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Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic…
Marshall, Pigou, and Keynes on one side of the Atlantic, and Fisher on the other, had different approaches to the quantity theory of money. But they shared its basic framework, with the result that theoretical discussions did not prevent some degree of mutual support on policy proposals. If a divergence there was, at this stage, this pertained the feasibility of Fisher’s proposals, because Fisher’s enthusiasm for reform could find no match at Cambridge. This notwithstanding, and although in varying degrees, Marshall, Pigou, and Keynes were sympathetic with Fisher’s battle for “stable money.” Indeed, a fragment from the Keynes Papers shows that, at a very early stage of his career, Keynes paid great attention to Fisher’s empirical research on the relationship between “Appreciation and interest,” taking the relation between nominal and real rates of interest as a possible explanation of the trade cycle. For some time at least, this widened the common ground upon which Fisher’s proposals for “stable money” could find some support at Cambridge.
The author examines the argument elaborated by Pigou in his Employment and Equilibrium. A Theoretical Discussion which was the first comprehensive answer Pigou gave to the…
The author examines the argument elaborated by Pigou in his Employment and Equilibrium. A Theoretical Discussion which was the first comprehensive answer Pigou gave to the analysis put forward by Keynes in his General Theory. The chapter consists of seven sections. In the first, the motivation of the chapter is outlined. In the second, third, and fourth sections, the author will concentrate on how Pigou elucidates the conditions necessary for an economic system to attain a short period flow equilibrium. In this context, the author elaborates an “open” macro model which can be “closed” in two different ways. The chapter will also present a diagrammatic analysis of Pigou’s theory in the two cases elucidating the structure and the working of the model. Differences with the author’s previous book (TU) related to (real/monetary) wage inflexibility and the importance of monetary factors are also described and discussed. Pigou however does not limit himself to deal with the short period but engages in an interesting discussion of the long period centered on the notion of stationary state that is the object of section five. In this way, he admits that Keynes’s theory is not limited, to the short run. In arguing along these lines, he comes close to describe what will be recognized later as the Pigou effect. A short comparison with the renewed stagnationist theory is sketched. The sixth section includes a brief discussion of the comparative statics and dynamic analyzes elaborated by Pigou. A final section including a few conclusions completes the chapter.
Simulation-based methods and simulation-assisted estimators have greatly increased the reach of empirical applications in econometrics. The received literature includes a thick layer of theoretical studies, including landmark works by Gourieroux and Monfort (1996), McFadden and Ruud (1994), and Train (2003), and hundreds of applications. An early and still influential application of the method is Berry, Levinsohn, and Pakes's (1995) (BLP) application to the U.S. automobile market in which a market equilibrium model is cleared of latent heterogeneity by integrating the heterogeneity out of the moments in a GMM setting. BLP's methodology is a baseline technique for studying market equilibrium in empirical industrial organization. Contemporary applications involving multilayered models of heterogeneity in individual behavior such as that in Riphahn, Wambach, and Million's (2003) study of moral hazard in health insurance are also common. Computation of multivariate probabilities by using simulation methods is now a standard technique in estimating discrete choice models. The mixed logit model for modeling preferences (McFadden & Train, 2000) is now the leading edge of research in multinomial choice modeling. Finally, perhaps the most prominent application in the entire arena of simulation-based estimation is the current generation of Bayesian econometrics based on Markov Chain Monte Carlo (MCMC) methods. In this area, heretofore intractable estimators of posterior means are routinely estimated with the assistance of simulation and the Gibbs sampler.
This chapter compares the performance of the maximum simulated likelihood (MSL) approach with the composite marginal likelihood (CML) approach in multivariate…
This chapter compares the performance of the maximum simulated likelihood (MSL) approach with the composite marginal likelihood (CML) approach in multivariate ordered-response situations. The ability of the two approaches to recover model parameters in simulated data sets is examined, as is the efficiency of estimated parameters and computational cost. Overall, the simulation results demonstrate the ability of the CML approach to recover the parameters very well in a 5–6 dimensional ordered-response choice model context. In addition, the CML recovers parameters as well as the MSL estimation approach in the simulation contexts used in this study, while also doing so at a substantially reduced computational cost. Further, any reduction in the efficiency of the CML approach relative to the MSL approach is in the range of nonexistent to small. When taken together with its conceptual and implementation simplicity, the CML approach appears to be a promising approach for the estimation of not only the multivariate ordered-response model considered here, but also for other analytically intractable econometric models.
