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  • Blackwell Publishing Ltd  (25,582)
  • 1995-1999  (25,582)
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Year
  • 101
    Electronic Resource
    Electronic Resource
    SOLUTION OF THE EXTENDED CIR TERM STRUCTURE AND BOND OPTION VALUATION (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 6 (1996), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: The extended Cox-Ingersoll-Ross (ECIR) models of interest rates allow for time-dependent parameters in the CIR square-root model. This article presents closed-form pathwise unique solutions of these unsolved stochastic differential equations (s.d.e.s) in terms of functionals of their driving Brownian motion and parameters. It is shown that quadratics in solution of linear s.d.e.s solve the ECIR model if and only if the dimension of the model is a positive integer and that this solution can be achieved by construction of a pathwise unique generalized Ornstein-Uhlenbeck process from the ECIR Brownian motion. For real valued dimensions an extension of the time-change theorem of Dubins and Schwarz (1965) is presented and applied to show that a lognormal process solves the model through a stochastic time change. Pathwise equivalence to a rescaled time-changed Bessel square process is also established. These novel results are applied to characterize zero-hitting time and to produce transition density and zero-hitting conditions for the ECIR spot rate. the CIR term structure is then extended to ECIR under no arbitrage, and its solutions and the transition density are represented under a new ECIR martingale measure. the findings are employed to derive a closed-form ECIR bond option valuation formula which generalizes that obtained by CIR (1985).
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1996.tb00113.x
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  • 102
    Electronic Resource
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    OPTIMAL INVESTMENT OF A LIFE INTEREST (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We consider the problem of a trustee faced with investing a sum of money, the interest from which will be received by one party (the life-tenant) during his lifetime while the capital will go to another party (the survivor) on the death of the life-tenant. We assume mat there are n+ 1 assets in which the trustee may invest—n risky assets of geometric Brownian motion type and one nonrisky asset. Under assumptions as to the utility functions of the two parties, we find the collection of Pareto optimal investment strategies for the trustee together with the corresponding payoffs. We do this by optimizing the payoff of the Lagrangian for the problem. We go on to present the Nash optimal solution for the trustee.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00068.x
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  • 103
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    CERTAINTY EQUIVALENCE AND LOGARITHMIC UTILITIES IN CONSUMPTION/INVESTMENT PROBLEMS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We investigate an optimal consumption/investment decision problem with partially observable drift. Logarithmic utilities are shown to be necessary and sufficient for the certainty equivalence principle to hold. For the sufficiency part of the proof, we allow a general stochastic structure about the unobservable drift. On the other hand, a simple Bayesian structure is assumed for the necessity part in order to utilize the Hamilton-Jacobi-Bellman equations.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00069.x
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  • 104
    Electronic Resource
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    OPTION PRICING USING THE TERM STRUCTURE OF INTEREST RATES TO HEDGE SYSTEMATIC DISCONTINUITIES IN ASSET RETURNS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: This paper demonstrates the use of term-structure-related securities in the design of dynamic portfolio management strategies that hedge certain systematic jump risks in asset return. Option pricing formulas based on the absence of arbitrage opportunities in this context are also developed. the analysis is for the case where assets returns are driven by a finite number of Brownian motions and an m-variate point process. the inclusion of :the additional traded assets in the term structure makes it possible to hedge systematic jumps imbedded in the m variate point process.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00070.x
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  • 105
    Electronic Resource
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    OPTIMAL PORTFOLIO MANAGEMENT WITH FIXED TRANSACTION COSTS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We study optimal portfolio management policies for an investor who must pay a transaction cost equal to a fixed Traction of his portfolio value each time he trades. We focus on the infinite horizon objective function of maximizing the asymptotic growth rate, so me optimal policies we derive approximate those of an investor with logarithmic utility at a distant horizon. When investment opportunities are modeled as m correlated geometric Brownian motion stocks and a riskless bond, we show that the optimal policy reduces to solving a single stopping time problem. When there is a single risky stock, we give a system of equations whose solution determines the optima! rule. We use numerical methods to solve for the optima! policy when there are two risky stocks. We study several specific examples and observe the general qualitative result that, even with very low transaction cost levels, the optimal policy entails very infrequent trading.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00071.x
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  • 106
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    BOOK REVIEW (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Book Review in this Articleeconomic and financial modelling with mathematica, hal R. varian (editor), telos/springer-verlag. new york 1993
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00073.x
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  • 107
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    PORTFOLIO MANAGEMENT WITH TRANSACTION COSTS: AN ASYMPTOTIC ANALYSIS OF THE MORTON AND PLISKA MODEL (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We examine the Morton and Pliska (1993) model for the optimal management of a portfolio when there are transaction costs proportional to a fixed fraction of the portfolio value. We analyze this model in the realistic case of small transaction costs by conducting a perturbation analysis about the no-transaction-cost solution. Although the full problem is a free-boundary diffusion problem in as many dimensions as there are assets in the portfolio, we find explicit solutions for the optimal trading policy in this limit. This makes the solution for a realistically large number of assets a practical possibility.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00072.x
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  • 108
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    DEFAULT RISK INSURANCE AND INCOMPLETE MARKETS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: This paper uses the existence of secondary markets for debt instruments with default risk (e.g. corporate bonds) to define default insurance along the lines of financial economics. It examines whether, in the case of several risk-neutral measures, characteristics of default can be uniquely determined by the prices of contracts involving default-prone securities.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00064.x
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  • 109
    Electronic Resource
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    ARBITRAGE IN SECURITIES MARKETS WITH SHORT-SALES CONSTRAINTS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: In this paper we derive the implications of the absence of arbitrage in securities markets models where traded securities are subject to short-sales constraints and where the borrowing and lending rates differ. We show that a securities price system is arbitrage free if and only if there exists a numeraire and an equivalent probability measure for which the normalized (by the numeraire) price processes of traded securities are supermartingales. Also, the tightest arbitrage bounds that can be inferred on the price of a contingent claim without knowing agents’preferences are equal to its largest and smallest expected normalized payoff with respect to the supermartingale measures. In the case where the underlying security price follows a diffusion process and where short selling is possible but costly, we derive partial differential equations that must be satisfied by the arbitrage bounds on derivative securities prices, and we determine optimal hedging strategies. We compute the arbitrage bounds on common securities numerically for several values of the borrowing and short-selling costs and show that they can be quite sharp.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00065.x
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  • 110
    Electronic Resource
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    EXISTENCE OF A NONNEGATIVE EQUILIBRIUM PRICE VECTOR IN THE MEAN-VARIANCE CAPITAL MARKET (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We derive a necessary and sufficient condition for the existence of a nonnegative equilibrium price vector under which the total demand and supply of each asset balances in the standard mean-variance capital market. Also, we give an explicit formula for such a price vector. This formula shows that the price of assets is an increasing function of p̄, the weighted average of the requested rate of return of individual investors, which tends to infinity as p̄ approaches the expected rate of return on the market portfolio. Further, we construct a macroeconomic index which gives information about the soundness of the capital market.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00066.x
