Regional integration in Asia and its effects on the EU and North America

Consequences of free-trade agreements (FTAs) among the ASEAN+3 and ASEAN+6 countries are explored using a dynamic computable general equilibrium (CGE) model. Quantitative assessments of intra- and extra-regional effects on welfare, trade and output are offered. When both trade facilitation and endogenously determined productivity are included in the FTA scenarios, Singapore, other ASEAN countries and China would be able to realize relatively large welfare gains, while the welfare effects on the EU and North America are negligible. The trade and output effects on the latter two regions are also relatively small, with the notable exception of crops, other than rice, in North America.     

An Asymptotic Solution for Sealed Bid Common-Value Auctions with Bidders Having Asymmetric Information

We investigate a first-price common-value auction where bidders have asymmetric information about an item of unknown value. We compute the unique Nash equilibrium when the bidders are constrained to translation-invariant bid functions. Further, this profile of bid functions is also an asymptotic Nash equilibrium (without the constraint on the bidders' strategies) as the a priori distribution of the true value becomes increasingly diffuse. All bidders have positive expected profits at equilibrium. In the second-price analogue with two bidders there is a continuum of Nash equilibria in which both bidders have positive expected profits. Journal of Economic Literature Classification Number: C7.     

Currency Areas and International Monetary Reform at the Dawn of a New Century

The Asian crisis and the creation of the euro have jump-started once again discussion of exchange rate systems, currency areas, and international monetary reform. The role of power in the international monetary system is discussed and its relevance to analysis of the new euro area as an instigator of change in the power configuration of the system. The dollar, euro, and yen areas have achieved a high degree of price stability, but international efficiency is seriously undermined by exchange rate gyrations of these three currencies. The best path to international monetary reform leads through a new international currency called the INTOR based on a G-3 monetary union platform possibly linked to gold.     

Mapping views of the future in a small group

This article describes specific approaches to interviewing, questionnaire design, and seminar organisation and focuses on the process designed to explicate the conceptual frameworks used by the individual group members in their everyday decision making.     

Using Bibliometrics to Measure Firm Knowledge: An Analysis of the US Pharmaceutical Industry

A recent literature review highlighted the knowledge-based view as an important current theory in the strategic management area. The current paper utilizes that theory as the context for employing bibliometrics to uncover the publishing and patenting citation patterns in a group of twelve US pharmaceutical companies over a 13-year period. Our initial findings suggest that firms self-cite a great deal, and that they rely heavily on public science. In addition, we found that Merck and Co. is the most frequently cited company in both the science and technology areas, though somewhat less so in technology. The managerial implications, particularly from a knowledge perspective, are discussed as well as some suggestions for future research.