Game theoretic derivations of competitive strategies in conjoint analysis

While conjoint analysis has been applied in a wide variety of different contexts in Marketing, most applications fail to explicitly consider retaliatory reactions from competitors. In this paper, a methodological extension is developed for conjoint analysis by explicitly modeling competition in a game theoretic context. The Nash equilibrium concept is employed to model competitive reactions to produce design, and its implications for reactive product strategies are discussed. The optimal product design problem for each firm is formulated as a nonlinear integer programming problem, which is solved via a specialized branch and bound method combined with a heuristic. In order to compute a Nash equilibrium, a sequential iterative procedure is proposed. The proposed procedure is illustrated under several scenarios of competition using previously published conjoint data.This research has been supported by the Henry Rutgers Research Fellowship, Rutgers University.     

Learning across the life cycle: Experimentation and performance among the hollywood studio heads

Guided by notions from the literature on organizational learning, this paper investigates how product line experimentation and organizational performance change across the careers of top managers. Its subjects are the studio heads who ran all the major Hollywood film studios from 1936 to 1965. The study found first, that product line experimentation declines over the course of executive tenures; second, that there is an inverse U‐shaped relationship between top executive tenure and an organization's financial performance; and third, that product line experimentation is more likely to benefit financial performance late in top executives' tenures. These findings are consistent with a three‐stage ‘executive life cycle’. During the early years of their tenures, top managers experiment intensively with their product lines to learn about their business; later on their accumulated knowledge allows them to reduce experimentation and increase performance; finally, in their last years, executives reduce experimentation still further, and performance declines. Copyright © 2001 John Wiley & Sons, Ltd.     

韩国企业对中国直接投资的实情分析和决定因素

文章通过对韩国企业对中国直接投资的实情分析,考察不同规模企业的特征,并依 据投资国的国内因素分析了对中国直接投资的决定因素。     

An empirical test of trust-building processes and outcomes in sales manager-salesperson relationships

This study examines three trust-building processes and outcomes in sales manager-salesperson relationships. This study, based on a sample of more than 400 business-to-business salespeoples from a variety of industries, shows two trust-building processes (predictive and identification) to be significantly related to salesperson trust in the sales manager. Interpersonal trust was found to be most strongly related to shared values and respect. Trust was directly related to job satisfaction and relationalism, and indirectly related to organizational commitment and turnover intention. Thomas G. Brashear (brashear@mktg.umass.edu) (Ph.D., Georgia State University) is an assistant professor of marketing in the Isenberg School of Management at the University of Massachusetts-Amherst. James S. Boles (jboles@gsu.edu) (Ph.D., Louisiana State University) is an associate professor of marketing in the Robinson College of Business at Georgia State University. His research has appeared in a variety of journals, including theJournal of Marketing, theJournal of Business Research, theJournal of the Academy of Marketing Science, theJournal of Retailing, theJournal of Personal Selling and Sales Management, and theJournal of Applied Psychology. His areas of research interest include personal selling, sales management, key and strategic account management, and business relationships. Danny N. Bellenger (mktdnb@langate.gsu.edu) (Ph.D., University of Alabama) is currently chairman of the Marketing Department in the Robinson College of Business at Georgia State University. His research has appeared in a number of academic journals including theJournal of Marketing Research, theJournal of Marketing, theJournal of Advertising Research, theCalifornia Management Review, theJournal of Retailing, theJournal of Personal Selling and Sales Management, Industrial Marketing Management, and theJournal of Business Research. He has authored four monographs and four textbooks on marketing research, sales, and retailing. Charles M. Brooks (brooks@quinnipiac.edu) (Ph.D., Georgia State University) is an associate professor and chair of the Department of Marketing and Advertising at Quinnipiac University. His research has appeared in theJournal of Business Research, theJournal of Retailing, Marketing Theory, and theJournal of Marketing Theory and Practice.     

The religious factor in private education

We quantify the religious factor in private education in the United States by calibrating a political economy model of school choice—among public, private-nonsectarian and subsidized religious schools—in which parents differ in their incomes and in their preferences for religious education. This shows strong latent demand for religious schooling, conditioned on current subsidized tuition levels in parochial schools, which is suppressed by the need to “pay twice” for private education. Applying the results of the calibration to gauge the effect of means-tested school voucher programs on religious and nonsectarian private enrollment, we find that when the amount of the voucher is relatively small, including subsidized religious schools in such programs is necessary for providing low-income families effective access to private education.     

Do converters facilitate the transition to a new incompatible technology? A dynamic analysis of converters

This paper analyzes the process of transition in standards between incompatible technologies when converters are available. Contrary to a common presumption that converters facilitate the transition from an old technology to an otherwise incompatible new technology, I find circumstances in which the possibility of transition is blockaded by the existence of converters. In the welfare analysis of converters, a distinction is made between ex ante and ex post efficiency effects. Finally, I also analyze the equilibrium behavior in the provision of converters and compare it to the socially optimal outcome.     

An Analysis of Trade Patterns and the Effects of the Real Exchange Rate Movements in East Asia

This article investigates the patterns of vertical specialization in trade among China, Japan and Korea, and the effects of real exchange rate fluctuations under a multistage production process. By extending the models of Yi (2003, 2010), we derive two distinct features of vertical specialization and test them using Time-Varying Parameter (TVP) VAR. We find that a positive shock to China’s final good consumption increases the intermediate goods trade between Korea and China, with expanding magnitude over time. In addition, the positive effect of a real exchange rate depreciation on intermediate goods trade is strengthened through the competitiveness-enhancing channel, with this effect being more pronouncing in Korea-China trade than in Korea-Japan trade.     

Financial System and Housing Price

The 2007/2008 US financial crisis is related to the securitization of mortgage loans and the housing-price boom and bust. In this article, we test the hypothesis that housing-price change is related to the development of the financial system. Using panel data for 23 countries from 1988 to 2012, we have found that the housing-price growth rate increases as the financial system moves a bank orientation to a market orientation. The policy implication is that the government should beware sudden increases in the capital market relative to the banking sector. Especially, more sophisticated financial supervision with respect to housing-price movement is required when a bank-based financial system progresses quickly to a market-oriented financial system.     

BANK PRIVATIZATION AND CONVERGENCE OF PERFORMANCE: INTERNATIONAL EVIDENCE

We trace the extent of performance deviation of privatized banks from established private banks in 30 countries from 1994 to 2005 and investigate the role of bank regulatory and supervisory norms, market competition, ownership structure, deposit insurance scheme, and governance structure affecting the deviation. Evidence shows that privatization does improve the performance of banks in the first year of being privatized, but performance gradually declines, which is consistent with the government restructuring argument before the privatization. Governance, foreign ownership, banking freedom (regulations), and the deposit insurance scheme in respective economies are found to affect performance deviation significantly.