How accurate is the integrated vendor–buyer continuous model?

The classic single-item, deterministic-demand, integrated vendor–buyer model is revisited. The decision problem may also be viewed as that of one centralized firm, dealing with a two-level EOQ-like supply chain with finite production rates. It is sought to optimize the production lot-size and the integral number of its shipments, in equal batches, from the vendor to the buyer. While the problem calls for discrete optimization techniques, we introduced a continuous model where one can take derivatives with respect to both variables. In this short paper, we establish a 98.5% lower bound on the accuracy of this continuous model.     

Entrepreneurial Mind-Set Among Female University Students： A Study of University of Jos Students,Nigeria

In today＇s world, entrepreneurship is seen as the vital source for economic growth, and education in the creation and development of entrepreneurial attitudes. It is, therefore, natural to consider female students as the primary resource of future entrepreneurs. Entrepreneurship as a career option is becoming increasingly desirable. Responding to this need, many colleges and universities around the world have significantly increased their offerings of entrepreneurship courses over the past 25 years. Entrepreneurship courses are not only offered by Business Institutes, but other faculties like Social Sciences, Natural Sciences, Engineering, and Information Technology are also offering these courses in their syllabus. The problem under focus was to examine entrepreneurial mindset among female university students, a study of University of Jos. The study also ascertained the rate at which variables like： perception of entrepreneurship, role model and university＇s role to promote entrepreneurship are translated into entrepreneurial mindset of female students of University of Jos. A sample size of about 400 was adopted from the three Faculties of Management Science, Natural Sciences, and Social Sciences which were selected at random. Furthermore, the data obtained were analyzed using simple percentage and presented in tables and charts, the hypothesis which states that there is no significant relationship between the teaching of entrepreneurship and university female students＇ entrepreneurial mindset which was tested using z-test analyses of population proportion earlier conducted. This implies a weak relationship between the teaching of entrepreneurship and university female students＇ entrepreneurial mindset. Based on the above inference, the research recommended that, as providers of entrepreneurship trainings, universities must create entrepreneurship supportive environment that could encourage entrepreneurial activity which would in turn help develop an enterprise culture among the female students.     

AIRLINE DEREGULATION AND THE PROBABILITY OF AIR CARRIER INSOLVENCY

This study investigates the effects of deregulation from the perspective of airline lenders. Airline-specific, pre- and post-deregulation insolvency probabilities are used to assess the effects on creditors. The results suggest that the financial condition of several airlines has significantly deteriorated as a by-product of deregulation, although most have been unaffected.     

Advancing consumer neuroscience

In the first decade of consumer neuroscience, strong progress has been made in understanding how neuroscience can inform consumer decision making. Here, we sketch the development of this discipline and compare it to that of the adjacent field of neuroeconomics. We describe three new frontiers for ongoing progress at both theoretical and applied levels. First, the field will broaden its boundaries to include genetics and molecular neuroscience, each of which will provide important new insights into individual differences in decision making. Second, recent advances in computational methods will improve the accuracy and out-of-sample generalizability of predicting decisions from brain activity. Third, sophisticated meta-analyses will help consumer neuroscientists to synthesize the growing body of knowledge, providing evidence for consistency and specificity of brain activations and their reliability as measurements of consumer behavior.     

The alert and creative entrepreneur: a clarification

Israel M. Kirzner is the 2006 winner of The International Award for Entrepreneurship and Small Business Research (the FSF-Nutek Award). In this Prize Lecture he argues that a number of those who have commented on his work have misunderstood certain aspects of his theoretical system, and as a result the common distinction in the literature between “Schumpeterian” and “Kirznerian” entrepreneurs is flawed. He also argues that his understanding of the market process (set in motion by entrepreneurial decisions) provides a theoretical underpinning for public policy vis-à-vis entrepreneurship. Professor Kirzner’s main contributions to the economics of entrepreneurship were also presented and evaluated by Douhan et al. [Small Business Economics 29(1–2):213–223, 2007].

Do short-term laboratory experiments provide valid descriptions of long-term economic interactions? A study of Cournot markets

One key problem regarding the external validity of laboratory experiments is their duration: while economic interactions out in the field are often lengthy processes, typical lab experiments only last for an hour or two. To address this problem for the case of both symmetric and asymmetric Cournot duopoly, we conduct internet treatments lasting more than a month. Subjects make the same number of decisions as in the short-term counterparts, but they decide once a day. We compare these treatments to corresponding standard laboratory treatments and also to short-term internet treatments lasting one hour. We do not observe differences in behavior between the short- and long-term in the symmetric treatments, and only a small difference in the asymmetric treatments. We overall conclude that behavior is not considerably different between the short- and long-term.     

Incentives for Discovery

Three more of cur academic advisers, Professors Kirzner, Minford and Tullock, write short notes on'a development'in economics that is contributing to improvement in the human condition.