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  • 111
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    TAKEOVERS OF DIFFUSELY HELD FIRMS: A NONSTANDARD APPROACH (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: A common theme in the literature on corporate control is that, when share ownership is diffuse, the free-rider problem prevents raiders from making acquisitions at tender prices below the postacquisition share price. In this paper, we address this question by formulating a nonstandard model of takeovers of diffusely held firms. It is demonstrated that, even when individual shareholdings are infinitesimal relative to firm size, takeovers succeed with positive probability and equilibria exist in which the raider earns substantial per share profits. Further, the Nash equilibria of the game are characterized with regard to raider profit, the aggregate fraction of shares tendered, and the relation between raider profit and the degree of randomization exhibited by shareholder tendering strategies.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00067.x
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  • 112
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    CRITICAL STOCK PRICE NEAR EXPIRATION (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We study the critical price of an American put option near expiration in the Black-Scholes model. Our main result is an estimate for the difference P̄ (t)- K between the critical price at time t and the exercise price as t approaches the maturity of the option.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00103.x
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  • 113
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    ATTAINABLE CLAIMS IN A MARKOV MARKET (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: It is shown how, even when the market is incomplete, certain contingent claims are attainable: that is, they can be represented as stochastic integrals with respect to the process which describes the evolution of the asset prices.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00105.x
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  • 114
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    MULTIVARIATE STABLE FUTURES PRICES (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: This paper introduces new techniques for modeling financial data under the assumption that the data belong to the domain of attraction of a multivariate stable Pareto law. We provide tail estimators for the index of stability parameter a and the corresponding spectral measure. These estimators are then applied to test the associtation of the individual components and to compute estimates of portfolio risk and the covariation of commodities. A practical example is given using DM-dollar and JY-dollar exchange rates data.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00106.x
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  • 115
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    ISOLATING THE WILD CARD OPTION (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
    Details
    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Many embedded options are difficult to value the wild card option in the Treasury bond futures contract is one of these embedded options. We illustrate how narrow theoretical bounds on the value of this option, relative to the price of the contract, may be obtained in the presence of other embedded options. Simulations suggest that the value of the wild card option is close to zero. This implies that, in this economy, a simpler pricing model of the Treasury bond futures contract, which ignores the wild card option, will result in only a small loss of accuracy.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00107.x
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  • 116
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    TAX BASIS AND NONLINEARITY IN CASH STREAM VALUATION (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: The value of a future cash stream is often taken to be its net present value with respect to some term structure. This means that a linear formula is used in which each future payment is discounted by a factor deemed appropriate for the date on which the payment will be made. In a money market with taxes and shorting costs, however, there is no theoretical support for the existence of a universal term structure for this purpose. What is worse, reliance on linear formulas can be seriously inaccurate relative to true worth and can lead to paradoxes of disequilibrium. A consistent no-arbitrage theory of valuation in such a market requires instead that taxed and untaxed investors be grouped in separate classes with different valuation operators. Such operators are linear to scale but nonlinear with respect to addition. Here it is established that although these valuation operators provide general bounds applicable across an entire class, individual investors within a tax class can have more special operators because of the influence of existing holdings. These customized valuation operators have the feature of not even being linear to scale. In consequence of this nonlinearity, investors from the same or different tax classes can undertake advantageous trades even when the market is in a no-arbitrage state, but such trade opportunities are limited. Some degree of activity in financial markets can thereby be understood without appeal to differences in utility functions or temporary disequilibrium due to random disturbances.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00104.x
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  • 117
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    ANNOUNCEMENT (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00109.x
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  • 118
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    FACTOR MODELS OF DOMESTIC AND FOREIGN INTEREST RATES WITH STOCHASTIC VOLATILITIES (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We consider a two-country economy under the nonarbitrage assumption and where volatilities are stochastic. Assuming the existence of state variables, we show that, under some mild volatility assumptions, the model is actually fully specified. In particular, both term structure dynamics and the exchange rate process can be given endogeneously under the risk-neutral probability. We then derive the exact dependence of the zero-coupon bonds and the exchange rate on the underlying state variables. As a result, some closed-form solutions can be proposed for the derivative assets as futures and options written on foreign zero-coupon bonds.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00108.x
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  • 119
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    APPROXIMATE COMPLETENESS WITH MULTIPLE MARTINGALE MEASURES (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: We construct a financial market with countably many securities for which there are two equivalent martingale measures under which the market is approximately complete. Thus, approximate completeness does not in general guarantee unique consistent prices for nonmarketed claims. the construction also produces an economy with two agents and infinitely many traded goods which is in equilibrium but has no equilibrium when a new good (recognized by all as redundant) is tentatively traded.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00098.x
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  • 120
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    THE GARCH OPTION PRICING MODEL (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: This article develops an option pricing model and its corresponding delta formula in the context of the generalized autoregressive conditional heteroskedastic (GARCH) asset return process. the development utilizes the locally risk-neutral valuation relationship (LRNVR). the LRNVR is shown to hold under certain combinations of preference and distribution assumptions. the GARCH option pricing model is capable of reflecting the changes in the conditional volatility of the underlying asset in a parsimonious manner. Numerical analyses suggest that the GARCH model may be able to explain some well-documented systematic biases associated with the Black-Scholes model.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00099.x
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  • 121
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    BOOK REVIEW (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: Book Review in this Article Dynamic Asset Pricing Theory, By Darrell Duffie
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00102.x
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  • 122
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    ARBITRAGE AND INFORMATION IN A SEQUENTIAL ECONOMY WITH MANY CREDIT AGENCIES (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: This paper augments the theoretical foundations of organized commodity futures markets and uncovers singular facts about arbitrage and the role of information. Using the term “credit agency” to embrace organized futures markets such as the Chicago Board of Trade as well as independent brokerage houses, we extend the extant theory of temporary equilibrium for an economy with a single credit agency to economies with many credit agencies. In the process, we find that arbitrage with no risk of bankruptcy and with perfect interagency trade information can be incompatible with equilibrium (exact or approximate). On the other hand, the usual regularity assumptions are sufficient for the existence of at least an approximate equilibrium, provided that interagency trade information is imperfect (or risky). However, such imperfect information limits arbitrage so different agencies can have different prices.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00100.x
