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Search Costs (search + cost)
Selected AbstractsSearch Costs and Re-Employment Wage Gains for Displaced WorkersINDUSTRIAL RELATIONS, Issue 4 2009LAURA P. D'ARCY Involuntary job separation generally leads to lower re-employment wages. However, 20,30 percent of displaced workers experience re-employment wage gains. Theoretically, workers with higher search costs accept jobs when the marginal benefit of search is relatively high. When displaced, these workers experience wage gains because they are forced into additional search. Using data from the Displaced Worker Survey, we find that higher search costs (measured as the wage residual from the predisplacement job) are associated with higher re-employment wages. [source] Presidential Address: Issuers, Underwriter Syndicates, and Aftermarket TransparencyTHE JOURNAL OF FINANCE, Issue 4 2007RICHARD C. GREEN ABSTRACT I model strategic interaction among issuers, underwriters, retail investors, and institutional investors when the secondary market has limited price transparency. Search costs for retail investors lead to price dispersion in the secondary market, while the price for institutional investors is infinitely elastic. Because retail distribution capacity is assumed to be limited for each underwriter-dealer, Bertrand competition breaks down in the primary market and new issues are underpriced in equilibrium. Syndicates emerge in which underwriters bid symmetrically, with quantities allocated internally to efficiently utilize retail distribution capacity. [source] Virus-evolutionary linear genetic programmingELECTRONICS & COMMUNICATIONS IN JAPAN, Issue 1 2008Kenji Tamura Abstract Many kinds of evolutionary methods have been proposed. GA and GP in particular have demonstrated their effectiveness in various problems recently, and many systems have been proposed. One is Virus-Evolutionary Genetic Algorithm (VE-GA), and the other is Linear Genetic Programming in C (LGPC). The performance of each system has been reported. VE-GA is the coevolution system of host individuals and virus individuals. That can spread schema effectively among the host individuals by using virus infection and virus incorporation. LGPC implements the GP by representing the individuals to one dimension as if GA. LGPC can reduce a search cost of pointer and save machine memory, and can reduce the time to implement GP programs. We have proposed that a system introduce virus individuals in LGPC, and analyzed the performance of the system on two problems. Our system can spread schema among the population, and search solution effectively. The results of computer simulation show that this system can search for solution depending on LGPC applying problem's character compared with LGPC. © 2008 Wiley Periodicals, Inc. Electron Comm Jpn, 91(1): 32, 39, 2008; Published online in Wiley InterScience (www.interscience.wiley.com). DOI 10.1002/eej.10030 [source] Optimal admission and pricing control problems in service industries with multiple servers and sideline profitAPPLIED STOCHASTIC MODELS IN BUSINESS AND INDUSTRY, Issue 4 2008Jae-Dong Son Abstract This paper deals with the problem of selecting profitable customer orders sequentially arriving at a company operating in service industries with multiple servers in which two classes of services are provided. The first class of service is designed to meet the particular needs of customers; and the company (1) makes a decision on whether to accept or to reject the order for this service (admission control) and (2) decides a price of the order and offers it to an arriving customer (pricing control). The second class of service is provided as a sideline, which prevents servers from being idle when the number of customer orders for the first class is less than the number of servers. This yields the sideline profit. A cost is paid to search for customer orders, which is called the search cost. In the context of search cost, the company has an option whether to conduct the search or not. In this paper, we discuss both admission control and pricing control problems within an identical framework as well as examine the structure of the optimal policies to maximize the total expected net profit gained over an infinite planning horizon. We show that when the sideline profit is large, the optimal policies may not be monotone in the number of customer orders in the system. Copyright © 2008 John Wiley & Sons, Ltd. [source] Strategies for the Curiosity-Driven Museum VisitorCURATOR THE MUSEUM JOURNAL, Issue 4 2004Jay Rounds ABSTRACT Tracking studies show that museum visitors typically view only 20 to 40 percent of an exhibition. Current literature states that this partial use sub-optimizes the educational benefit gained by the visitor, and that skilled visitors view an exhibition comprehensively and systematically. Contrary to that viewpoint, this paper argues that partial use of exhibitions is an intelligent and effective strategy for the visitor whose goal is to have curiosity piqued and satisfied. By using analytical approaches derived from "optimal foraging theory" in ecology, this paper demonstrates that the curiosity-driven visitor seeks to maximize the Total Interest Value of his or her museum visit. Such visitors use a set of simple heuristics to find and focus attention only on exhibit elements with high interest value and low search costs. Their selective use of exhibit elements results in greater achievement of