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Article
Publication date: 1 January 1979

LLOYD J. DUMAS

The quest for national security through the expansion of military force has been a dominant feature of international relations for the past three decades. Since the Second…

Abstract

The quest for national security through the expansion of military force has been a dominant feature of international relations for the past three decades. Since the Second World War this quest has given rise to an arms race which has seen the development, production and deployment of weapons of mass destruction in numbers great enough to threaten the termination of human society. It is thus only reasonable to try to understand the forces which have propelled this process forward and to ask whether the process has, in fact, resulted in the achievement of its alleged primary objective — the improvement, or at least the maintenance of the military security of the participants.

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Journal of Economic Studies, vol. 6 no. 1
Type: Research Article
ISSN: 0144-3585

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Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels
Type: Book
ISBN: 978-0-44452-122-4

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Article
Publication date: 1 September 2002

Weihong Huang

Price‐taking has long been mistakenly regarded as an inferior firm behavior in an imperfectly competitive market. This scenario is challenged when a “Naiver’s Paradox” is…

Abstract

Price‐taking has long been mistakenly regarded as an inferior firm behavior in an imperfectly competitive market. This scenario is challenged when a “Naiver’s Paradox” is shown to exist in an oligopolic market where all firms produce the same product with the same technology (cost structure). It is shown that a firm behaving as a naive price‐taker with ignorance of its output impact on the market will perform no worse or even better than its rivals in terms of profits achieved, where the latter are assumed to take “Cournot”, “relative profit” or other more advanced strategies. More significantly, when the number of firms in the market is large, a price‐taker may achieve higher profit not only in a relative sense, but also in an absolute sense. Such paradoxical outcome is generic, for it results from neither ad hoc assumptions on market structure nor on information sets, but from the conventionally granted “convexity” assumption on cost functions. An analogous phenomenon is observed for oligopsony market.

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Management Decision, vol. 40 no. 7
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 11 August 2014

Marco Guerrazzi

This chapter introduces a model of efficiency-wage competition along the lines put forward by Hahn (1987). Specifically, I analyze a two-firm economy in which employers…

Abstract

This chapter introduces a model of efficiency-wage competition along the lines put forward by Hahn (1987). Specifically, I analyze a two-firm economy in which employers screen their workforce by means of increasing wage offers competing one another for high-quality employees. The main results are the following. First, using a specification of effort such that the problem of firms is well-behaved, optimal wage offers are strategic complements. Second, the symmetric Nash equilibrium can be locally stable under the assumption that firms adjust their wage offers in the direction of increasing profits by conjecturing that any wage offer above (below) equilibrium will lead competitors to underbid (overbid) such an offer. Finally, the exploration of possible labor market equilibria reveals that effort is counter-cyclical.

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New Analyses of Worker Well-Being
Type: Book
ISBN: 978-1-78350-056-7

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Article
Publication date: 5 March 2020

Md. Sariful Islam, Sonia Afrin, Debasish Kumar Das and Md. Nasif Ahsan

This paper aims to study students' strategic behaviors for increasing their job prospect in response to university administrators' moves for lifting up institutional…

Abstract

Purpose

This paper aims to study students' strategic behaviors for increasing their job prospect in response to university administrators' moves for lifting up institutional reputation in the academia.

Design/methodology/approach

A Stackelberg differential game is used to study this strategic interplay between administrators and students. In this game, an administrator maximizes institutional quality to build university reputation while student maximizes grades to increase their job prospects. Therefore, administrators being the leader move first while students set strategies for maximizing their objective function by following administrators' move.

Findings

The study produces several distinctive results by analyzing administrator–students’ strategic interactions. First, university administrators need to be sufficiently more impatient for building reputation by improving institutional quality than students’ impatience for increasing their job prospects to have feasible solutions. Second, students attempt to increase academic grades for making them more marketable in response to administrators’ additional efforts for increasing their students’ job prospects. Third, exogenous increase in university reputation improves institutional quality and students’ job prospects without affecting their academic grades. However, increase in job prospects motivates students to increase their grades. Fourth, administrators’ too much impatience for increasing university reputation could inflate students’ grade, reduce job prospect and degrade institutional quality. Fifth, an exogenous rise in students’ impatience improves institutional quality and students’ job prospects but reduces students’ grades. Finally, the exogenous increase in opportunity cost of securing good grade degrades institutional quality, thus reducing further job prospects. Therefore, administrators’ positive but moderate impatience for reputation will improve students’ academic performances, institutional quality and job prospects.

Originality/value

To the best of the authors’ knowledge, this is the first study to analyze students’ strategic responses for improving their job prospects in response to administrators’ actions for enhancing university reputation. It helps administrators to design an effective framework for building university reputation in the academic market through improving institutional quality and expanding job markets for their students.