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  • 123
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    VOLATILITY STRUCTURES OF FORWARD RATES AND THE DYNAMICS OF THE TERM STRUCTURE (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Mathematical finance 5 (1995), S. 0 
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    ISSN: 1467-9965
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Mathematics , Economics
    Notes: For general volatility structures for forward rates, the evolution of interest rates may not be Markovian and the entire path may be necessary to capture the dynamics of the term structure. This article identifies conditions on the volatility structure of forward rates that permit the dynamics of the term structure to be represented by a two-dimensional state variable Markov process. the permissible set of volatility structures that accomplishes this goal is shown to be quite large and includes many stochastic structures. In general, analytical characterization of the terminal distributions of the two state variables is unlikely, and numerical procedures are required to value claims. Efficient simulation algorithms using control variates are developed to price claims against the term structure.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9965.1995.tb00101.x
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  • 124
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    Wage Premium in the Industrial Sector of the Spanish Economy: Empirical Evidence (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 9 (1995), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper presents evidence that firm-level productivity increases when the relative wage rises, or the level of unemployment rises. Both facts are consistent with the efficiency wage model. Moreover, there is support for the idea that an increase in the sector's wage with respect to the previous year also increases productivity. We obtain the empirical evidence through a double-hurdle model. We use this estimation technique because it can be established that the differences in productivity between sectors could be explained by differences in effort. It means that some of the industrial sectors of the Spanish economy may pay wage premia while others do not. We also test this implication through panel data.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9914.1995.tb00253.x
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  • 125
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    Part-Time Work in the Nordic Countries: A Trap for Women? (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 9 (1995), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. The aim of the study is to examine the consequences of part-time employment at the individual level, especially for women. Are part-time jobs precarious as compared to full-time jobs, and are they traps, or perhaps rather bridges, in the labour market? The results indicate that the situation of part-timers varies in the Nordic countries. On one hand, the gap between part-time and full-time work has narrowed in Sweden and Norway, which may reflect a normalization of part-time work in these countries. On the other, part-timers' situation in the Finnish labour market still seems more precarious than that of full-timers. However, in most cases part-time work is a bridge rather than a trap in the Nordic labour market.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9914.1995.tb00256.x
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  • 126
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    The Redistributive Effects of the Tax Wedge in Italy (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 9 (1995), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract. This paper presents an original data set of microdata on the tax wedge in Italy, obtained by using the microsimulation model ITAXMOD, developed at ISPE (Institute for Studies on Economic Planning). These data are used to measure the components of the tax wedge and their burden on the total cost of labour at the individual level. The results have been aggregated across income brackets, socio-economic groups and sectors of employment. These data are the necessary preliminary input for any redistributive analysis and in addition they make the available data for Italy comparable with those of other countries. Scant attention has been paid up to now to the redistributive aspects of the tax wedge, since most analyses are based on the income of the “average production worker” which is far from an ideal standard for comparison. The computation of the tax wedge for different brackets of total labour cost has been explored in two ways. The first is related to the differing weights of the components of the tax wedge on cost of labour and no particular hypothesis has been made about the incidence of these components. The results show that the burden of personal income taxation and of social security contributions is very high even for wage-earners in the lowest brackets (in 1992, the estimated tax wedge is more than 44% of total labour cost even in the second decile of the labour cost). That might discourage both labour supply and labour demand across the entire spectrum of deciles of cost of labour. The second line of research studies the incidence of personal income taxes and employees' social security contributions on gross earnings, under the maintained hypothesis that these two components of the tax wedge are shouldered by the employees.
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    Real versus Nominal Convergence: National Labour Markets and the European Integration Process (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 9 (1995), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: : This paper investigates the role of national labour market characteristics for the chances of successful transition to EMU in Europe as well as for its viability The conclusions are rather pessimistic Although overlooked by the Maastricht Treaty the need for real convergence (I e convergence of real macroeconomic variables like unemployment) is emphasized as a major condition for success However current labour market characteristics in the EC make it quite unlikely that this condition will be fulfilled We show that the implementation of the Maastricht programme might turn into an obstacle to monetary unification
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    Bargaining Power and Wage Determination: The Role of Outside Options (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 9 (1995), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: : The paper analyses the wage bargaining process between an entrepreneur and his workforce when delays in agreement intrinsically reduce the amount of returns to be shared It is shown that the outside options of the workforce and the entrepreneur can be a systematic determinant of their bargaining power in contrast to what the Rubinstein (1982) model predicts The basic model is extended to analyse: (i) bargaining under multiple unionism; (ii) the- possible relationship between bargaining and efficiency wages; and (iii) under investment in workforce training.
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    Editorial Foreword (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 10 (1996), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Decomposing the Male/Female Wage Gap: Within and Between Establishment Differences (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Labour 10 (1996), S. 0 
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    ISSN: 1467-9914
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: : Using Norwegian data from interviews with about 3,500 employees in 759 establishments, the male-female wage differential is decomposed into its between and within establishment components. In the private sector, the gross wage differential of 23 percent is reduced to 13 by checking for human capital and job characteristics, and to 8 by (also) checking for industry and establishment affiliation. Only this within-establishment differential will be affected by equal pay and comparable worth legislation. In the public sector the gross wage gap between men and women is smaller (17 percent). The inter-establishment component is very small, probably due to centralized wage setting and standardized pay schemes. This has not, however, affected the within-establishment differential which is as large as in the private sector.
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    WEST GERMAN IDEAS ON EMPLOYMENT POLICY DURING THE FIRST YEARS OF THE ‘ECONOMIC MIRACLE’ (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Employment policies were a concern throughout history but not always in the sense of Keynes. German neoliberals (who had anticipated Keynesian ideas around 1930) emphasised the need for productive employment in the period of growth after the war. According to the vision of a social market economy, jobs should not be only temporary, but offer lasting employment, in industries with good development prospects, and in conditions conductive to good work.
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    MARKETS AND GAMES: A SIMPLE EQUIVALENCE AMONG THE CORE, EQUILIBRIUM AND LIMITED ARBITRAGE (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This note provides simple proofs of the equivalence among the core, equilibrium and limited arbitrage in markets with short sales, and with uniform strictly convex preferences.
