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Transaction
Terms modified by Transaction Selected AbstractsRace Matters: The Unspoken Variable in the Teaching-Learning TransactionNEW DIRECTIONS FOR ADULT & CONTINUING EDUCATION, Issue 93 2002Juanita Johnson-Bailey Johnson-Bailey points to the importance of examining and understanding race as a variable with an impact on the teaching-learning transaction. [source] A Metropolitan Transaction-Based Commercial Price Index: A Time-Varying Parameter ApproachREAL ESTATE ECONOMICS, Issue 1 2001Henry J. Munneke This study examines the usefulness of time-varying parameter techniques for constructing reliable transaction-based commercial price indices for metropolitan areas. Time-varying parameter techniques allow the implicit prices of differing quality characteristics to vary intertemporally, overcoming the potential bias imposed by holding implicit prices fixed and simply interpreting time dummy variables as in a conventional hedonic approach. This paper empirically investigates three time-varying parameter methods (Chained, Laspeyres, and Paasche) and considers the potential for sample selection bias. Precision measures are constructed to examine the reliability of the respective indices. [source] On the Determination of Contract Price in Credit Sales Transaction: Exchange Option Approach,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 5 2010Jong Yeon Choi G32 Abstract Conditions for credit sales transactions vary to a great degree depending upon characteristics of the commodity, the buyer, and the seller. In this paper, we analyzed the buyer's right to return purchased commodities and void his or her financial obligations as an exchange option written by the seller and held by the credit buyer. The value of this exchange option is determined by the value of supplied goods and their volatility, the value of bonds and their volatility, and the correlation between the values of the commodity and the bonds. As a result, this paper was able to derive a model that could explain the impact of: (i) characteristics of the commodities; (ii) characteristics of the buyer; (iii) characteristics of the seller; and (iv) changes in market conditions. Besides the progress stated above, we also derived the necessary condition for both the buyer and the seller to be satisfied in a credit sales transaction. Based on this model, a number of empirical hypotheses were made. [source] Semi-analytic Approaches to Collateralized Debt Obligation ModellingECONOMIC NOTES, Issue 2 2004Christian Bluhm Collateralized debt obligations (CDOs) constitute an important class of asset-backed securities. Most major banks use CDOs as portfolio management tools for achieving regulatory capital relief, economic risk transfer and funding. On the other side, banks and other financial institutions invest in CDO tranches with a risk/return profile matching their risk appetite and investment policies. For both sides (risk selling and risk buying) of a CDO transaction, sound mathematical tools are required for an evaluation of the deal. In this paper, we investigate some techniques for CDO modelling, paying special attention to approaches based on semi-analytic approximations. [source] Economica Coase Lecture: Reference Points and the Theory of the FirmECONOMICA, Issue 299 2008OLIVER HART I argue that it has been hard to make progress on Coase's theory of the firm agenda because of the difficulty of formalizing haggling costs. I propose an approach that tries to move things forward using the idea of aggrievement costs, and apply it to the question of whether a transaction should be placed inside a firm (in-house production) or in the market place (outsourcing). [source] Transactional development of parent personality and child temperamentEUROPEAN JOURNAL OF PERSONALITY, Issue 6 2008Niina Komsi Abstract Stability and change in parental extraversion and neuroticism were studied in transaction with their views of their child's temperament from the age of six months to the age of five-and-a-half years in 109 mother,father,child triads (parent,daughter: n,=,61, parent,son: n,=,48). While parental traits showed high stability, infants' higher positive affectivity predicted an increase in parental extraversion over 5 years, and infant's higher activity predicted a decrease in parental neuroticism. Parent-rated temperament showed expected heterotypic continuity. Initially higher parental extraversion predicted an increase in the child's effortful control, and higher parental neuroticism predicted an increase in the child's negative affectivity. The results indicate that parental personality and child temperament develop in transaction promoting change in each other. Copyright © 2008 John Wiley & Sons, Ltd. [source] Price Discovery and Liquidity in Basket SecuritiesFINANCIAL REVIEW, Issue 2 2008Thomas Henker G10 Abstract Basket securities enable investors to purchase a broad portfolio of securities in a single transaction. We examine the link between HOLDRS, a basket security comprising stocks from an industry or sector, and the underlying stocks. We find that the price of the portfolio of