic evaluations.     

The mediating role of work engagement on the relationship between job involvement and affective commitment

This study examines job involvement and work engagement as predictors of affective commitment. Specifically, we test the proposal of Hallberg and Schaufeli (2006) that work engagement is a mediator of the relationship between job involvement and affective commitment using a survey of 405 Italian working adults. To test the model, mediation effects technique and structural equation modelling were applied to the collected data. Our hypothesis that work engagement fully mediates the relationship between job involvement and affective commitment was supported. This is the first study to demonstrate the importance of job involvement in promoting affective commitment via three dimensions of work engagement. We therefore assert that HR managers should direct their available resources to promoting job involvement and work engagement in their employees.