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    CAPACITY UTILIZATION, INVESTMENT AND NORMAL PRICES: SOME ISSUES IN THE SRAFFA-KEYNES SYNTHESIS (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Drawing on recent debate over the theoretical significance of (Sraffian) normal prices this paper begins by outlining an interpretation of the relation between normal prices and administered pricing. This interpretation takes the anticipated average or normal rate of capacity utilization in each sector as data in the calculation of prices and profit rates. However, anticipated average utilization in each sector, in a cyclically disturbed system, will depend on relative prices and thus on distribution. This interdependence between prices, profit rates and utilization has an important bearing on certain issues arising out of attempts at a Sraffa-Keynes synthesis. The paper attempts to shed light on those issues by exploring further the links between pricing, utilization and investment, using a simplified three-sector model.
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    NEGATIVE LABOUR VALUES AND THE PRODUCTION POSSIBILITY FRONTIER (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Steedman's theoretical finding of negative labour values associated with positive equilibrium prices has been criticised on the grounds that this situation obtains only in inefficient economies. A recent paper by Hosoda claims that this criticism is valid only in two-dimensional joint-product systems. It is argued here that the dimensionality of the system is of no relevance to the “inefficiency critique” of Steedman. Rather, the validity of the critique turns on matters relating to the growth rate and the rate of profit. The argument that processes inefficient in a static context may be viable in the context of von Neumann growth is considered, and the implications for the labour theory of value are assessed. Marx's critique of capitalist economic calculation is supported by reference to the divergence of Sraffian prices and Samuelsonian values when the rate of profit is in excess of the rate of growth.
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    THE ROLE OF SUBSTITUTION IN WICKSELL'S DURABLE CAPITAL MODEL (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In this paper the author shows that the absence of a good which is used directly or indirectly for the production of other goods is a crucial feature of Wicksell's two-sector model, without which a positive relation between the value of machine stock and the consumption good output cannot be guaranteed. In fact he proves that, if that model is generalised by assuming that the capital good is used as an input also in its own production, the sign of the “marginal product of social capital” is indeterminate, even when both sectors have “well-behaved” production functions of a Cobb-Douglas type.
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    DIRECTED GRAPH THEORY AND THE ECONOMIC ANALYSIS OF INNOVATION (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This article applies digraph theory to the theory of technological regimes. The first part of the paper identifies a number of links between the evolutionary approach and a particular version of the neoclassical approach to the economic analysis of technological change. Both these approaches are shown to take the body of presently-available technological knowledge as a quantifiable magnitude allowing firms varying in strategy, structure and core capabilities to explore a range of feasible alternatives within the frontiers imposed by such knowledge. The second part of the paper therefore considers technological knowledge to be a cognitive empirical structure which can be better defined and calculated by using the theorems of digraph theory.
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    TAKING EFFORT SERIOUSLY: A REPLY TO CURRIE AND STEEDMAN (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    RICARDO'S THEOREMS ON RELATIVE PRICES A NOTE ON PROF. MORISHIMA (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: It is argued that Prof. Morishima's treatment of Ricardo's theorems concerning relative price movements following changes in income distribution cannot count as a reasonable interpretation of Ricardo. Firstly, Ricardo linked up these price movements not only to diverging capital intensities, but also to diverging depreciation rates. Secondly, Prof. Morishima's proof seems to depend on a technology specification which is also characteristic of Sraffa's nonbasic commodity. A more reasonable interpretation seems to be that Ricardo tried to investigate a number of modifications on the ‘principle’ that relative prices are regulated by labour values. It is shown that Ricardo's theorems were, as first approximations, not at all bad.
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    REDUCIBLE VON NEUMANN MODELS AND UNIQUENESS (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper can be regarded as a result of basic research on the technological characteristics of the von Neumann models and their consequences. It introduces a new taxonomy of reducible technologies, explores their key distinguishing features, and specifies which ones ensure the uniqueness of von Neumann equilibrium. A comprehensive comparison is also given between the familiar (in)decomposability ideas and the reducibility concepts suggested here. All these are carried out with a modern approach. Simultaneously, the reader may also acquire a complete picture of and guidance on the fundamental von Neumann models here.
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    REINVESTED EARNINGS ON DIRECT FOREIGN INVESTMENT (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Reinvested earnings on direct foreign investment are accounted for differently in A System of National Accounts 1968 and the System of National Accounts 1993. In this paper these treatments are compared in relation to the connection between national income accounting and macroeconomic theory. For this purpose, macroeconomic modelling is represented by an attempt to extend the closed-economy Cambridge model of growth and distribution to a two-country trading world.
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    WAGE FLEXIBILITY AND THE STABILITY ARGUMENTS OF THE NEOCLASSICAL SYNTHESIS (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This note fills a lacuna in the neoclassical synthesis and completes its dynamic disequilibrium processes by including adjustments of the money wage rate in response to excess demand on the labour market. A Walrasian and a Keynesian variant are distinguished. While in the first case local asymptotic stability is always ensured, the equilibrium is unstable in the Keynesian case if money wages are too flexible relative to the adjustment speeds on the product and money markets.
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    MISUSE AND OPTIMUM INSPECTING STRATEGY IN AGENCY PROBLEMS (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 47 (1996), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Assets misuse by an agent and the optimal audit inspecting strategy are analyzed in this paper. The agent and the principal are acting to maximize their expected utility and both are characterized by risk aversion. The agent's decision about a theft takes into account the probability of benefiting from the stolen assets but also the probability of being penalized if caught. The principal's decision about the optimal number of audit teams, hence, the probability of uncovering the theft, takes into account the cost involved, the probability of one team of auditors uncovering the theft and the agent's decision about the theft. We get two response curves which describe the optimal behavior of both the agent and the principal and show that there may be a Nash solution to the problem. Since in real life there are often many principals (shareholders) with different utility functions, a set of efficient strategies is offered using the First and Second degree Stochastic Dominance rules. A numerical illustration which clarifies the methodology and displays the applicability of the model is also provided.
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    THE EVOLUTIONARY DYNAMICS OF FINANCIAL PRACTICES (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper presents a model in which financial practices are chosen by decentralized units on the basis of expectations regarding financial market conditions, while the probability distribution governing market conditions itself depends on the choices made. If all agents are unboundedly rational, there is a unique equilibrium in which expectations are self-fulfilling. The assumption of universal unbounded rationality is relaxed by introducing an optimization cost, which leads to the possibility that optimizers may not have a sufficiently great evolutionary advantage to eliminate nonoptimizers entirely. In this case behavioral heterogeneity can persist even in the long run. For certain classes of probability distributions governing financial conditions, the evolutionary dynamics of population composition can help explain a number of stylized facts regarding the dynamics of financial practices which have hitherto been explained on the basis of learning dynamics or systematic cognitive biases.