underlying securities leads and is more informative than the basket price. Our results are contrary to the findings of empirical studies that use futures, which are basket securities with features less like those of the underlying equities. Our findings suggest uninformed investors can minimize adverse selection costs by trading basket securities rather than the underlying stocks. [source] Creating Early Success in Financial Accounting: Improving Performance on Adjusting Journal Entries,ACCOUNTING PERSPECTIVES, Issue 2 2010FRED PHILLIPS cognition; écritures comptables; formation; intervention Abstract Adjusting journal entries constitute a necessary component of accrual basis accounting and are critical to the accuracy of financial statements. However, accounting students often struggle to comprehend these accounting entries, which is a concern given that failure to understand early topics in accounting courses has been found to impact course performance and selection of undergraduate major. Perceiving accounting as a language, we utilize psycholinguistic theory to understand how an instructor may improve coherence of students' mental structures of accounting problems. We conduct an experiment to investigate the extent to which a simple instructor intervention, requiring that the initial deferral transaction be recorded, is able to improve student performance on the subsequent deferral adjustments, and whether this improvement is consistent across problem sets that differ in task difficulty. Consistent with our theoretical prediction, we find that this intervention results in improved performance. The beneficial effect of the intervention is found to differ across problem-set task difficulty. Implications for accounting education are discussed. Favoriser dès le départ la réussite en comptabilité générale en améliorant la qualité des écritures de régularisation Résumé Les écritures de régularisation font partie intégrante de la comptabilité d'exercice et sont indispensables à l'exactitude des états financiers. Or, les étudiants en comptabilitééprouvent souvent de la difficultéà comprendre ces écritures comptables, observation préoccupante puisque la méconnaissance de notions élémentaires des cours de comptabilité influe, a-t-on constaté, sur la réussite des cours et le choix d'une majeure au premier cycle. Envisageant la comptabilité comme un langage, les auteurs ont recours à la théorie de la psycholinguistique pour déterminer comment un enseignant peut améliorer la cohérence des structures mentales avec lesquelles les étudiants abordent des problèmes comptables. Ils se livrent à une expérience dans laquelle ils analysent dans quelle mesure la simple intervention de l'enseignant, exigeant la comptabilisation initiale d'une opération de report, peut améliorer la performance de l'étudiant en ce qui a trait aux ajustements de report subséquents, et si cette amélioration demeure constante dans des problématiques où la difficulté de la tâche diffère. Conformément à leur prévision théorique, les auteurs constatent que cette intervention entraîne une amélioration de la performance. Ils observent que l'effet bénéfique de cette intervention diffère selon la difficulté de la tâche associée à la problématique. Enfin, ils analysent les conséquences de ces observations pour la formation comptable. [source] The effect of e-commerce on the integration of IT structure and brand architectureINFORMATION SYSTEMS JOURNAL, Issue 5 2008Dr Horst Treiblmaier Abstract., A company's information technology (IT) structure and its brand architecture are intended to minimize transaction costs both within the organization and between the organization and its customers. Business-to-Consumer (B2C) e-commerce fundamentally alters the structure of those transaction costs relevant to the IT structure and the brand architecture. We conducted a survey among 102 chief information officers and chief marketing officers in 67 of the 100 most important B2C enterprises in Austria. The results show that companies typically implement a certain set of changes in the IT structure and the brand architecture if B2C e-commerce is highly important to them and that these changes result in a stronger integration within and between the IT structure and the brand architecture. B2C e-commerce projects thus require closely aligned conceptual, organizational and financial measures in both areas. [source] Ontological modelling of e-services to ensure appropriate mobile transactionsINTELLIGENT SYSTEMS IN ACCOUNTING, FINANCE & MANAGEMENT, Issue 3 2002Vagan TerziyanArticle first published online: 21 MAR 200 The main goal of this paper is to provide simple ontological support to mobile electronic commerce. The description of an ontology-driven Transaction Monitor (TM) for mobile business applications is considered. The approach is based on the assumption that the transaction management tool can be implemented in a mobile terminal, allowing integration of different distributed external e-services. We use the ontology-based framework for transaction management so that the TM will be able to manage transaction across multiple e-services and we consider