An integrated marketing capability benchmarking approach to dealer performance through parametric and nonparametric analyses

The role of marketing capabilities as a source of sustainable competitive advantage has been discussed previously in the marketing strategy field. Benchmarking, a well-known learning mechanism, is suggested as a tool to identify and improve the marketing capabilities of a firm. Despite its popularity as a theoretical concept, there is not much empirical evidence to support the view of benchmarking marketing capabilities as a route to guide managers' efforts in this direction. This paper contributes to the three perspectives in the literature that support the view that benchmarking marketing capabilities can offer a basis for sustainable competitive advantage of the firm through both a conceptual and integrated benchmarking model. They are empirically analyzed using stochastic frontier and data envelopment analysis methods based on four-year data set of forty-five dealers of a leading business-to-business supplier. The results indicate the importance of competent salespeople and building a long-term relationship in enhancing dealer performance. In addition, they reinforce a recipe of how marketing capabilities can be benchmarked to achieve sustainable competitive advantage. Discussions and implications for managers are also presented.     

技术创新效率的内生性与随机变动效应研究——要素投入中知识资本与人力资本的差异化影响

知识资本投入和人力资本投入能够推动效率变革,从而促进生产要素的集约利用,提高技术创新效率和全要素生产率,同时也将对技术创新效率的随机变动产生差异化影响。文章采用马尔可夫链模型研究了技术创新效率的内生性与随机波动效应,讨论了知识资本投入和人力资本投入对技术创新效率变动趋势的差异化影响与异质性特征。研究发现,知识资本投入中技术创新效率具有内生性且随机变动效应明显,知识积累对技术进步产生负向冲击效应,加剧技术创新效率不确定性变化和随机波动;人力资本投入能够缓和阶段性技术进步对技术创新效率的负面冲击,使技术创新效率随机变动趋向平缓;知识资本投入比人力资本投入为技术创新效率变动带来更多不确定因素,技术创新效率不确定性和非线性趋势主要是由知识资本投入与技术进步不同步引起的。在理论分析的基础上,运用广义矩估计方法量化分析了技术创新效率的变动趋势和随机波动效应,检验了技术创新效率随机变动不确定程度、技术创新效率的内生性和非线性变动趋势。建立和健全知识资本等创新要素的市场配置和运行机制,深化科技体制改革,保护知识产权,能够提高全要素生产率和技术创新效率。     

全球制造业传统与环境生产率变化及收敛性的比较论证

文章旨在通过2000-2009年期间数据研究制造业在全球经济体以及不同行业之间传统生产率以及能源生产率的变化趋势以及收敛特征。相比于传统生产率,在核算能源生产率过程中纳入了二氧化碳排放量等非期望型产出。分别采用DEA-Malmquist以及Global Malmquist Luenberger指数法测算两类生产率指数并进行比较分析,进而对分经济体以及分行业两类生产率进行了收敛性的检验。研究指出制造业在经济体之间以及行业之间的δ收敛特征均不明显,但除了重工业的传统生产率,其他分经济体以及分行业之间两类生产率都存在显著的绝对β收敛以及条件β收敛。总体上能源效率的收敛速度低于传统效率,但在不同行业及经济体之间,收敛的态势与表现存在较大的差异。     

Too small to be beautiful? The farm size and productivity relationship in Bangladesh

This paper examines the agricultural productivity-farm size relationship in the context of Bangladesh. Features of Bangladesh’s agriculture help overcome several limitations in testing the inverse farm-size productivity relationship in other developing country settings. A Stochastic Production Frontier (SPF) model is applied using data from three rounds of a household panel survey to simultaneously estimate the production frontier and the technical inefficiency functions. The ‘correlated random effects’ approach is used to control for unobserved heterogeneous household effects. Methodologically, the results suggest that SPF models that ignore the inefficiency function are likely mis-specified, and may result in misleading conclusions on the farm size-productivity relationship. Empirically, the findings confirm that the farm size and productivity relationship is negative, but with the inverse relationship diminishing over time. Total factor productivity growth, driven by technical change, is found to have been robust across the sample. Across farm size groups, the relatively larger farmers experienced faster technical change, which helped them to catch up and narrow the productivity gap with the smaller farmers.     

