Modelling Commodity Balances in a Computable General Equilibrium Context

This paper is the second part of a two-part discussion which elaborates the proposition that Stone's concept of commodity technology is the appropriate assumption on which to build in modelling commodity balances. The analysis in the first part was developed from a social accounting representation of commodity balances into a formal statement of the Stone model and the conditions under which it admits an acceptable solution. This second part develops a generalization of Stone's original formulation, in the spirit that the modelling of commodity balances should be approached in a general equilibrium context which recognizes that, in the final analysis, prices and quantities are interdependent.     

Performance criteria for production subunits in Australian manufacture

Forty-two measures of subunit performance are rated by 155 production managers, and these ratings are factor analyzed to yield performance criteria. Nine criteria emerged from this analysis and five of them are rated by the managers as significantly useful. One of the significant criteria suggests, rather surprisingly, that customer satisfaction is an important consideration to production subunit performance. The application of these results to managerial situations is discussed briefly.Dr Graham K. Kenny is a visiting Professor of Management from the Department of Management, College of Business Administration, San Diego State University; and Professor Alan S. Dunk is a Professor with the School of Economic and Financial Studies, Macquarie University. Thanks are due to John Brown, Bob Hinings, and John Waterhouse for their helpful comments on an earlier draft of this paper.     

Developing country finances,present and future

Existing ways for developing countries to obtain finance are explained-IMF credits, compensatory finance, private loans, etc. Reforms to these arrangements are discussed; for instance, the IMF could ease the conditions it imposes for loans, compensatory finance could react to rising import bills as well as to falling export revenues, and Special Drawing Rights could be better linked to aid schemes. Given inertia in existing facilities, a new World Development Fund may be needed to complement existing institutions.     

Repertory grid analysis: an application to the measurement of destination images

The objective of this paper is to demonstrate and evaluate the use of repertory grid analysis (RGA) in the context of a study of destination brand images. The study explored the components of destination brand image from a business tourism perspective. RGA was used to identify the constructs used by events managers in a sample of 25 UK organisations to characterise the brand images of 15 UK towns and cities. The study identified eight categories of brand image attribute. Factor analysis reduced these to three higher level dimensions, an overall destination attractiveness dimension and two sub‐dimensions: functionality and ambience. The paper concludes with a discussion of the benefits and limitations of RGA as a technique for measuring destination brand images and argues that it offers significant advantages over alternative techniques with regard to image measurement. Copyright © 2004 Henry Stewart Publications     

RISK ATTITUDE,PLANTING CONDITIONS AND THE VALUE OF SEASONAL FORECASTS TO A DRYLAND WHEAT GROWER*

The value of a seasonal forecasting system based on phases of the Southern Oscillation was estimated for a representative dryland wheat grower in the vicinity of Goondiwindi. In particular the effects on this estimate of risk attitude and planting conditions were examined. A recursive stochastic programming approach was used to identify the grower's utility-maximising action set in the event of each of the climate patterns over the period 1894-1991 recurring in the imminent season. The approach was repeated with and without use of the forecasts. The choices examined were, at planting, nitrogen application rate and cultivar and, later in the season, choices of proceeding with or abandoning each wheat activity. The value of the forecasting system was estimated as the maximum amount the grower could afford to pay for its use without expected utility being lowered relative to its non-use.     

A heuristic algorithm for determining lot sizes of an item subject to regular and overtime production capacities

The problem considered in this paper deals with the sizing and timing of replenishments for an item facing a time-varying, but known, pattern of requirements. Regular time and overtime (the latter at a cost premium) production options are available where there are production capacities that also can vary with time. The problem is to establish the pattern of replenishments so as to keep the total of setup, carrying and overtime premium costs as low as possible without any backlogging of demand and without violating any of the capacity constraints. A heuristic procedure, simple enough to implement manually, is developed and tested on a large representative set of problems. The resulting performance is excellent, namely an average cost penalty of only 0.5%.     

Question and Answer in 'A' Level Economics

Graham Dawson, Head of Economics at Bedford School, gives the third in the series of Model Answers for 'A' Level economics.