their own goals than would be gained by using the exhibition comprehensively. [source] The Dark Side of Information and Market Efficiency in E-Markets,DECISION SCIENCES, Issue 3 2006Varun Grover ABSTRACT Price dispersion reflects the differences in prices for identical products. While in physical markets such dispersion is prevalent due to high search costs, many researchers argue that search costs and price dispersion will be much lower in electronic markets (e-markets). Empirical evidence does not support this contention, and researchers have studied search costs, market factors, and service-quality factors to explain this dispersion. Previous research has largely assumed that more information is better. By ignoring the dark side of information, we argue that only a partial understanding of price dispersion is possible. In this article, information overload and equivocality are studied as two dark attributes of information that lead sellers to different pricing decisions in e-markets. Hypotheses relating these attributes to price dispersion are supported through analysis of 161 product markets. This work opens up new avenues in the study of e-markets and discusses the implications of these findings for research and practice on consumer and seller decisions. [source] Brood conspicuousness and clutch viability in male-caring assassin bugs (Rhinocoris tristis)ECOLOGICAL ENTOMOLOGY, Issue 2 2009JAMES GILBERT Abstract 1.,Conspicuousness to mates can bring benefits to both males (increased mating success) and females (reduced search costs), but also brings costs (e.g. increased predation and parasitism). Assassin bugs, Rhinocoris tristis, lay egg clutches either on exposed stems or hidden under leaves. Males guard eggs against parasitoids. Guarding males are attractive to females who add subsequent clutches to the brood. This is an excellent opportunity to study the effects of conspicuousness on the fitness of males and females. 2.,Using viable eggs in a multi-clutch brood as a correlate of fitness, the present study examined whether laying eggs on stems affected (1) female fitness, through exposure to parasitism and cannibalism, and (2) male fitness, through attracting further females. 3.,Stem broods were more parasitised. However, males on stems accumulated more mates and more eggs, a net benefit even accounting for parasitism. The eggs gained from being on a stem were cannibalised. By contrast, higher mortality on stems suggests that females should gain by ovipositing on leaves. To the extent that egg viability represents fitness, male and female interests may therefore differ. This suggests a potential for sexual conflict that may affect other species with male care. 4.,Despite higher costs, females actually initiated more broods, and subsequently added bigger clutches to broods, on stems than under leaves. This suggests either that viable eggs do not reflect fitness, or that females laid in unfavourable locations. The key is now to address lifetime fitness, since unmeasured factors may affect offspring viability post-hatching, and to investigate who controls the location of oviposition in R. tristis. [source] Conspecifics and Their Posture Influence Site Choice and Oviposition in the Damselfly Argia moestaETHOLOGY, Issue 8 2009Catherine J. Byers Finding a suitable oviposition site can be costly because of energy and time requirements, and ovipositioning can be dangerous because of the risk of predation and harassment by males. The damselfly Argia moesta oviposits, contact-guarded by her mate, on vegetation in streams. Oviposition aggregations are commonly observed in this species, despite their territorial nature during other behaviors. We conducted experiments in the field to test the hypothesis that aggregations are the result of conspecific attraction. In the first experiment, two oviposition sites (sycamore leaves) were provided, one with models of ovipositing pairs, and one without. In the second experiment, one leaf again had ovipositing models, while the other had models of uncoupled males and females in a resting posture. In both experiments, damselfly pairs preferred the site with ovipositing models. In general, they visited the ovipositing models first more often than expected by chance, stayed longer there, were more likely to oviposit there, and laid a greater total number of eggs there. These results support the hypothesis that conspecific attraction is responsible for ovipositing aggregations in A. moesta and that posture is an important cue for attraction. Using conspecific cues could be a beneficial strategy to save in search costs while taking advantage of the presence of ovipositing conspecifics to dilute the effects of harassment and predation. [source] External Transaction Costs and Large-scale Farming in Moscow Oblast Coûts de transaction externes et agriculture à grande échelle dans la région de Moscou Externe Transaktionskosten und landwirtschaftliche Großbetriebe in der Oblast MoskauEUROCHOICES, Issue 2 2010Nikolai SvetlovArticle first published online: 3 AUG 2010 Summary External Transaction Costs and Large-scale Farming in Moscow Oblast The article addresses the reasons for the domination of large-scale corporate farms in the Moscow oblast of Russia and concludes that high external transaction costs are likely to be an important determining factor. Over the nine year period studied, larger farms are shown to achieve higher performance. Increasing returns to scale, however, were not