management of distributed location-based services as an example of such ontology-based TM implementation. The core of the approach is very simple service ontologies. Ontologies should be ,placed' both in mobile terminals and in e-services. They define common multiple clients,multiple services standards and vocabularies for the use of the names, types, schemas, default values for parameters, atomic service actions with appropriate structure of action's input and output. In our implementation ontologies help to the TM to deal with multiple services during transactions and to simplify the appropriate user interface. Copyright © 2003 John Wiley & Sons, Ltd. [source] Revisiting the Lemons MarketINTERNATIONAL ECONOMIC REVIEW, Issue 1 2001Anke S. Kessler This article extends the standard competitive adverse selection model by allowing for qualitatively different information structures of agents on the informed side of the market. Using the stylized framework of the market for used cars, we examine the welfare properties of equilibria under the assumption that a fraction of the sellers remains uninformed about a parameter that is relevant for their own transaction. Whether market performance increases or decreases in the number of uninformed sellers is shown to depend on (1) the potential gains from trade in the market and (2) the average quality of the sellers' information structure. [source] Do Governments Use Financial Derivatives Appropriately?INTERNATIONAL FINANCE, Issue 2 2001Evidence from Sovereign Borrowers in Developed Economies This article provides original evidence on the use of derivatives by sovereign borrowers. Swaps are used both to increase the liquidity of long-term government bonds and for speculation. However, some sovereign borrowers have also used derivatives to ,window dress' their public accounts for the purpose of disguising budget deficits. One actual window-dressing transaction by a sovereign borrower that used it to facilitate entry into the EMU is described. It is shown that the size of the artificial deficit reduction it achieved through this transaction is large. I argue that window-dressing through derivatives might prove particularly damaging for the political stability of the EMU, the effectiveness of stabilization programmes in less developed countries, and the credibility of supranational institutions charged with monitoring the soundness of client-country economic policies. Window dressing also dangerously distorts the relationship between governments and private financial institutions. I suggest proper accounting procedures that should be used to eliminate the possibility of such operations. [source] The effect of service quality on trust and commitment varying across generationsINTERNATIONAL JOURNAL OF CONSUMER STUDIES, Issue 4 2009Jinsook E. Cho Abstract We examine the effect of service quality on consumer trust and commitment in the context of obtaining a financial loan and how these relationships vary across different generational cohorts. We find that the service quality offered by a loan officer has a significant effect on consumer trust towards a financial institution, which in turn influences consumer commitment to a financial institution for a future transaction. We also find that relative strengths of a few paths in the model differ across different age cohorts, indicating some generational variability in the relationship between service quality, trust and commitment. [source] Transaction Cost Estimation and International Regimes: Of Crystal Balls and Sheriff's PossesINTERNATIONAL STUDIES REVIEW, Issue 1 2004Michael Lipson In the aftermath of the 2003 war in Iraq, there is growing concern over the durability of international institutions and their capacity to withstand international change. Transaction costs are a central factor in theoretical explanations of the conditions under which international institutions will persist or be replaced. Rational institutionalists expect regimes to persist after conditions underlying their creation have changed because of the transaction costs of negotiating a replacement regime. Andrew Moravcsik has recently challenged this view, arguing that such costs are generally low and, in any case, arise from domestic and transnational sources rather than interstate bargaining. Others have argued that transaction costs shape the structure of security institutions. All these approaches assume that states can accurately forecast the transaction costs of maintaining or replacing an international regime. However, as an examination of the replacement of the Coordinating Committee on Multilateral Export Controls (CoCom) by the Wassenaar Arrangement demonstrates, this assumption is not necessarily warranted. This essay reviews transaction-cost-based theories of international cooperation and proposes that incorporation of a variable concerned with states' capacity to estimate transaction costs would improve our theoretical understanding of institutional persistence and change. Moreover, it considers problems of defining and measuring transaction costs, assesses factors limiting states' accurate estimation of transaction costs, and