Interpretive structural modeling—A useful tool for technology assessment?

Interpretive Structural Modeling (ISM) is a computer based technique for helping small groups develop graphical representations of complex systems. In this paper, the rationale for the use of Interpretative Structural Modeling in activities such as technology assessment is developed and the basic concepts underlying the technique are explored. Several applications of ISM are described and from these experiences some observations are made about the nature and effectiveness of the ISM process and product. ISM was found to provide its users with a systematic and comprehensive method for integrating group judgments in the development of “first-cut‘ structural models. At the same time, however, the technique was found to be relatively inflexible and may, in some instances, inhibit group processes. Possible directions for the development of less rigid methods are suggested.     

Price leadership in a duopoly with capacity constraints and product differentiation

This paper analyzes Stackelberg price leadership in a duopoly in which firms are capacity constrained and products are imperfect substitutes. Assuming symmetric substitutes, linear demand, and efficient rationing, we characterize the equilibria with an exogenously specified leader. Using the equilibrium profits derived from these games, we argue that over certain ranges of asymmetric capacities an endogenous price leader will emerge. When endogenous leadership does arise, it is the large capacity firm which is the leader. We thus provide a game theoretic model of dominant firm price leadership.Dave Furth's research has been undertaken as a part of the project Competition and Cooperation. Dan Kovenock has benefited from financial support from Erasmus University Rotterdam, the Krannert School of Management, and the Jay N. Ross Young Faculty Research Fellowship. We are grateful to Tom Faith for valuable research assistance. We have benefited from the comments of the editor, two anonymous referees, and participants at the European meetings of the Econometric Society in September 1989 and the North American Winter Meetings of the Econometric Society in December 1989.     

Some characteristics of adopters of a major innovation in the computer field and its potential use in marketing

The computer industry is changing dramatically thanks to new technologies that facilitate departure from the lock-in strategies pursued by the long-term industry leaders. New, highly competent competitors have entered the market with the resulting lower profit margins. Innovations in hardware and software are continuously introduced, and a rapid, successful introduction in the market is essential to gain a foothold before new contenders erode the opportunity. The selection of the most likely buyers is therefore important to direct the marketing efforts optimally. An international and a regional field study were carried out to identify the profile of organizations and individuals most likely to adopt an innovation in the computer field. These findings coupled with data base marketing techniques seem promising for a higher success rate in reaching the early adopters (lead users), making it possible to establish a first-mover advantage. The suggested approach can be used in other industries in rapid change.     

The new product development process for commercial financial services

The attention of senior executives in the financial services industry is increasingly being focused on how well the new product development process is working within their institutions. This focus on product development results from the combined pressures of increased competition, a rapidly changing marketplace, new technology, and new and pending legislative changes. All of these factors underscore the need to be able to design, develop, and launch, in a timely fashion, new products that are winners. A strong new product initiative is now considered an essential weapon in both offensive and defensive initiatives.To achieve their goals, executives are increasingly reexamining their organizations' approach to development and launch of new products to determine if the process can be redesigned for faster reaction time, better utilization of limited resources and improved success rates. This article examines the new product development process within the setting of corporate/commercial financial services. Its conclusions provide executives with some broad principles for their own new product processes to help them in their quest for competitive advantage through winning new products.     

Mutual fund characteristics, managerial attributes, and fund performance

This study provides a comprehensive examination of recent mutual fund performance by analyzing a large set of both mutual funds and fund attributes in an effort to link performance to fund-specific characteristics. The results indicate that the hypothesized relationships between performance and the explanatory variables are generally upheld. After taking into consideration general market conditions and fund investment objective, the characteristic variables that relate to fund popularity, growth, cost, and management also explain performance. Finally, after controlling for survivorship and benchmark error as well as fund-specific factors, the results refute the performance persistence phenomenon.     

Careers in public sector science: orientations and implications

There is consensus that the world of science is changing (Ziman, 1994; see for example Nowotny et al., 2002). The environment in which scientists work is typified now as increasingly dynamic, managerialist and commercialised. This paper focuses on how scientists within different organisational and national contexts understand and enact their careers in the face of such changes. Based on empirical work in the UK and New Zealand, this paper introduces four career orientations evident in the career accounts of these participants. The categories are further analysed in terms of the key drivers to career: science, the organisation and the individual. Implications for career management are discussed in each section. In conclusion, the paper makes two related contributions. First, the evidence presented poses a challenge to highly individualised notions of the career actor central to current career thinking, instead revealing scientists' continued attachment to old institutional arrangements alongside new and emerging ways of understanding career. Second, with reference to the issue of career management of research scientists, the study highlights the need for those involved in management to look beyond employing organisations to other life interests, and science itself. It argues the need for those involved in career management to recognise the variety of legitimate ways to run a scientific career.