significant in explaining the superior performance of the larger farms. It is hypothesised that high external transaction costs due to lack of transparency in the milk market, typical of underdeveloped markets, give the larger farms a competitive advantage. Their search costs per unit of output are relatively low and they are able therefore to achieve higher farm-gate prices for milk as a result. The results confirm the dependence of the farm-gate milk price on farm size due to the presence of high transaction costs in the market of milk, the major output of the studied farms. The high performance farms were able to grow during the study period whereas the lower performing farms had limited growth capacity. A more competitive and transparent market environment along with improved infrastructure could lower transaction costs and entry barriers and provide opportunities for smaller scale corporate farms to compete more effectively. Cet article essaie d'expliquer les raisons de la domination des grandes exploitations agricoles constituées en société de la région de Moscou et conclut que l'ampleur des coûts de transaction externes est probablement un facteur explicatif important. Au cours de la période étudiée qui couvre neuf années, les exploitations les plus grandes ont enregistré les performances les plus élevées. Les rendements d'échelle croissants n'ont cependant pas expliqué de manière significative la meilleure performance de ces exploitations. Nous faisons l'hypothèse que les forts coûts de transaction externes liés au manque de transparence sur le marché laitier, typique des marchés incomplètement développés, donnent à ces plus grandes exploitations un avantage compétitif. Leur coût de recherche par unité de produit est relativement bas et elles sont donc capables d'obtenir des prix au niveau de la ferme plus élevés pour le lait. Les résultats confirment la dépendance des prix à la ferme envers la taille de l'exploitation du fait de la présence de coûts de transaction élevés sur le marché laitier, le lait étant le principal produit des exploitations étudiées. Les exploitations très performantes ont pu croître au cours de la période examinée tandis que les capacités de développement des exploitations les moins performantes étaient limitées. Un environnement de marché plus concurrentiel et transparent ainsi que de meilleures infrastructures pourraient réduire les coûts de transaction et les barrières à l'entrée dans le secteur, et fournir des opportunités aux exploitations constituées en société de plus petite taille d'être concurrentielles de manière plus efficace. Dieser Beitrag untersucht, weshalb es in der russischen Oblast Moskau hauptsächlich große Corporate Farms gibt, und kommt zu dem Schluss, dass dafür wahrscheinlich hohe externe Transaktionskosten ausschlaggebend sind. Über den neunjährigen Untersuchungszeitraum waren größere Betriebe erfolgreicher. Steigende Skalenerträge waren jedoch bei der Begründung für den höheren Erfolg der größeren Betriebe nicht maßgeblich. Es wird angenommen, dass hohe externe Transaktionskosten aufgrund von fehlender Transparenz auf dem Milchmarkt , typisch für unterentwickelte Märkte , den größeren Betrieben einen Wettbewerbsvorteil verschaffen. Ihre Suchkosten pro Produkteinheit sind relativ gering, daher sind sie in der Lage, höhere Preise für Milch ab Hof zu erzielen. Die Ergebnisse bestätigen die Abhängigkeit des Preises für Milch ab Hof von der Betriebsgröße, weil es auf dem Markt für Milch (dem wichtigsten Produkt der untersuchten Betriebe) hohe Transaktionskosten gibt. Den erfolgreichen Betrieben gelang es, über den Untersuchungszeitraum zu wachsen, während die leistungsschwächeren Betriebe nur eingeschränkt wachstumsfähig waren. Ein wettbewerbsfähigeres und transparenteres Marktumfeld in Kombination mit einer besseren Infrastruktur könnte die Transaktionskosten und Marktzugangsbeschränkungen senken sowie kleineren Corporate Farms Möglichkeiten eröffnen, um effektiver am Wettbewerb teilzunehmen. [source] A Comprehensive Analysis of Permission MarketingJOURNAL OF COMPUTER-MEDIATED COMMUNICATION, Issue 2 2001Sandeep Krishnamurthy Godin (1999) has proposed a new idea-permission marketing. Here, consumers provide marketers with the permission to send them certain types of promotional messages. This is seen as reducing clutter and search costs for the consumer while improving targeting precision for marketers. This paper makes three contributions: First, a critical analysis of the concept and its relationship to existing ideas in the marketing literature is discussed. Second, a taxonomy of four models used to implement permission marketing today, direct relationship maintenance, permission partnership, ad market and permission pool, is presented. Permission intensity is seen as a key differentiator among models. Finally, a comprehensive conceptual cost-benefit framework is presented that captures the consumer experience in permission marketing programs. Consumer interest is seen as the key dependent variable that influences the degree of participation. Consumer interest is positively affected by message relevance and monetary benefit and negatively affected by information entry/modification costs, message processing costs and privacy costs. Based on this framework, several empirically testable propositions are identified. [source] Demand- and Supply-Side Agglomerations: Distinguishing between Fundamentally Different Manifestations of Geographic ConcentrationJOURNAL OF