Condorcet efficiency of two stage constant scoring rules

Previous research has developed a representation for the Condorcet efficiency of plurality and negative plurality rules on three candidates for large electorates under the impartial culture condition. This study considers the two stage voting rules on three candidates, plurality elimination and negative plurality elimination. A representation is obtained for the Condorcet efficiency of each for large electorates under impartial culture. The Condorcet efficiencies of both rules are equal and are shown to be substantially greater than the Condorcet efficiency of plurality and negative plurality.     

An Analysis of Differences in Earnings Between Small and Large Commercial Banks

This paper introduces a simple, yet rich, measure of efficiency changes based on the revenue-generating-ability (RGA) principle. Using this principle, we explain the connections between efficiency changes and the variables, such as pretax profits, interest expense, non-interest expense, profit margins, loan loss provision, and asset quality. These connections are used to explain earnings differences between small and large commercial banks.     

Introducing Time‐to‐Educate in a Job‐Search Model

Transition patterns from school to work differ considerably across OECD countries. Some countries exhibit high youth unemployment rates, which can be considered an indicator of the difficulty facing young people trying to integrate into the labour market. At the same time, education is a time‐consuming process, and enrolment and dropout decisions depend on expected duration of studies as well as on job prospects with and without completed degrees. One way to model entry into the labour market is by means of job‐search models, where the job arrival hazard is a key parameter in capturing the ease or difficulty in finding a job. Standard models of job search and education assume that skills can be upgraded instantaneously (and mostly in the form of on‐the‐job training) at a fixed cost. This paper models education as a time‐consuming process, a concept which we call time‐to‐educate, during which an individual faces the trade‐off between continuing education and taking up a job.     

Environmental uncertainty and environmental scanning activities of nigerian manufacturing executives: A comparative analysis

This study investigated the relationship between perception of environmental uncertainty (PEU) and environmental scanning behavior of Chief Executive Officers of 47 manufacturing firms in Nigeria. The results indicated that perceived uncertainty in the environment was significantly higher for the task environment sectors than for the remote environment sectors; and as perceived uncertainty increased in a sector of the environment, scanning frequency and scanning interests also increased. The results were compared with those of prior research in the area of environmental scanning. The results show both the economic and political legal sectors of the environment to be more salient for Nigerian manufacturing executives than for their American counterparts.     

Equilibria in large economies with a separable Banach commodity space and non-ordered preferences

The purpose of this paper is to provide an existence result of equilibria for economies with a measure space of agents, a non-trivial production sector and an infinite dimensional commodity space. The commodity space is modeled by an ordered separable Banach space whose positive cone has a non-empty interior. The discretization approach proposed in this paper, allows us to extend the existence results in Khan and Yannelis [Equilibrium in markets with a continuum of agents and commodities. In: Khan, M.A., Yannelis, N.C. (Eds.), Equilibrium Theory in Infinite Dimensional Spaces. Springer, Berlin, 1991] and Podczeck [Economic Theory 9 (1997) 585] to economies with a non-trivial production sector and with possibly non-ordered but convex preferences as well as partially ordered (possibly incomplete) but non-convex preferences.     

Innovation-oriented transformation of industry in Ukraine and Russia

This paper presents an expert assessment of the present state of cooperation of Ukraine and Russia in the innovation sphere, outlines its main stages and analyzes the quality of the process of formation of legislative framework in state regulation of innovation-oriented transformations in the economy of the two countries. A comparative study is made and a quantitative estimate of the level of innovation activities in industrial production and the degree of innovation shifts in the technological structure of manufacturing in Russia and Ukraine is given.     

Towards a complete real-time electricity market design

The general design for the real-time electricity market presented in this paper optimizes and prices both real and reactive power simultaneously in an AC setting, where all assets—generation, load and transmission—are allowed to bid and are financially settled at the locational price times energy consumed or produced. The result is that transmission lines are compensated for both capacity and admittance, providing incentives for efficient operation of transmission-related assets such as FACTS devices, if price-taking behavior is assumed. Losses are incorporated into the design and become an operating cost for transmission. The market design is shown to be revenue neutral and, under some assumptions, nonconfiscatory.      

Forecasting category sales and market share for wireless telephone subscribers: a combined approach

The ability to forecast market share remains a challenge for many managers especially in dynamic markets, such as the telecommunications sector. In order to accommodate the unique dynamic characteristics of the telecommunications market, we use a multi-component model, called MSHARE. Our method involves a two-phase process. The first phase consists of three components: a projection method, a ring down survey methodology and a purchase intentions survey. The predictions from these components are combined to forecast category sales for the wireless subscribers market. In the second phase, market shares for the various brands are generated using the forecast of the number of subscribers that are obtained in Phase 1 and the share predictions from the ring down methodology. The proposed methodology produces the minimum Relative Absolute Error for each market as compared to the forecasts from each individual component in the first phase. The value of the proposed model is illustrated by its application to a real world scenario. The managerial implications of the proposed model are also discussed.