Search results

The purpose of this paper is to determine the inventory replenishment policies when demand rate is a function of the inventory space allocated to the products on retail shelves. Existing results on inventory policies with inventory-level-dependent demand (ILDD) assume deterministic functional forms of the demand rate. In this paper, the authors model the inventory decisions when demand is a function of shelf-space allocation and random uncertainty. The authors provide managerial insights of this paper's results.

The demand rate is assumed to be a function of shelf-space allocation based on two settings in the literature. First, the authors model the demand rate as a function of initial shelf-space allocation. In the next setting, the authors assume that the demand rate is a function of instantaneous inventory level on shelves. In both the settings, the authors also model random demand uncertainty in addition to the shelf-space dependency of demand rate. The objective is to maximize the expected profit and determine the inventory parameters.

In addition to the demand uncertainty, the authors consider linear, power and exponential functional forms of demand rate. Inventory policy that maximizes expected profit is determined when demand rate is a function of initial allocation and displayed inventory level. The results are implementable for practitioners for optimizing the shelf-space allocation and related inventory policy.

Most of the extant results on inventory policy with shelf-space-dependent demand do not model the demand uncertainty. The authors model a variety of functional forms of demand rate with ILDD in addition to the demand uncertainty. The results are a building block for more applications in inventory management for real-life applications.

Aims to analyse the labour market outcome when there are two unions in the industry, representing heterogeneous workers – imperfect substitutes in production.

Competition between union policies are viewed in terms of both employment and wage strategies. Results for substitutes and complements are inspected. Attention is given to the strategic behaviour of the unions, towards one another and/or the employer side. Cooperation is modelled using the Nash‐maximand approach.

Gathers some notes and enlargements to the standard collective bargaining problem in which unions maximise utility. Extends the framework to model union competition behaviour for jobs and/or employment that reproduces the standard market product analysis of imperfect competition. Focuses on heterogeneous labour.

The analysis concentrates on the case of union duopoly, but can easily be enlarged to the n‐union setting – which is left for further investigation.

A simple analytical example with Stone‐Geary union utility functions and a linear labour demand system is forwarded.

Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. The purpose of this paper is to summarize the main content of Marx’s monetary theory from three aspects: the source and nature of money, the function of money and the historical significance of money.

Moreover, this paper also gives an extended understanding of Marx’s monetary theory from four perspectives: the endogenous credit mechanism of money, the functions of money and demands for money, the financial function of money and the economic and social functions of money.

Lastly, the present paper discusses the practical significance of Marx’s monetary theory from three perspectives, namely, the inspection of “Bitcoin” from the nature and function of money, the definition of demands and the division of supplies at the monetary level, and the prevention of systemic financial risks and the focus of financial supervision.

Marx’s monetary theory is an important part of Marxist economics and an irreplaceable milestone in the intellectual history of the monetary theory. However, for a long time, the contribution of Marx has rarely been mentioned in the intellectual history of monetary theory. Even the book, Political Economy (On Capitalism), has been only summarily concerned with the source and function of money in Marx’s monetary theory, rather than revealing Marx’s outstanding contribution in the monetary theory and the financial connotation of Marx’s monetary theory, and expounding its practical significance.

The purpose of this paper is to utilize a cost and revenue driver model for commercial banking to examine the differential effects of the drivers within and between banking functions, and to examine the role of information technology (IT) in moderating the relationship between costs and cost drivers and revenue and revenue drivers.

The model is estimated on a cross‐sectional sample of 121 banks from the functional cost and profit analysis data set collected by the Federal Reserve Banks. Multivariate regression analysis with interaction terms is utilized to examine the differential impact of IT in two contrasting banking functions.

The results document the role of transactional IT on the cost driver relationships in the labor cost models in both the demand deposit and commercial loan functions. The role of strategic IT in the revenue driver models is documented for the demand deposit function but not for the commercial loan function.

Only two banking functions are selected. Expanding the model and testing it on other banking functions may be useful.

By disaggregating the IT variable and incorporating IT in a cost and revenue driver model managers can utilize the model to examine the impact of IT in banking.

A model that disaggregates the IT variable by allocating support costs to functions and delineates links between IT variables and cost and revenue drivers in banking.

This study examines the potential of contracts as one of the supply chain coordination mechanisms under competitive conditions. It also investigates a two-echelon supply chain model with two manufacturers and two retailers to develop a competitive structure in grey stochastic demand.

Supply chain demand is considered as a stochastic phenomenon depending on the selling price of the product. Also, products can be replaced by market manufacturers. Each retailer faces the pricing of products from two manufacturers, leading to competition between downstream retailers. In the present study, the duopoly supply chain model was presented based on the wholesale price contract, revenue-sharing contract and quantity discount contract separately.

Grey optimization and analysis of their coordination were presented. The results showed the high performance of revenue-sharing contracts in the supply chain. Thus, manufacturers will give the next priority to quantity discount contracts.

Ordering is the main factor contributing to competitive decision-making. Meanwhile, decision-making along with ordering and pricing will be required due to the nature of the demand.