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    REALLY TAKING EFFORT SERIOUSLY (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Metroeconomica 46 (1995), S. 0 
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    ISSN: 1467-999X
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Person: Innovation Styles Profile of IS Personnel vs Other Occupations (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: W. C. Miller's Innovation Style Profile (ISP) instrument was used to collect data from IS personnel to compare the innovation styles of IS personnel with those in other occupations. Analysis of the results revealed significant differences. Knowledge of these differences should enable teams comprised of IS personnel and user personnel not only to better tolerate their differences but to better appreciate the value of multiple approaches to innovation.
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    Process: Implementation as a Form of Institutional Innovation (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper deals with two related studies of IT implementation. The action research component involved the setting up of ‘creativity club’ workshops to support implementation of IT projects in four organisations. The dynamics of these clubs are examined within an interpretive paradigm. The second component collected data on the wider implementation characteristics of the four projects and those of a ‘matched’ set of projects in four additional organisations. It is proposed that the studies support a reconceptualisation of implementation as a form of institutional innovation within which creativity can be regarded as a process of meaning creation and social learning.
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    Product: Measurement of Creativity of IS Products (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: While the literature on creativity/innovation in IS is sparse, the literature on measurement of creativity in IS products/services is non-existent. This paper provides a review of the literature on measurement of creativity, then concentrates on a discussion of the measurement of software products. Six software products are evaluated for their degree of creativity using a two-criterion approach: novelty and utility.
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    The Torrance Phenomenon: Extended Creative Search for Lord Vishvakarma (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Thinking Creatively About Creativity: What Can We Learn From Recent Developments in the Philosophy of Science? (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Some time ago the Hungarian scholar Istvan Magyari-Beck (1994) published a challenging article in this journal indicating weaknesses in creativity research which sparked off responses from the American scholars Teresa Amabile (1994) and Scott Isaksen (1995). While Magyari-Beck applied familiar themes from the history of science, this article borrows extensively from the latest thinking in the philosophy of science, thus continuing the debate started by Magyari-Beck at the ontological and epistemological plane. The contribution of this article lies in the fact that it uncovers some basic assumptions researchers hold about the nature of the (social) world and ways they can obtain knowledge about that world. As such it challenges orthodox ideas about “good” research and theory building.
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    Editorial (1996)
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    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Creative Relationship-Focused Negotiations in International Business (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: In the international business arena, negotiators are advised to use creative strategies and tactics that are directed toward enhancing relations among the parties rather than use cooperative tactics to the exclusion of competitive ones. International negotiations are usually of a mixed-motive nature, i.e. they involve issues which inherently and appropriately elicit both cooperative and competitive intentions and behaviours, often referred to as win-win and win-lose tactics. However, the popular literature on negotiation fails to consider this reality and often ignores the critical role of relationship building. Lack of focus on relationship building in negotiation can lead not only to inappropriate uses of problem solving techniques but also to unsuccessful outcomes. Various creative techniques appropriate for competitive situations are proposed that can enhance or, at least, maintain positive relationships.
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    Slovak Entrepreneurs — Pioneers (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Entrepreneurship, which after many years is emerging again in Slovakia, brings a new challenge to psychological research. In our study we have concentrated on revealing proentrepreneurial attitudes and characteristics and on identifying barriers which act against the application and utilization of these attitudes and characteristics. Two basic sources are the starting point of our approach: the psychology of creativity and the psychological characteristics of an entrepreneur. We have concentrated on social relationships in particular, to investigate the prevailing attitudes of the Slovak sample.
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    Technology Rules O.K.? A Review of Technological Determinism and Contingency Theory (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: How much freedom is there for a firm to choose its technology without being misled by economic forces? This article reviews the competing theories of technological determinism and contingency approaches. The author argues that, however unappealing to managers, the case against technological determinism remains non-proven. There remains considerable scope to explore this thought provoking area of research.
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    Neural Nets: An Evaluation and a Spreadsheet Implementation (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Attitudes to neural nets range from suspicion to uncritical admiration. This paper aims to introduce nets and to evaluate their strengths and weaknesses. The language is non-technical, but the conceptual treatment is intended to be rigorous. A practical method for implementing a neural net on a spreadsheet is described, and sample results illustrated.
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    Book Reviews (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Lynn B. Upshaw, (1995), Building Brand Identity, A Strategy for Success in a Hostile MarketplaceManu de Bruyn & Roger de Bruyn, (1995), Creativiteit, Alfa-Omega, Visie-Vorm
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    Integrating Environmental Issues into Corporate Strategy: A Catalyst for Radical Organizational Innovation (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1995.tb00226.x
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    Building a Vision - A Practical Guide (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Vision building is as old and natural as man himself. Vision building has become an effective means for individuals and organizations to set and achieve goals. A practical step by step guide to building a vision is presented, which was originally designed for building visions in groups and organizations, although with some modifications may also be used for generating individual visions.
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    The Psychoeconomic View of Creative Work in Groups and Organizations (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Although most research on creativity deals only with individuals, there are many settings in which creative tasks are assigned to groups. Indeed, in most contemporary research settings collaborative inquiry is the norm. Extensions to the psychoeconomic theory of creativity provide several specific predictions about the nature and optimization of group creativity. These predictions are based on consideration of the ways in which some individual differerences in creative style, such as domain experience and flexibility of thinking, are likely to interact. Instead of characterizing such attributes as conducive or harmful to the creative process, the psychoeconomic theory explicitly recognizes their potential for contributions in both directions. In particular, the theory implies that groups should be composed of heterogeneous participants who vary in their experiences within the domain in question, and who are only moderately familiar with one another, for most successful creative performance. This proposal is contrary to several theories which imply greater success from more congenial and symmetric groups. The theory also yields detailed predictions for how the optimal composition of a creative group should vary in response to changes in the characteristics of the group's members and the structure of its working environment.
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    Book of the Quarter (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Understanding and Recognising Creativity: The Emergence of a Discipline, Edited by Scott C. Isaksen, Mary C. Murdock, Roger L. Firestien & Donald J. Treffinger, Ablex Publishing Corporation, Norwood, NJ, ISBN 1 567750 006 4, 545pp, author and name index, pback. Nurturing and Developing Creativity: The Emergence of a Discipline, Edited by Scott C. Isaksen, Mary C. Murdock, Roger L. Firestien & Donald J. Treffinger, Ablex Publishing Corporation, Norwood, NJ, ISBN 1 567750 007 2, 363pp, author and name index, pback.
