The media lab at the university of the West of England, Bristol

This article describes the background and early steps undertaken to establish a Media Lab at the University of the West of England. The Media Lab is an industry-related research and development facility for creative technology projects involving new media; for example, interactive storytelling in virtual reality, distributed media production, visualisation of the environment, automatic set design and the development of digital media devices and services. The project is described under the headings: background, project activities, implementation issues, impact on the local economy, and lessons learned.     

Experiences with the Personalized System of Instruction (PSI) to teach elementary accounting

The paper examines the use of Personalized System of Instruction (PSI) to teach elementary accounting at a community college. Key criteria to student success include high motivation, being self-disciplined, and having a good reading ability. PSI provides the student with clearly defined learning objectives and immediate feedback on progress. Disadvantages include a high withdrawal rate and lack of student peer interaction.     

Estimating and comparing learning curves in three Asian economies

This paper consists of two parts. In the first, a method is suggested to isolate the effects of scale economies on learning phenomena by integrating the conventionally specified learning curve with the production function in neoclassical economics. The problem of establishing the variable for measuring experience is dealt with in the estimation procedure. Using this method we estimated the learning curves of 20 industries in the manufacturing sector in Singapore using data taken from 1961 to 1991. More modern industries like electronics, precision instruments and pharmaceutics have steeper learning curves than older industries. Among traditional industries, the food and beverage industry has a greater learning potential than others. In the second part of the paper, the learning curves for 11 common industries in South Korea, Japan and Singapore were estimated and compared. The Japanese industries are found to have steeper learning curves compared to those in Singapore and South Korea.The authors are from the Department of Business Policy, Faculty of Business Administration, National University of Singapore. The authors would like to thank Ms Tan Mui Lee for her assistance in preparing the time series data used for this study.     

Magnet status as a competitive strategy of hospital organizations: marketing a culture of excellence in nursing services

With issues of patient safety, the nursing shortage, and managed care fiscal constraints, hospital organizations can strategically capture market share, while insuring best care practices, if they adopt the "Magnet Status" accreditation model. This quality indicator signifies to the consumer a culture of excellence in nursing services and fulfills the priority of customer satisfaction as a marketing strategy objective.     

Import Diversion under European Antidumping Policy

This paper studies empirically the effects of European antidumping cases on trade diversion from importers named in an antidumping investigation, to countries not named in the investigation. For this purpose we use a unique data set at the 8-digit product level. The amount of import diversion can be regarded as an indication of the effectiveness of antidumping policy. We find that trade diversion in the European Union caused by antidumping actions—in contrast to the United States—is limited, suggesting that the European Union's antidumping policy is more effective in keeping imports out. This result holds even after controlling for selection bias in the antidumping investigation procedure. A number of explanations for this difference in trade diversion as a result of antidumping policy between the European Union and United States are formulated.     

Microcapitalism and the mega-corporation

More than 100 miles from Bangalore, India, there's a rural area called Kuppam where one in three citizens is illiterate, more than half of the households have no electricity, and there's a high rate of AIDS. It's exactly this challenging atmosphere that prompted Hewlett-Packard to choose Kuppam as one of its first "i-communities" initiatives. Through the program, HP creates public-private partnerships to accelerate economic development through the application of technology while simultaneously opening new markets and developing new products and services. HP brings to these initiatives the management disciplines of a successful technology business. For example, it unearths customer needs using an iterative cycle that involves prototyping products and services and then closely observing residents' experiences with them. It fields a diversely talented team that brings many skills to the initiative, including deep technical ability, management acumen, and market knowledge. It takes a systems approach, simultaneously examining all the elements that must come together to create a working solution to a given problem. It establishes a "leading platform" on which other players--comapnies, nonprofits, and government agencies--can build technologies and applications. Practices like these help ensure that HP's investment yields real, sustainable results for the community in question. But HP also sees returns to its own business. In Kuppam, the company is discovering the need for (and developing) new products like a solar-powered digital camera, with printer, that fits in a backpack. By engaging the community and its leaders and working with them to design valuable new tools and capabilities, HP is gaining the knowledge it needs to be a stronger competitor in other developing regions.     

Handling Weather Related Risks Through the Financial Markets: Considerations of Credit Risk, Basis Risk, and Hedging

The profits of many businesses are strongly affected by weather related events, and insurance against weather related risks (acts of God) has been a traditional domain for transfer of (certain) of these risks. Recent innovations in the capital market have now provided financial instruments to transfer and hedge some of these risks. Unlike insurance solutions, however, using these financial derivative instruments creates a situation in which the return to the purchaser of the instrument is no longer perfectly correlated with the loss experienced. Such a mismatch creates new risks which must be examined and evaluated as part of ascertaining cost effective risk management plans. Two newly engendered risks, basis risk (the risk created by the fact that the return from the financial derivative is a function of weather at a prespecified geographical location which may not be identical to the location of the firm) and credit risk (the risk that the counterparty to the derivative contract may not perform), are analyzed in this article. Using custom tailored derivatives from the over the counter market can decrease basis risk, but increases credit risk. Using standardized exchange traded derivatives decreases credit risk but increases basis risk. Here also the effectiveness of using hedging methods involving forwards and futures having linear payoffs (linear hedging) and methods using derivatives having nonlinear payoffs such as those involving options (nonlinear hedging) for the purpose of hedging basis risk are examined jointly with credit risk.     

FROM COMPETITION TO REGULATION: THE SIX-YEAR BATTLE TO REGULATE CALIFORNIA'S INSURANCE MARKETS

Abstract: The passage of California's Proposition 103 in November 1988 changed the State's regulatory structure for insurers from a competitive to a heavily regulated system. The six-year legal battle that followed resulted in several California Supreme Court and United States Supreme Court rulings and an ultimate implementation of rate roll backs on property-liability insurers on November 22, 1994. The study examines both property-liability and life insurers' returns. While only property-liability insurers are affected by the rale rollback and prior approval rate regulation, both life and property-liability insurers are affected by the proposition's other provisions. This paper examines the effect of successive changes on both types of insurance companies and analyzes the differential impact of the changes in regulatory structure.