MANAGEMENT STUDIES, Issue 3 2009Brian T. McCann abstract Agglomeration research investigates the benefits that firms receive from locating in close geographic proximity. Despite a substantial surge in interest in this topic over the past 20 years, a lack of distinction among unique manifestations of spatial concentrations of similar firms threatens continuing progress in this stream of research. We argue that agglomerations of related firms that draw benefits from the supply-related externalities of increased access to specialized labour, specialized inputs, and knowledge spillovers are fundamentally different from those that draw benefits from heightened demand realized through reduction in consumer search costs. Extending agglomeration theory, we explicate the differences between these distinct phenomena, discuss how the nature of key theoretical relationships varies across these agglomeration types, and demonstrate significant implications for research. We discuss how the differences affect a host of theoretical relationships and empirical research decisions. [source] Presidential Address: Asset Price Dynamics with Slow-Moving CapitalTHE JOURNAL OF FINANCE, Issue 4 2010DARRELL DUFFIE ABSTRACT I describe asset price dynamics caused by the slow movement of investment capital to trading opportunities. The pattern of price responses to supply or demand shocks typically involves a sharp reaction to the shock and a subsequent and more extended reversal. The amplitude of the immediate price impact and the pattern of the subsequent recovery can reflect institutional impediments to immediate trade, such as search costs for trading counterparties or time to raise capital by intermediaries. I discuss special impediments to capital formation during the recent financial crisis that caused asset price distortions, which subsided afterward. After presenting examples of price reactions to supply shocks in normal market settings, I offer a simple illustrative model of price dynamics associated with slow-moving capital due to the presence of inattentive investors. [source] A Search Model Where Consumers Choose Quantity Based on Expected PriceTHE JOURNAL OF INDUSTRIAL ECONOMICS, Issue 4 2003Paolo Buccirossi I describe a price game in which consumers face search costs and base their quantity decision on the expected price. Because of search costs, the choice of the firm they will buy from is described by a random process. I show that the expected equilibrium price is above the monopoly price. This result does not change if demand comes from a small share of perfectly informed consumers with zero search costs. [source] Unemployment and the Rental Rate of CapitalBULLETIN OF ECONOMIC RESEARCH, Issue 4 2000Ricardo A. Lagos This paper introduces a standard neoclassical production function in an equilibrium search model of the labour market, in order to analyse the effects that changes in the (exogenous) rental rate of capital have on the unemployment rate. When the number of firms is kept fixed, an increase in the rental rate affects unemployment only through its impact on selectivity, with the direction of the change depending on the size of the worker's unemployment benefits relative to the firm's search costs. Regardless of the behaviour of selectivity, when the number of firms is determined endogenously, an increase in the rental rate always increases unemployment through a process of job destruction. [source] Spatial patterns of Indian serial burglars with relevance to geographical profilingJOURNAL OF INVESTIGATIVE PSYCHOLOGY AND OFFENDER PROFILING, Issue 2 2006Sudhanshu Sarangi Abstract Earlier studies in Western countries have shown remarkably consistent spatial patterns in serial offenders, mainly for serious crimes notably serial killing and rape, but also (although with less clear patterns) for burglary. The universality of such spatial patterns are of theoretical interest in contributing to our understanding of criminal spatial behaviour and have practical significance for the possibility of using geographic profiling in developing countries. As such, burglars in India provide a particularly interesting test of the generality of the observed spatial consistencies. Information was therefore obtained on the offence location choices of 30 burglars, committing 150 offences in the Rourkela and Keonjhar districts of India. The home to crime distances were compared with those from developed countries, revealing similar but slightly shorter distances. In addition, the domocentricity of criminal spatial activity, reflected in the ,marauder' model (Canter & Gregory 1994) was tested through examination of the Canter Circle hypothesis, the mean interpoint distances (as they related to average distances from home), and the home base ,search costs' using a geographical profiling system (Dragnet). Overall the study found that the spatial patterns of the sample of Indian Burglars were not very different from their counterparts in the UK, North America and Australia, showing that the areas in which an offender is active tend to be shaped by, and, relatedly, close to, where he or she lives, irrespective of the part of the world in which this is. These results suggest that geographical profiling systems such as Dragnet would be productively used on the Indian sub-continent. The results also contribute to our understanding of possible universalities in offender spatial behaviour. Copyright © 2006 John Wiley & Sons, Ltd. [source] | ||||||||||||||||