Regression-based Monte Carlo methods for stochastic control models: variable annuities with lifelong guarantees

We present regression-based Monte Carlo simulation algorithm for solving the stochastic control models associated with pricing and hedging of the guaranteed lifelong withdrawal benefit (GLWB) in variable annuities, where the dynamics of the underlying fund value is assumed to evolve according to the stochastic volatility model. The GLWB offers a lifelong withdrawal benefit, even when the policy account value becomes zero, while the policyholder remains alive. Upon death, the remaining account value will be paid to the beneficiary as a death benefit. The bang-bang control strategy analysed under the assumption of maximization of the policyholder’s expected cash flow reduces the strategy space of optimal withdrawal policies to three choices: zero withdrawal, withdrawal at the contractual amount or complete surrender. The impact on the GLWB value under various withdrawal behaviours of the policyholder is examined. We also analyse the pricing properties of GLWB subject to different model parameter values and structural features.     

Partial hedging and cash requirements in discrete time

This paper develops a discrete time version of the continuous time model of Bouchard et al. [J. Control Optim., 2009, 48, 3123–3150], for the problem of finding the minimal initial data for a controlled process to guarantee reaching a controlled target with probability one. An efficient numerical algorithm, based on dynamic programming, is proposed for the quantile hedging of standard call and put options, exotic options and quantile hedging with portfolio constraints. The method is then extended to solve utility indifference pricing, good-deal bounds and expected shortfall problems.     

Gradient-based simulated maximum likelihood estimation for stochastic volatility models using characteristic functions

Parameter estimation and statistical inference are challenging problems for stochastic volatility (SV) models, especially those driven by pure jump Lévy processes. Maximum likelihood estimation (MLE) is usually preferred when a parametric statistical model is correctly specified, but traditional MLE implementation for SV models is computationally infeasible due to high dimensionality of the integral involved. To overcome this difficulty, we propose a gradient-based simulated MLE method under the hidden Markov structure for SV models, which covers those driven by pure jump Lévy processes. Gradient estimation using characteristic functions and sequential Monte Carlo in the simulation of the hidden states are implemented. Numerical experiments illustrate the efficiency of the proposed method.     

Models,simulation and convergence in the polity: An essay

The essay sets out to illustrate humanity’s dependence on the ubiquity of modelling and simulation. As such, the essay raises issues that are inherent in modelling and simulation now and others that are likely to in the future. The emphasis will be on the ubiquity of modelling and simulation, and not on any instance of its practice. It does not describe the outcome of a particular research project but describes situations that are likely to face modelling and simulation as the polity searches for guidance, no more, on the degree of relevance, reasonableness and robustness modelling, and simulation may offer on the conduct of life in a world now showing signs of overcrowding. The polity often assumes that modelling and simulation represent reality more closely than they actually do leading to important differences between the real world occupied by all life on Earth and the world portrayed by models and simulations. The rapid advance of computer power has led to increasingly complicated models whatever their form. The boundary between complication and complexity is fuzzy, but once crossed the guidance sought from modelling and simulation becomes increasingly opaque. Complexity involves dynamic interactions (situations) between six themes (social, technology, economics, ecology, politics and values/norms (the STEEPV acronym)) creating the notion of convergence related to situations. The essay makes reference to convergence of nanotechnology, biotechnology, information technology and cognitive sciences (NBIC) that has led to ideas of improving human performance. In reality NBIC is not about nanotechnology, which is not a unified field, but about the convergence of many threads of science, technology and engineering, and society. Models and simulations have played such an extraordinary but largely unnoticed part in this convergence that they may be regarded as the convergence and that its progress depends upon them. Perhaps there are no better examples than the penetration of mathematics and computable models into biology and living systems. If human performance can be improved its genesis will lie there providing the real world allows convergence in desirable ways rather than expecting the natural world to become obedient to computable, partial models.     

技术溢出与区域经济收敛:基于模型的分析

基于技术学习和技术引进的模型分析,本文对技术溢出在区域经济收敛中的作用机制进行了研究。分析表明,给定一定的传导路径和技术的吸收能力,技术溢出在区域经济收敛中发挥了关键作用。最后利用我国东部苏南、台州等地区的发展经验,对这一作用机制进行了实证分析。     

高铁时空收敛视角下长三角经济联系的变化

本文以长三角地区为例,利用弗洛伊德算法计算城市间的时间距离,以此对经典经济联系指标进行修正,并研究2009—2019年间该区域高速铁路网产生的时空收敛现象及其对各城市间经济联系的影响。结果证实:样本期间长三角区域呈现出了较强的时空收敛现象;纵向看,各城市间经济联系总量和可达性值均表现出长三角城市群经济联系逐步增强的趋势,横向看,较早开通高铁的城市产生的时空压缩现象对其经济联系产生的影响更为明显。