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    Participation and Creativity: New Forms of Suggestion Schemes in Sweden (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The idea of the suggestion scheme, its role and evolution, can be suitably examined in light of certain distinct mental models or currents of thought in industry and working life. Different perspectives can then be brought to bear on the subject.
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    Innovation or Bureaucracy? (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    Letter from Heerleen: A matter of mutual objectives (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: E.A.C.I.'s corporate liaison sees co-operation and communication amongst members as one way in which to realize mutual objectives. Exploring these objectives is one of the points on the agenda this autumn in the Association's first corporate Podium.
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    Brand Legitimation and the Innovation Process (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A new model is advanced to explain the adoption and diffusion of niche products into consumer markets, comprising a Discovery and Legitimation construct and related double S-shaped life cycle. The Discovery phase characterises branding as a two-way process with consumers imposing their own values on brands as well as brands communicating values to customers. Legitimation occurs when a brand has values that are in harmony with those of its customers, including a distribution and social context. In the proposed double S-shaped life cycle, products undergo an unusually long introductory phase, during which they are discovered by a relatively small number of ‘discoverer’ consumers. Personal influence and word of mouth further diffuse the product at which point growth is constrained by limited distribution and promotion. Subsequently, the brand extends distribution and utilises mass communication to gain access to the mainstream market. An outline of the process in action is offered.
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    Bridging the TQ/CI Gap: The Case of Lucas Car Diesel Systems, Sudbury (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper will focus on the link between organisational and individual learning in the Continuous Improvement (CI) process. It argues that the relationship between Total Quality management programmes and CI is best understood through a close examination of the management processes that capture individual and, hence, Organisation learning in order to ensure that small scale innovations can be sustained on a constant and company-wide basis. Through a longitudinal case study of Lucas Car Diesel Systems, and supported by research carried out by the CIRCA project at the University of Brighton1, it looks at CI in three stages: before a decision is made to change the organisational structure, the “shock” stage that induces organisational change and the subsequent CI phase. It argues that a long term strategic goal of achieving CI is critical to engendering the necessary cultural changes that, in turn, are essential to creating an improvement based and innovative culture. The Lucas case study demonstrates that creating a pervasive CI ethos is fundamentally a question of managing small scale, sometimes non-pecuniary, innovations. But, as the case shows, it can be done through the effective management of communications and employee involvement.
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    Book Reviews (1995)
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Albert Rothenberg. Creativity and Madness. New findings and old stereotypes.Kelvin F. Cross, John J. Feather & Richard L. Lynch (1994) Corporate Renaissance: The Art of ReengineeringPaul Carroll, Big Blue: The Unmaking of IBMRobert Alan Black (1995) Broken Crayons: Break your crayons and draw outside the linesRobert Fritz (1994) CreatingRobert Fritz (1994) The Path of Least ResistanceUlf Grenander, General Pattern Theory
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    Dirt Cheap Gateway to the Global Village for the Rural Masses (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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    Experts and Novices in Innovative, Unstructured Tasks: The Case of Strategy Formulation (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Little is known about how managers interpret and elaborate strategic stimuli into further decision-making activities in novel, unstructured situations. Protocol analysis was conducted among a small sample of experienced managers and novices (managers to be) exposed to unstructured, strategic stimuli situations. The observed activities were found to partly deviate from decision making as portrayed in the research literature. Remarkable differences were also found between experts and novices in their interpretations and elaborations of strategic stimuli. Managerial and theoretical implications of the reported findings are highlighted.
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    Entrepreneurial Innovation: Beyond Schumpeter (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The Schumpeterian model of entrepreneurial action has been deeply influential in the study of entrepreneurship. This article examines the response to this model of the Indian researcher Mathew Manimala, published in Creativity and Innovation Management, Volume 2, number 3 and links it to the ‘value chain’ concept advocated by Michael Porter. This provides a scheme for stimulating intrapreneurship (entrepreneurial activities within large corporations), which requires the loosening of traditional boundaries between professional departments, and an acceptance of multi-function team processes.
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    Software Review (1995)
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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    Editorial (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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    Sustainable Product Design — Is there more to it than Science, Systems and Computers?1 (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The conditions are examined through which a company can take an active part in the evolutionary process towards ecologically sustainable societies. Productivity measures, quality perceptions, ecological performance and critical contradictions between business targets have to be identified, based on systematic retrieval and structuring of information of product, processes and practices. It is important that the company selects ecological performance parameters and sets performance targets which show the way towards ecologically sound products, processes and practices and at the same time secure its competitiveness in today's market. It is suggested that an extended quality function deployment process (QFD) can be used for this purpose. By combining this information structure with the modelling possibilities of products, processes and practices that are available in modern computer assisted engineering software (CAE), consequences and feasibilities of new ideas and creative solutions can be checked out continuously. New ideas and creative solutions that really will lead the way towards ecologically sustainable societies, seem to require development- and design-teams that are getting inspiration, visions and wisdom from other areas than the conventional business and university environment. Close cooperation should be encouraged between industry and the universities for building up such inspired environments.
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    The Need for Innovation: a Case History from the Water Industry (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Anglian Water is a global water company with Anglo Scandinavian origins. It provides utility services and is a leader in water and wastewater technology and vocational learning through Aqua Universitas the University of Water. It employs over 5,000 people and operates through exclusive subsidiaries or in partnerships. The turnover is almost £800M per year—of which 20% is international.The changing nature of water management has provided a case example of innovation in practice. The case is described with particular reference to Anglian Water. A more formal model framework for innovation is prescribed.
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    Innovations in Sport: the Rise of One Day Internationals (ODIs) in Cricket (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The rise of one day internationals has been influenced by spectator' desires for a shorter, more exciting version of the game with a mass appeal and by cricketing associations' recognition of the significant contribution it makes to their financial coffers. This article seeks to show how the diffusion of ODIs resembled that of an S curve with slow uptake by test-playing nations in the early 1970s to the present day, with all the test-playing nations and three non-playing nations participating in the World Cup. It then discusses how ODI was an ‘alpha’ innovation that has created the conditions for the development of many smaller or ‘beta’ innovations.
