On a Class of Asymptotically Risk-Efficient Sequential Procedures

A class of sequential procedures is developed for the point estimation of the parameter(s) of a population under a family of loss functions plus cost function of the general form. Condition on the initial sample size is determined which ensures the asymptotic ‘risk-efficiency’ of the proposed class. By means of various examples, it is shown that many sequential point estimation problems can be handled with the help of the proposed class.     

HRM Practices and the Within‐Firm Gender Wage Gap

The effect of HRM practices on the within‐firm gender gap in wages in manufacturing is investigated merging a 1999 survey on work practices among Danish firms to matched employer–employee panel data. Self‐managed teams, project organization and job rotation schemes are the most widely introduced practices. Accounting for non‐randomness in adoption, the pay gap is reduced among hourly paid workers but increases among salaried workers. Considering practices individually, wage gains from adoption accrue to males except for salaried workers in firms that adopt project organization and for hourly paid workers in firms that introduce quality control circles.     

The relationship between trusting beliefs and Web site loyalty: The moderating role of consumer motives and flow

This research (1) examines how specific consumer motives (i.e., goal‐directed: searching for information, experiential: browsing for recreation) influence the trusting belief–loyalty relationship at a Web site in a distinct manner and (2) investigates how the online flow experience in each of the motive states strengthens or weakens the trusting belief–loyalty relationship. The results suggest that for consumers with an experiential motive, benevolence‐ and integrity‐related beliefs are the key drivers of loyalty, while ability‐related beliefs do not drive loyalty. On the other hand, for consumers with a goal‐directed motive, the ability‐ and integrity‐related beliefs are the key drivers of loyalty, while benevolence‐related beliefs are not influential. Further, this research illustrates that when consumers with an experiential motive experience a high level of flow, the impact of trusting beliefs on loyalty weakens. However, for consumers with a goal‐directed motive, trusting beliefs continue to exert the same impact on loyalty across both high and low levels of flow. ©2010 Wiley Periodicals, Inc.     

Dynamic Spillovers in the United States: Stock Market,Housing, Uncertainty,and the Macroeconomy

In this study, we examine dynamic spillovers among the housing market, stock market, and economic policy uncertainty (EPU) in the United States in a unified empirical framework. Applying the Diebold and Yilmaz (2012) methodology on monthly data over the period 1987M1–2014M11, our findings reveal the following features. First, the transmission of various types of shocks contributes significantly to economic fluctuations in the United States. Second, spillovers show large variations over time. Third, in the wake of the global financial crisis, spillovers have been exceptionally high in historical perspective. In particular, we find large spillovers from EPU, as well as stock market and housing returns to other variables, in particular inflation, industrial production and the federal funds rate. These results illustrate the contagion from the housing and financial crisis to the real economy and the strong policy reaction to stabilize the economy.     

Exploratory Results on the Importance of R&D Knowledge Domains in Businesses with Different Strategies

A number of studies have described the consequences of the changing patterns in the business environment for R&D departments. Fewer studies have addressed the specific implications of the changing business environment for the agenda of R&D managers. Gupta and Wilemon (1996) have provided R&D managers with a priority list for action designed to be applicable to R&D departments independent of business strategy. However, a substantial body of literature suggests that the priority listing may be different for R&D departments in businesses with different strategies. Against this background this study sets out to determine whether the priority listing is different for Miles and Snow's (1978) strategic archetypes of prospectors, analyzers, defenders and reactors. A total of 72 R&D managers of businesses competing in industrial markets in the Netherlands provided the data to test for the existence of these differences. The results indicate that the priority listings are indeed different for R&D departments in businesses with different strategies. This finding has important practical implications. The priority listings can be used by R&D managers to assess which R&D capabilities have to be developed in order to match R&D strategy with business strategy and meet the criteria for getting more commercial payback from R&D in a changing business environment.     

‘Should I Buy,Hoard, or Hide?’- Consumers’ responses to perceived scarcity

Scarce shopping situations often seem to have a greater value for consumers and trigger extreme behaviors. This study examines the effects of scarcity that is strategically created by the marketer in influencing consumer behavior. Drawing from reactance theory, it is suggested that, when scarcity is perceived to be strategically created by the retailer, consumers tend to exhibit deviant and competitive behaviors. The mediating role of emotions like anticipated regret is also examined. Further, the role of human traits like competitiveness and hedonic motivations in moderating the relationships between perceived scarcity and behaviors is also examined. The results of the study suggest that, under the conditions of perceived scarcity, consumers tend to exhibit behaviors like in-store hoarding, and in-store hiding, due in part to the increased urgency to buy. Also, the findings suggest a pertinent role of emotions and human traits in influencing the decision making under the condition of strategically-created scarcity.     

Geopolitical risks and recessions in a panel of advanced economies: evidence from over a century of data

This paper uses a panel of 17 advanced countries over the annual period of 1899–2013, to analyze for the first time, the role played by geopolitical risks in predicting recessions. After controlling for other standard predictors based on a logit model, we find that while aggregate geopolitical risks do not have any predictive ability, geopolitical acts enhance the probability of future recessions, with geopolitical threats reducing the same.     

Skilled–unskilled wage inequality,product variety,public input and increasing returns: A static general equilibrium analysis

The paper develops a four sector small open economy model with two traded final good sectors, a public intermediate good producing sector and a nontraded good sector producing varieties of intermediate goods. There are three primary factors: capital, skilled labour and unskilled labour. Industrial sector producing a traded good uses capital, intermediate goods and skilled labour as inputs. Intermediate goods producing sector also uses capital and skilled labour. Public input producing sector and the agricultural sector producing the other traded good use capital and unskilled labour as inputs. It is shown that, if production technologies are the same for the agricultural sector and the public input producing sector and if the scale elasticity of output is very low, then an increase in capital stock (unskilled labour endowment) raises (lowers) the skilled–unskilled wage ratio. However, an increase in skilled labour endowment does not produce any unambiguous effect. On the other hand, an increase in the tax rate on industrial output and/or an increase in the price of the agricultural product, armed with the same set of assumptions, lowers the skilled–unskilled wage ratio.     

Political Accountability and Fiscal Federalism

In a model with democratic institutions and three jurisdictions, we study the allocation and welfare in a one-level (unitary) and a two-level (federal) government, given that the central government finds it optimal to discriminate in favor of two jurisdictions and against the third. Favored jurisdictions are at least as well off in a unitary structure as compared to a federal one, while this may not be so for the jurisdiction discriminated against. We finally show that jurisdiction-specific electoral uncertainty is consistent with both equitable as well as discriminating allocations.