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Rules Used (rule + used)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	40%

Selected Abstracts

THE ECONOMICS OF ACHIEVING COMPETITIVE BALANCE IN THE AUSTRALIAN FOOTBALL LEAGUE, 1897,2004

ECONOMIC PAPERS: A JOURNAL OF APPLIED ECONOMICS AND POLICY, Issue 4 2004
Ross Booth
This paper summarises some key aspects of a theoretical and empirical analysis of whether various labour market devices and revenue-sharing rules used in the Victorian Football League/Australian Football League (VFL/AFL) since its inception in 1897 have increased competitive balance by reducing the inequality in the distribution of player talent between clubs. The history of labour market intervention and revenue sharing in the VFL/AFL is discussed, with six different periods between 1897 and 2004 identified for analysis. Fort and Quirk's (1995) model of US professional team sports leagues is used to analyse the effectiveness of the various devices that have been used in the VFL/AFL, but only after adapting the model to allow for VFL/AFL clubs being win maximisers (subject to a budget constraint) rather than profit maximisers. The various devices used by the VFL/AFL are assessed in terms of their likely impact on competitive balance, with some significantly different theoretical predictions than under profit maximisation. It is found that free agency results in a less equal distribution of player talent under win maximisation, whilst both gate sharing and increases in shared league-revenue tend to equalise playing strengths (which is not the case under profit maximisation). Moreover, the invariance principle, that the effect of a player draft will be undermined by the sale (and/or trade) of player talent, is found not necessarily to hold under win maximisation and can be reduced or eliminated with a team salary cap. Whether the trade of players and draft choices can undermine a player draft is also considered. The conclusion reached is that a player draft, a team salary cap, and revenue sharing is the combination most likely to succeed in achieving higher levels of competitive balance. The evidence of competitive balance in the VFL/AFL is consistent with these predictions. [source]

Oxidation of small alkenes at high temperature

INTERNATIONAL JOURNAL OF CHEMICAL KINETICS, Issue 12 2002
Barbara Heyberger
If the mechanism of formation of alkenes, the main primary products of the combustion of alkanes above 1000 K, is now well understood, their ways of degradation have been much less studied. Following a previous modeling of the oxidation of propene in a static and a jet-stirred reactors by using an automatically generated mechanism, the present paper shows new validations of the same mechanism for ignition delays in a shock tube. It also describes the extension of the rules used for the automatic generation to the case of 1-butene. The predictions of the mechanism produced for the oxidation of 1-butene are compared successfully with two sets of experimental results: the first obtained in a jet-stirred reactor between 900 and 1200 K; the second being new measurements of ignitions delays behind reflected shock waves for temperatures from 1200 up to 1670 K, pressures from 6.6 to 8.9 atm, equivalence ratios from 0.5 to 2, and with argon as bath gas. Flux and sensitivity analyses show that the role of termination reactions involving the very abundant allylic radicals is less important for 1-butene than for propene. © 2002 Wiley Periodicals, Inc. Int J Chem Kinet 34: 666,677, 2002 [source]

Assessing monetary rules performance across EMU countries

INTERNATIONAL JOURNAL OF FINANCE & ECONOMICS, Issue 2 2003
Carlo Altavilla
Abstract The topic covered in this paper is the performance of different monetary policy rules used as guidelines in practical policy making. To this end, different rules are evaluated using alternative econometrics techniques. A comparative analysis is made of the ability of the rules to correspond to the historical central bank behaviour and of the volatility of output, inflation and interest rate changes that they imply. The study is conducted of the EMU countries. The results suggest that simple rules perform quite well and that the advantages obtained from adopting an optimal control-based rule are not so great. Moreover, the addition of a forward-looking dimension and of an interest rate smoothing term in the reaction function seems to improve the performance of the rules. Copyright © 2003 John Wiley & Sons, Ltd. [source]

The Impact of Insurance Prices on Decision Making Biases: An Experimental Analysis

JOURNAL OF RISK AND INSURANCE, Issue 2 2003
Susan K. Laury
This article tests whether the use of endogenous risk categorization by insurers enables consumers to make better-informed decisions even if they do not choose to purchase insurance. We do so by adding a simple insurance market to an experimental test of optimal (Bayesian) updating. In some sessions, no insurance is offered. In others, actuarially fair insurance prices are posted, and a subset of subjects is allowed to purchase this insurance. We find significant differences in the decision rules used depending on whether one observes insurance prices. Although the majority of choices correspond to Bayesian updating, the incidence of optimal decisions is higher in sessions with an insurance option. Most subjects given the option to purchase actuarially fair insurance choose to do so. However, fewer subjects purchase insurance when the probability of a loss is higher. [source]

ADAPTABILITY TO CHANGING TASK CONTEXTS: EFFECTS OF GENERAL COGNITIVE ABILITY, CONSCIENTIOUSNESS, AND OPENNESS TO EXPERIENCE

PERSONNEL PSYCHOLOGY, Issue 3 2000
JEFFREY A. LEPINE
We examined the extent to which cognitive ability, Conscientiousness, and Openness to Experience predict decision-making performance prior to and after unforeseen changes in the task context. Seventy-three undergraduates made decisions on a series of 75 problems during a 3-hour computerized simulation. Unbeknownst to participants, the rules used in determining correct decisions changed after problems 25 and 50. Effects of the individual differences on decision-making performance became significantly stronger after the changes. Only cognitive ability explained variance in prechange performance. Individuals with higher cognitive ability made better decisions. After the change, the cognitive ability effect increased and the effects of Conscientiousness and Openness became statistically significant. As expected, those with high Openness made better decisions. Unexpectedly, those with low Conscientiousness made better decisions. Subsequent analyses revealed that this surprising effect for Conscientiousness was due to the traits reflecting dependability (i.e., order, dutiful-ness, deliberation) rather than volition (i.e., competence, achievement striving, self-discipline). [source]