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    The Designer's Self-Identity — Myths of Creativity and the Management of Teams1 (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper describes recent research conducted at Sheffield Hallam University in which practising designers reported on their experiences of working in a cross functional team. The survey related these experiences to the designers' attitudes to their creativity. Two models for creativity are proposed—one based on the romantic stereotype of the creative genius, the other taking creativity to be an attribute possessed by all human beings in some measure, which can be enhanced by personal effort or by training. Identifying features of cross functional teams which are likely to demand certain personal qualities in designers, the paper notes that these are at odds with the qualities of a ‘romantic-type’ creative person. The link between these qualities, and notions of personality as a set of fixed attributes is pointed out. Several theories of personality which describe mechanisms for change in self identity are described. It is noted that the results of the survey suggest that in many cases designers have a pragmatic attitude to their creativity, despite the prevalence of the romantic stereotype for creativity in the literature of both management and education. Principles are suggested for design education, to enable designers to re-evaluate creativity reflexively as a component of their self identity to enhance their performance as teamworkers.
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    Should the Studies in Creativity be a Serious Scholarly Enterprise? A Continuation of a Friendly Discussion with Teresa Amabile and Scott G. Isaksen (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    Topics: Economics
    Type of Medium: Electronic Resource
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    Book of the Quarter: Sense-Making in Organizations (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
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    A Theoretical Framework Linking Creativity, Empowerment, and Organizational Memory (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Empowerment, creativity, and organizational memory are constructs that have been researched in MIS. While each construct has received individual attention, we have found relatively little research linking them. One of the major edicts of empowerment is delegation of decision making authority to lower-level employees. Increased authority allows employees more freedom to be creative. However, if creative thought is generated but not captured, innovative ideas may be lost. Organizational memory can capture creative ideas as they are generated so that empowered teams can draw upon positive creative experiences.We developed a theoretical model to illuminate the relationships between organizational memory, worker empowerment, and creativity. The model portrays the linkages between empowerment and creativity, creativity and organizational memory, and organizational memory and empowerment. The model was developed based on the literature in each respective area and an interview-based study concerning “empowered” systems development project teams and organizational memory. Analysis of the interview data revealed that empowered workers generate creative solutions to problems. However, creative solutions can only be used for future projects if they are somehow recorded into organizational memory. Organizations that empowered their workforce and embraced creativity reported increased customer satisfaction, waste reduction, and some quality gains. In contrast, those that did not empower reported little or no change. Organizations that recorded creative solutions to problems believe that retrieval of this information could be potentially useful for future projects. Potential challenges faced by organizations classified into each cell are also presented. This classification scheme should prove useful as a guide to organizations examining the potential benefits and pitfalls of worker empowerment and organizational memory.
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    Creative Problem Solving as a Technology of Expert Behaviour within Marketing Management (1997)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 6 (1997), S. 0 
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper presents a case based on the notion that rule based systems or ‘technologies’ designed to promote creativity may be seen as a way of short-cutting the training route to domain specific cognitive expertise in Marketing Management. The paper draws on multi-disciplinary research from different but thematically parallel research programmes in expertise and cognitive science, creativity, and problem solving. The argument proceeds with an examination of the construct of ‘creativity’ and its role in management domains in general and the marketing domain in particular. A review of psychological findings concerning expertise is then undertaken to draw out the common features between creativity in problem solving and high level expertise. Finally, these common features are synthesised in a speculative model which describes the complex of cognitive strategies and beliefs about problem solving which may characterise expert problem solvers in marketing management—a move towards a potentially testable ‘metacognition’ of expertise in marketing.
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    Book Reviews (1997)
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    Topics: Economics
    Notes: Book reviews in this article: David L. Collinson and Jeff Hearn (eds) (1996) Men as Managers, Managers as Men, Masculinities and Management. Beth Rogers (1996) Creating Product Strategies. M. Alverson and H. Wilmott (1996) Making Sense of Management: a Critical Introduction.
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    Harnessing the Power of Strategic Innovation (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
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    Topics: Economics
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    Book of the Quarter (1996)
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    Topics: Economics
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    Letter to the Editor (1996)
    Oxford, UK : Blackwell Publishing Ltd
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    Topics: Economics
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    The Search for and Selection of a New Product (1996)
    Oxford, UK : Blackwell Publishing Ltd
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    Topics: Economics
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    Computer Produced Mind-Maps, Rich Pictures and Charts as Aids to Creativity (1995)
    Oxford, UK : Blackwell Publishing Ltd
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    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Good communication and shared understanding between executive teams are extremely important. Teams have to find ways to present increasing amounts of information to one another effectively. Techniques which help people to make better use of information, help discussion and debate, and aid clarity of communication are invaluable. Computer assisted creativity tools employing graphical representations have much to offer individuals and groups working on problems or trying to structure their thinking. They provide a stimulus which is absent when using conventional thinking. The paper provides a review of a selection of these creativity enhancing tools.
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    Job Satisfaction and Creativity Style: An Unexpected Empirical Finding (1995)
    Oxford, UK : Blackwell Publishing Ltd
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    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The purpose of this study was to explore whether or not a relationship exists between managerial job satisfaction and creativity styles of U.S. and European managers. Data were obtained from a sample of 8,621 U.S. managers attending leadership development programs at the Center for Creative Leadership-U.S. and from another sample of 127 European managers attending leadership development programs at the Center for Creative Leadership-Europe. The results suggest that there is no relationship among various job satisfaction measures as derived from the Managerial Job Satisfaction Questionnaire and creativity style preference as measured by the Kirton Adaptation Innovation Inventory. Implications are discussed.