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Journal of Modelling in Management, vol. 15 no. 3
Type: Research Article
ISSN: 1746-5664

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Central Bank Policy: Theory and Practice
Type: Book
ISBN: 978-1-78973-751-6

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Book part
Publication date: 1 July 2015

Nidhaleddine Ben Cheikh and Waël Louhichi

This chapter analyzes the exchange rate pass-through (ERPT) into different prices for 12 euro area (EA) countries. We provide new up-to-date estimates of ERPT by paying…

Abstract

This chapter analyzes the exchange rate pass-through (ERPT) into different prices for 12 euro area (EA) countries. We provide new up-to-date estimates of ERPT by paying attention to either the time-series properties of data and variables endogeneity. Using VECM framework, we examine the pass-through at different stages along the distribution chain, that is, import prices, producer prices, and consumer prices. When carrying out impulse response functions analysis, we find a higher pass-through to import prices with a complete pass-through (after one year) detected for roughly half of EA countries. These estimates are relatively large compared to single-equation literature. We denote that the magnitude of the pass-through of exchange rate shocks declines along the distribution chain of pricing, with the modest effect recorded for consumer prices. When assessing for the determinant of cross-country differences in the ERPT, we find that inflation level, inflation volatility, and exchange rate persistence are the main macroeconomic factors influencing the pass-through almost along the pricing chain. Thereafter, we have tested for the decline of the response of consumer prices across EA countries. According to multivariate time-series Chow test, the stability of ERPT coefficients was rejected, and the impulse responses of consumer prices over 1990–2010 provide an evidence of general decline in rates of pass-through in most of the EA countries. Finally, using the historical decompositions, our results reveal that external factors, that is, exchange rate and import prices shocks, have had important inflationary impacts on inflation since 1999 compared to the pre-EMU period.

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Monetary Policy in the Context of the Financial Crisis: New Challenges and Lessons
Type: Book
ISBN: 978-1-78441-779-6

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Book part
Publication date: 14 August 2014

Carlos Seiglie, Scott Yi-Chun Lin and Tanu Kohli

There has been an extensive amount of research on the determinants of military spending over the last 25 years. These studies underline that military spending is a…

Abstract

There has been an extensive amount of research on the determinants of military spending over the last 25 years. These studies underline that military spending is a complicated concept, with economic capabilities, political processes and military linkages playing an interdependent role at the national, regional and global levels. Recent works focus on other outcomes of military spending. This chapter develops a model of conflict that generates a demand for military personnel and equipment by countries for either aggressive or defensive purposes. This model highlights some of the key determinants of military spending. Using pooled time-series, cross-sectional data on military spending for 146 countries from 1998 to 2007 we test this model and analyze other possible factors that previously have not been explored in the literature.

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The Evolving Boundaries of Defence: An Assessment of Recent Shifts in Defence Activities
Type: Book
ISBN: 978-1-78350-965-2

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Article
Publication date: 31 August 2012

Roseline Nyakerario Misati and Esman Morekwa Nyamongo

The purpose of this paper is to investigate the effectiveness of asset price channel in monetary policy transmission and the effect of stock market volatility on monetary…

Abstract

Purpose

The purpose of this paper is to investigate the effectiveness of asset price channel in monetary policy transmission and the effect of stock market volatility on monetary policy in Kenya.

Design/methodology/approach

Empirical analysis is based on quantitative analysis which incorporates both descriptive analysis and empirical approach. The study specifically uses the VAR approach which is most appropriate for this kind of study involving analysis of policy shocks on macroeconomic variables.

Findings

The main findings of this paper are as follows: first, the evidence of the existence of the asset price channel of monetary policy transmission is mixed in Kenya. Second, while the effect of monetary policy on stock price volatility is not significant, stock market volatility creates instability in monetary policy variables, implying that information from the stock market may be important in predicting the business cycle.

Originality/value

The paper provides useful policy insights to academicians, economists and central bankers who are interested in understanding the financial stability‐monetary policy nexus. This is important considering that most economies are emerging from the effects of the global financial crisis and they are thus enhancing financial stability measures. No such study that the authors are aware of has been conducted using data for Kenya.

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Journal of Economic Studies, vol. 39 no. 4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 3 October 2016

Wei Li and Mi Ouyang

There are manufacturer, remanufacturer and advertising agency in the study. The first manufacturer is a traditional manufacturer that produces new product, while the…

Abstract

Purpose

There are manufacturer, remanufacturer and advertising agency in the study. The first manufacturer is a traditional manufacturer that produces new product, while the second one operates a reverse channel producing remanufactured products from used cores. Both manufacturers bundle their products with advertisement and outsource advertising services to agents. The agents independently determine the advertising levels and take the advertising prices from manufacturers. The purpose of this paper is to study the advertising decisions of new and remanufactured products under direct-sales model.

Design/methodology/approach

In this study, it is assumed that the remanufacturer invests extra effort in facilitating the remanufacturing process. First, the authors establish a noncooperative Stackelberg model, where the manufacturers are the leaders and the agents are the followers. And the authors solve the equilibrium strategies backward in this two-stage model. Second, the authors observe the equilibrium characteristics with respect to the advertising price and level decisions for all members in the supply chain. The third, the authors also investigate the competition between two products and the profits of chain members. Based on the theoretical and numerical analysis, the authors derive economic and managerial insights for chain members.

Findings

The analysis generates the following insights. First, advertising prices and levels decrease with the increase of ultimate cost of advertising and product unit cost. Second, with greater cost-savings, remanufactured products have advantages over new products in advertising price, level and market demand. Third, when advertising elasticity is greater, remanufactured products are superior to new products in demand, advertising price and level, and remanufactured products become more competent than new products. Manufacturers and agents would like to choose the products with high advertising elasticity for remanufacturing or advertising, respectively, to pursue their maximum profits.

Originality/value

The contribution is constructive as no prior research has abstracted advertising service and regarded agents as chain members in a closed-loop supply chain (CLSC) with remanufacturing. Besides, the results also provide guidelines for choosing marketing strategies for advertising price and level decisions under CLSC condition.

Details

Kybernetes, vol. 45 no. 9
Type: Research Article
ISSN: 0368-492X

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