The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product…
The paper provides an overview of research published in the innovation and operations management (IOM) literature on 15 methods for cost management in new product development, and it provides a comparison to an earlier review of the management accounting (MA) literature (Wouters & Morales, 2014).
This structured literature search covers papers published in 23 journals in IOM in the period 1990–2014.
The search yielded a sample of 208 unique papers with 275 results (one paper could refer to multiple cost management methods). The top 3 methods are modular design, component commonality, and product platforms, with 115 results (42%) together. In the MA literature, these three methods accounted for 29%, but target costing was the most researched cost management method by far (26%). Simulation is the most frequently used research method in the IOM literature, whereas this was averagely used in the MA literature; qualitative studies were the most frequently used research method in the MA literature, whereas this was averagely used in the IOM literature. We found a lot of papers presenting practical approaches or decision models as a further development of a particular cost management method, which is a clear difference from the MA literature.
This review focused on the same cost management methods, and future research could also consider other cost management methods which are likely to be more important in the IOM literature compared to the MA literature. Future research could also investigate innovative cost management practices in more detail through longitudinal case studies.
This review of research on methods for cost management published outside the MA literature provides an overview for MA researchers. It highlights key differences between both literatures in their research of the same cost management methods.
The purpose of this paper is to show how one of the biggest phenomena of the twenty‐first century is the internationalisation of professional sports and how premier league…
The purpose of this paper is to show how one of the biggest phenomena of the twenty‐first century is the internationalisation of professional sports and how premier league football epitomises this. With the influx of foreign players, managers and now owners, European League Football has become big business. This paper aims to provide a theoretical analysis of the management implications of foreign players in the English Premiership League football – renamed the Barclays Premier League to suit the needs of its major sponsors.
The approach adopted is purely qualitative in nature, evaluating the top Barclays Premier League teams and the impact of globalisation on their reconfigurations since the early 1990s to date. The study draws mainly from a review of the extant literature on sports and management, as well as a critical analysis of media reports.
Globalisation has emerged as a new force that has changed the way corporations are managed. Financial services, retail and information technology firms have all responded to this new wave – and so also has sports. Unfortunately while sports have the potential to teach lessons on management strategy, management researchers seem to have relegated sports to the sociology and psychology disciplines.
The Barclays Premier league football provides a unique environment for management decisions and processes to occur in a range of markets and at varied levels. However, the globalisation of professional sports has received relatively very little attention in the academic literature – especially in the field of business and management.
This paper contributes to the scant literature on the management implications of football by highlighting how globalisation has affected and reconfigured professional sports using the influx of foreign players into the English football league as a point of departure.
As program managers seek to improve the quality, speed and financial benefits of the programs they manage, many are turning to process improvement methodologies, such as…
As program managers seek to improve the quality, speed and financial benefits of the programs they manage, many are turning to process improvement methodologies, such as Lean Six Sigma (LSS). However, although existing literature includes multiple studies that apply the methodology to non-manufacturing environments, there is no specific framework for applying LSS within program management (PM). Therefore, the purpose of this paper is to examine the relationships between LSS tools, project scope, program phase and functional area and project outputs, in PM organizations.
The study uses archival data from 511 LSS projects completed from 2006 to 2015 by a large government agency in the USA composed of 13 PM organizations. The study focuses on four types of input factors: LSS tools, project scope, program phase and functional area; and two output variables: LSS project average financial benefits and percentage of improvement. Multiple regressions are applied to determine what relationships exist between the input and output variables, as well as the nature of such relationships.
The results of this study show LSS is beneficial to PM and also indicate which tools and organizational contexts have positive and negative associations with project outcomes, serving as guide for future applications. In addition, this study can provide clarity and confidence to program managers who are currently skeptical of LSS, by showing that it can provide cost, schedule and performance improvements beneficial to their programs.
Limitations of this research include the use of a single government agency in the USA, the non-experimental design of the study and limitations associated with the nature and data collection process of the archival data. Future studies should include additional PM organizations, input variables and research designs.
There is no specific framework formalizing the concept of LSS application within PM. The literature includes several studies that apply the methodology to non-manufacturing environments, but not to PM specifically. Furthermore, the existing literature on PM does not explicitly cite any continuous improvement methodology as a critical success factor or provide any detailed guidelines for the application of LSS in PM. This paper contributes by studying the relationships between LSS tools, project scope, program phase and functional area, and project outputs, in a PM environment.