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    Would You Want Machiavelli as your CEO? The Implications of Autocratic versus Empowering Leadership Styles to Innovation (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
    Details
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The trend towards lessened hierarchy in business organizations is key to fostering the continuous innovation upon which competitiveness depends. Models of corporate leadership appropriate to this new organizational reality are not yet in place: business practitioners and scholars have questioned whether company leaders are recognizing the need to move away from traditional autocratic approaches towards styles that empower the modern knowledge worker. But what do autocratic and empowering leadership styles entail? And what do they imply to the manners in which corporations are controlled, not only by management, but by various stakeholders? Perhaps the corporate leadership of the future can learn from the past. The 15th century political theorist Niccolo Machiavelli and the ancient Chinese philosopher Lao-tzu represent archetypes of these leadership styles. When the two are compared in light of the control methods they elicit from employees, shareholders, and the government it becomes evident that the Machiavellian style attracts the very control it attempts to shun. The goals of the Taoist leaders, in contrast, are consistent with those of stakeholders; and many of the attributes of the Taoist approach are more suited to innovative climates. Theories of organizational learning offer insight into how the transition to a more empowering style might be accomplished.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1995.tb00212.x
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  • 187
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    TRIZ: Inventive Creativity Based On The Laws of Systems Development (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
    Details
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Different problem solving methodologies drawing on various philosophical and practical approaches are in use all over the world. This paper gives details of the TRIZ method, created by G. A. Altshuller in the former Soviet Union in 1946. TRIZ uses systems thinking concepts to structure problem solving and encourages the user to discover the objective laws of evolution and development in the field of inventive creativity. Examples of the use of the system and reflections on its impact are given by the author.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1995.tb00198.x
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    Editorial: Purposive Thinking (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 5 (1996), S. 0 
    Details
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1996.tb00137.x
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    What's Going On Creatividad Aplicada Total (Master Internacional), Universidad de Santiago de Compestella (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
    Details
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1995.tb00233.x
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  • 190
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    Book Reviews (1995)
    Oxford, UK : Blackwell Publishing Ltd
    Creativity and innovation management 4 (1995), S. 0 
    Details
    ISSN: 1467-8691
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Min Basadur (1994) The Power of Innovation: How to make innovation a way of life and put creative solutions to workGeorge Ritzer (1995) Expressing America: A Critique of the Global Credit Card SocietyAdam Smith (1995) Wealth of Nations: New interdisciplinary essaysKathryn Redway, Beat the Bumph!David K. Banner & T. Elaine Gayne (1995) Defining Effective Organizations: Traditional and transformational views
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-8691.1995.tb00234.x
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  • 191
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    Tariff Reductions in the Presence of Foreign Direct Investment (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper argues that the welfare effects of trade liberalization in the presence of foreign direct investment obtained under perfect competition cannot be extended to imperfectly competitive markets. In the Heckscher-Ohlin model, trade liberalization may be paradoxically immiserizing when the traditional welfare-increasing result is corrected for the change in foreign capital revenue. Under imperfect competition this cannot occur, except under rather implausible assumptions. Indeed, a tariff reduction is expected to increase welfare when the welfare indicator is corrected for the presence of foreign capital, regardless of the type of market structure and the form of competitive rivalry.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00102.x
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  • 192
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    Cross-Hedging of Exchange-Rate Risk (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: For currencies with highly developed forward markets a well-known separation theorem holds which implies that international firms fully hedge the exchange rate risk if the forward markets are unbiased. In this paper we present a model of a risk-averse firm when perfect hedging instruments are not available. Instead the firm can cross-hedge the exchange-rate risk by using the forward markets of a third country's currency. We demonstrate that the unbiasedness of all forward markets does not imply full hedge, although the firm has the option to hedge all the risks.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00104.x
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  • 193
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    Endogenous Growth in a Dependent Economy with Traded and Nontraded Capital (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The equilibrium growth path for this economy depends upon the relative sectoral capital intensities of the two production functions. If the nontruded sector is relatively intensive in traded capital, both the relative price of nontraded output and the price of installed capital always remain at their respective steady-state levels. Traded capital and aggregate wealth are always on their respective steady-state growth paths. Nontraded capital undergoes transitional dynamics, ultimately converging to the growth rate of traded capital and an equilibrium ratio of traded to nontraded capital. If the sectoral intensities are reversed, both asset prices will follow transitional adjustment paths.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00106.x
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  • 194
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    Exchange Rate Changes and Pricing Behavior of US Exporters (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper studies export pricing behavior following exchange rate changes in US manufacturing industries. Through a monopolistic model, the paper predicts that export prices should change, but less than proportionally, in response to exchange rate changes if either or both demand elasticity and marginal cost are variable. Cross-industry variation of such price changes can be explained by the difference in demand elasticities between the domestic and the export markets, the elasticity of marginal cost with respect to output. and the export share. These predictions are supported by the empirical findings of the paper.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00108.x
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  • 195
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    Do Three Trade Blocs Minimize World Welfare? (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Two interesting results have emerged from research on symmetric models that make the analysis of bilateralism tractable. Krugman reported that three trade blocs minimize world welfare. Frankel, Stein, and Wei argued that the formation of continental trading blocs can reduce welfare. This paper shows that these results are not robust. In particular, it is argued that the inclusion of more realistic assumptions into a symmetric model changes the picture considerably. Specifically, if one allows for transportation costs, conventional results are obtained. The phenomenon of three welfare-minimizing blocs and “super-natural” blocs disappears.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00109.x
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  • 196
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    Book Reviews (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Economic Integration in the Western Hemisphere by Roberto Bouzas and Jaime Ros (eds.)Western Hemisphere Economic Integration. by Gary C. Hufbauer and Jeffrey J. Schott
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00113.x
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  • 197
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    Latin America's Economy: Diversity, Trends, and Conflicts (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00116.x
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  • 198
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    Sustainable Development and International Distribution: Theory and Application to Rainforests (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: A situation is analyzed in which two countries negotiate the financing of costs that accrue if one of them switches onto a sustainable development path. The other country's incentive to pay arises as it benefits from the developing country's environmental resources, but at an ever declining rate as long as development remains nonsustainable. In an application to the protection of tropical rainforests it is shown that North to South redistribution of welfare would be substantial, yet the North would still gain enormously in efficiency terms. An explanation is given of why the Rio Conference failed in terms of rainforest protection.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00093.x
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  • 199
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    The Link between Domestic Investment and Domestic Savings in Open Economies: Evidence from Balanced Stochastic Growth (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: What relationship between domestic and foreign variables could explain the observed high correlation between domestic savings and investment in OECD countries with perfect capital mobility? Is such an explanation empirically supportable? This paper constructs a stochastic continuous-time optimizing model of a small open country. It finds the formula for the implied theoretical correlation between domestic savings and investment—of interest in its own right—and calibrates the model using regression coefficients and stock market data from the US and Canada. The model accounts quite well for the observed investment-savings correlation, even in the presence of perfect capital mobility.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00091.x
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  • 200
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    Transfer Pricing and Strategic Taxation of Globally Joint Inputs (1996)
    Oxford, UK : Blackwell Publishing Ltd
    Review of international economics 4 (1996), S. 0 
    Details
    ISSN: 1467-9396
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper models strategic taxation policy of home and host governments when a multinational enterprise sets transfer prices on globally joint inputs such as research and development. Tax credit and deduction allowances, as well as no taxation of foreign-earned profits, result in identical optimal transfer-price solutions and national income effects in both countries. An equilibrium home-tax solution is to tax foreign-earned profits at a higher rate than domestically earned profits. The multiantional responds by shifting profits abroad through transfer-pricing mechanisms.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1111/j.1467-9396.1996.tb00096.x
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