Learning to bid: The design of auctions under uncertainty and adaptation

We examine auction design in a context where symmetrically informed adaptive agents with common valuations learn to bid for a good. Despite the absence of private valuations, asymmetric information, or risk aversion, bidder strategies do not converge to the Bertrand–Nash equilibrium strategies even in the long run. Deviations from equilibrium strategies depend on uncertainty regarding the value of the good, auction structure, the agents? learning model, and the number of bidders. Although individual agents learn Nash bidding strategies in isolation, the learning of each agent, by flattening the best-reply correspondence of other agents, blocks common learning. These negative externalities are more severe in second-price auctions, auctions with many bidders, and auctions where the good has an uncertain value ex post.     

Who is considered an ‘older worker'? Extending our conceptualisation of ‘older’ from an organisational decision maker perspective

A refinement of the construct of age, specifically ‘older’, is recognised as a critical measurement concern for experts in both ageing research and policy formation. In this context, we set out to both chronologically define an ‘older worker’ and to identify on what basis the age of ‘older’ is determined. In doing so, we draw on open‐ended survey data (collected in 2011) from a sample of 407 organisational decision makers across all industries in Ireland. Our focus was specifically on the perspective of organisational decision makers because these individuals will be instrumental in facing the challenges associated with workforce ageing. The results show that workers are considered as ‘older’ at a younger age than might be expected and that decision makers conceptualise workers as ‘older’ using various approaches in the organisational context. Our findings contribute to the literature in three ways: firstly, by providing an important empirically derived understanding of the term ‘older worker’; secondly, by empirically examining previously suggested ‘possible’ indicators of age; and thirdly, by demonstrating that these indicators are conceptually and empirically distinct, advancing theory on the concept of age in the workplace.     

Customer-centric pricing: The surprising secret for profitability

Companies spend enormous amounts of energy and capital in creating value for customers, but less regard is given to actually capturing the value they have created. Segmentation based on buying behavior uncovers a tremendous differential in willingness to pay for subjective product attributes such as convenience, status, and quality. Purchase decisions are made through an assessment of a myriad of factors balancing perceptions of value components against price in a subtle, complex, and often sub-conscious decision matrix. Customer-centric pricing requires the simultaneous and continuous assessment of product attributes, customer perceptions, and the circumstances of time and place by listening to customers' actions. It is a means of assuring that companies assess the value they create for customers and extract that value from the marketplace.     

Constructing migration: Infrastructure,poverty and development in KwaZulu‐Natal

Migration and population movement are probably the most neglected of the significant dynamics behind rural poverty in South Africa. Little is known about how people move from place to place, and much of what we thought we knew may be incorrect. In KwaZulu‐Natal job search is no longer the single dominating reason given for migration. Instead, infrastructure ties with it for first place today, with land close behind. The first article in this two‐part report notes that as many as two thirds of the province's disadvantaged families have broken away from their communities of origin and moved at least once during their lifetimes. Perhaps three million have migrated in the last fifteen years. A second unexpected finding is the predominance of rural‐to‐rural migration. Three quarters of all moves recorded were rural to rural, with many orientated towards advantaged rural areas around small towns and secondary cities. Results show how streams are channelled towards poverty or opportunity, and argue for a review of prevailing concepts of rural‐urban relations which structure delivery efforts. The second article, to follow later, notes that recorded income levels are now higher in some rural destination areas than in the urban shack communities that accommodate rural‐to‐urban migrants. Results of various studies presented show how access to information affects migration patterns, and the article also explores the role of infrastructure as a determining force in the regional distribution of population and as a factor in people's own bootstrap anti‐poverty efforts.     

Case Studies of Farmers' Use of Information Systems

Exploratory case study research was initiated to study the evolution of management information systems and their use in operational and strategic decisions. The unit of analysis was the management team on farms with innovative or successful information systems. Human factors, such as an analytical nature and commitment to lifelong learning, were perceived to be the most important common elements. Production variables often were critical success factors. Managers annually developed financial statements; enterprise and "what if" analyses were conducted regularly. Learning about questions that innovative producers have difficulty addressing was time-consuming but instructive with respect to research and educational needs.