On optimal control of income generating activities, and the value of flexible production design

The paper provides a closed form solution for the value of a firm which costlessly can change its mode of operation between two activities. The technology is such that production is zero from the inactive production line. In addition we assume that the production potential on any production line is idle when not operated, else the production follows a geometric Brownian motion. Although this framework is rather general, it is motivated by the problem to produce a natural resource located in two separate wells/ores, using a single (flexible) production unit. For what seems to be reasonable parameter values, the flexible unit is seen to achieve a surprisingly large value relative to the value achievable by a comprehensive unit, producing both alternatives simultaneously. In addition it is interesting to note that switching might occur even if the active production line gives the highest immediate income.     

Elasticity estimates of farmed salmon demand in Spain and Italy

In this paper, estimates of the elasticities that characterize the structure of demand for farmed salmon in Spain and Italy are reported. The demand models are specified using a Box-Cox transformation of the variables and a Hausman test is used to determine price endogeneity in the demand equations. The results show short-run unitary own-price elasticity of demand for farmed salmon in both markets, but long run estimates show significant elastic price response. Short run substitution of salmon for other fish species is not observed and, for both Spain and Italy, farmed salmon is characterized as a luxury good. Interestingly, we show that our a priori expectations about own-price elasticities being lower in smaller market areas is confirmed. Finally, the results obtained are compared to other recent results reported in the salmon demand literature.     

利用生产停顿机会进行维修以提高产量

介绍Statoil公司提出的机会维修概念和它对生产所起的重要作用,举例说明机会维修的可行性,并对机会维修进行优化使它更好地为生产服务.     

Managing interaction for learning and value creation in exchange relationships

Firms create value by establishing and maintaining appropriate exchange relationships. However, beyond the generally recognized importance of trust and commitment, there is a lack of specific cues as to how such value creation can be managed. In an attempt to gain more insight this study examines the success formulas in three different types of interactions in exchange relationships. The purpose is to investigate how different types of interactions can be managed so that buyer firms make important contributions to the development of their suppliers' capabilities. The study empirically examines how inter-organizational management facilitates value creation in three different types of interactions in exchange relationships: unilateral learning, unilateral development, and bilateral learning. This study uses a partial least squares analysis (PLS) to analyze survey data from 142 exchange relationships in the seafood industry. The main contribution to the literature is the assessment of how various types of inter-organizational management promote value-creation initiatives (such as information supply and coaching), and ultimately, value creation.     

Safety attitudes,behaviour, anxiety and perceived control among professional and non-professional drivers

The current study aimed to investigate differences in psychological safety factors such as attitudes and behaviour among professional and non-professional drivers. Differences in accident involvement and the number of speeding tickets were also investigated. An additional aim was to study factors associated with risky driver behaviour and speeding tickets in these groups. A questionnaire survey was distributed by mail to a randomly selected sample from the Norwegian population registry (N?=?6203). The response rate was 30% and the final sample consisted of 1864 individuals. Adjusted for demographic characteristics and road traffic exposure the results showed that professional drivers (n?=?113) reported significantly less seat belt use and watchful driving than non-professional drivers (n?=?1594). Professional drivers reported significantly less fun riding and safer attitudes regarding addressing the unsafe driving of others. The professional drivers also reported significantly safer behaviour related to drink driving, but lower priorities of road traffic safety. Professional drivers perceived significantly more control and had been involved in more accidents than the non-professional drivers. The results suggest that professional drivers may constitute a risk group in road traffic. Further research could focus on barriers of seat belt use and mechanisms, which could promote safety priorities in this driver group. The knowledge gained by such studies could be utilised by company managers in order to promote safer behaviour among professional drivers.     

Drivers of Interorganizational Trust in Seafood Exporter-Importer Relationships

The article presents structural equation modeling analysis of survey data from 181 buyer-seller relationships in the seafood industry. Relational investments, relationship length, and sharing of strategic information are identified as the key drivers of interorganizational trust (measured for the whole exchange relationship and not as either buyer or supplier trust). Contrary to common assumptions, international experience and sharing of logistical (operational) information show no association with interorganizational trust. Hence, previous successes are no guarantee that exchange relationships will work well in the future. As the nature of business changes and new challenges arise, managers must always be alert to new approaches and develop new recipes to be successful.     

The Rise of Individual Performance Pay

Existing empirical evidence suggests that individual performance pay is more prevalent in human‐capital‐intensive industries. We introduce a model that can contribute to explain this. In a repeated game model of relational contracting, we analyze the conditions for implementing peer‐dependent incentive regimes when agents possess indispensable human capital. We show that the larger the share of values that the agents can hold up, the lower is the implementable degree of peer‐dependent incentives. In a setting with complementary tasks, we show that although team‐based incentives are optimal if agents are dispensable, it may be costly, and, in fact, suboptimal, to provide team incentives when the agents become indispensable.     

Measuring Social Performance in Social Enterprises: A Global Study of Microfinance Institutions

Journal of Business Ethics - Social enterprises in the microfinance industry need to adhere to both financial and social demands. Critics argue that there is a mission drift away from the social...