American political values and agency theory: A perspective

This paper explores the historical American political values which have shaped modern financial theory and agency theory. Financial agency theory's intellectual roots are shown to be located in the liberal tradition which espouses the instrumental nature of property and property rights. The paper also argues that financial theorists should recognize that, historically, economic efficiency was not a value or end in itself but merely a means by which more fundamental social goals might be achieved. Fred R. Kaen is a Professor of Finance at the University of New Hampshire. He has written many articles about financial markets and international financial management. His work has appeared in The American Economic Review, The Journal of Finance and The Journal of Money Credit and Banking. He will be spending next year at the Norwegian School of Economics and Business as a Visiting Professor of Finance. Allen Kaufman is an Assistant Professor of Business Administration at the University of New Hampshire. He has written a number of books including Capitalism, Slavery and Republican Values and his work has been published in the California Management Review, the Journal of Political and Military Sociology, and Business Horizons.Larry Zacharias is an Associate Professor of Management at the University of Massachusetts. He holds a law degree and has written many articles about corporate law and anti trust.     

Farming System Analysis of an Alternative Production System for Peasant Farming in Morogoro,Tanzania

This paper presents an examination and evaluation of traditional and alternative production systems in Morogoro District, Tanzania. The research employed the Farming Systems Research (FSR) framework to identify an alternative production system. The traditional and alternative systems were field tested and evaluated. Cet article examine et évalue deux systèmes agricoles de production, ?un traditionnel, ?autre alternatif, dans la région de Morogoro en Tanzanie. Ce dernier systéme a été identifié en utilisant la méthodologie de recherche appelée “Farming Systems Research”. Une évaluation économique et sur le terrain de ces deux systèmes a été entreprise.     

The erosion of the unusual susceptibility defense: The case of the disadvantaged consumer

Marketing practitioners and academics have exhibited an increased concern for the problems of disadvantaged consumers in recent years. During the same time period, the product liability field has become increasingly volatile. In this article the overlap between these two seemingly independent trends is presented via hypothetical case examples. A decision process to guide marketers who potentially deal with disadvantaged market segments is outlined and discussed. The implications of these developments are also described in detail.     

A cost-effective approach to stochastic line balancing with off-line repairs

The layout of production facilities is an important determinant of the productivity potential of a manufacturing enterprise. It is particularly important in the design of assembly lines where the objective is to assign tasks to work stations in such a way as to minimize total variable production costs.Early approaches to the line balancing problem assumed known constant task times and sought a line layout which would produce the desired output with the fewest number of work stations, which is equivalent to minimizing idle time. Studies have shown that task times are random variables, therefore the cost of task incompletion must be considered a part of total production cost. Incompletion cost will be the cost of repairing or completing tasks which cannot be completed within the cycle time after the item has reached the end of the assembly line.This paper describes a methodology for designing approximately minimum cost paced assembly lines under conditions of random task times and off-line repair of incompleted tasks. Task times are assumed to be normally distributed random variables with known means and variances. The methodology consists of heuristically identifying a large number of feasible balances for each of which total costs are computed. The line design with the lowest total is retained as the “best.”In order to evaluate candidate line layouts, a total cost model is developed. Total cost is the sum of normal operating cost—which is simply a function of the number of work stations—and the cost of repairing products containing incompleted tasks. Because this latter cost is a random variable for a given balance, the expected value is used to evaluate a candidate layout. The cost associated with one or more workers exceeding the cycle time is the product of the probability of this happening and the expected cost of off-line repair.The heuristic method for generating feasible balances builds work stations from continually updated lists of precedence satisfying tasks. Qualifying tasks are added to the station as long as the probability of the station exceeding the cycle time remains below a pre-specified threshold. The methodology requires systematically varying this threshold to permit a lowest total cost solution to emerge. The process of generating a large number of balances for a particular threshold is efficient. Evaluating the total costs of the resulting balances takes the majority of the computational time.An experiment was conducted in order to compare the above cost-effective methodology with a purely deterministic approach and a commonly used industrial approximation method for dealing with task time variability. The experiment applied the three methods to four problems from the literature under a variety of repair cost and time variance conditions. In 21 of the 24 cases studied, the stochastic method produced a lower cost balance than the two alternatives. In the remaining 3 cases, the deterministic method also found the lowest cost balance. The stochastic method saved an average of 22.5 percent in total operating cost over the deterministic method and 8.4 percent over the industrial method.The experiment clearly showed the need to explicitly consider task time variability in arriving at a line balance. The stochastic approach of this paper offers large potential savings with no risk of obtaining a less desirable balance and so should be considered for implementation whenever there is a variation in task times. Even for large-scale problems, the computational cost is infinitesimal in the context of assembly line balancing, where very small improvements in productivity can mean substantial increments to profitability.