presents some propositions regarding transaction cost estimation and regime persistence. The essay also examines the implications of inaccurate transaction cost estimation for recent US foreign policy and international order. [source] Structure, function and evolution of the gas exchangers: comparative perspectivesJOURNAL OF ANATOMY, Issue 4 2002J. N. Maina Abstract Over the evolutionary continuum, animals have faced similar fundamental challenges of acquiring molecular oxygen for aerobic metabolism. Under limitations and constraints imposed by factors such as phylogeny, behaviour, body size and environment, they have responded differently in founding optimal respiratory structures. A quintessence of the aphorism that ,necessity is the mother of invention', gas exchangers have been inaugurated through stiff cost,benefit analyses that have evoked transaction of trade-offs and compromises. Cogent structural,functional correlations occur in constructions of gas exchangers: within and between taxa, morphological complexity and respiratory efficiency increase with metabolic capacities and oxygen needs. Highly active, small endotherms have relatively better-refined gas exchangers compared with large, inactive ectotherms. Respiratory structures have developed from the plain cell membrane of the primeval prokaryotic unicells to complex multifunctional ones of the modern Metazoa. Regarding the respiratory medium used to extract oxygen from, animal life has had only two choices , water or air , within the biological range of temperature and pressure the only naturally occurring respirable fluids. In rarer cases, certain animals have adapted to using both media. Gills (evaginated gas exchangers) are the primordial respiratory organs: they are the archetypal water breathing organs. Lungs (invaginated gas exchangers) are the model air breathing organs. Bimodal (transitional) breathers occupy the water,air interface. Presentation and exposure of external (water/air) and internal (haemolymph/blood) respiratory media, features determined by geometric arrangement of the conduits, are important features for gas exchange efficiency: counter-current, cross-current, uniform pool and infinite pool designs have variably developed. [source] TRANSFERABLE STOCK OPTIONS (TSOS) AND THE COMING REVOLUTION IN EQUITY-BASED PAYJOURNAL OF APPLIED CORPORATE FINANCE, Issue 1 2004Brian J. Hall The dominant form of equity pay in the U.S. will change dramatically when accounting rules are changed (most likely in 2005) to require companies to charge the cost of their stock option plans on their income statements. Many companies are already switching from stock options to other forms of equity pay, especially restricted stock. The most notable switcher was Microsoft, the world's largest user of stock option pay. In July 2003, partnering with J.P. Morgan, Microsoft created a onetime transferable stock option (TSO) program that allowed holders of underwater Microsoft options to sell their options to J.P. Morgan in return for restricted shares. But the most important consequence of this transaction may not be a widespread shift by corporate America to restricted shares, but rather the creation of a more costeffective kind of stock option. By clearing the potentially messy hurdles involving taxes, accounting, SEC rules, and "transaction mechanics," Microsoft has opened the door for TSOs to be considered as an ongoing equitypay instrument, perhaps replacing standard stock options (which are not transferable). TSOs share the key advantages of restricted stock in terms of providing robust retention and ownership incentives and higher valuecost efficiency, while maintaining the key "leverage" advantage of options. In so doing, they create significant upside (and downside) while largely avoiding the "pay for pulse" problem of restricted stock. They also introduce the discipline of competitive pricing by third-party bidders. The bid prices of investment banks create nearly all of the information required for accurate estimates of option cost, which should foster greater board accountability and improved corporate governance. [source] Relative Performance Evaluation of Mutual Funds: A Non-Parametric ApproachJOURNAL OF BUSINESS FINANCE & ACCOUNTING, Issue 7-8 2001Yoon K. Choi We propose an alternative mutual fund performance index which addresses the benchmark problem and controls for economies of scale in managing mutual funds. We advance a new concept of ,return-cost' efficiency as another important element in evaluating portfolio management, in addition to the mean-variance efficiency concept. Our index based on a non-parametric estimation is shown to be similar to the Sharpe index with multiple slopes (or factors). We have shown that all fund categories, except income funds, have similar average efficiency scores after controlling for economies of scale. Most funds operate in increasing returns to scale and seem to be successful in holding mean-variance efficient portfolios, but unsuccessful in allocating transaction costs efficiently, evidenced by excessive turnovers and loads. [source] Skilled Support Within Intimate RelationshipsJOURNAL OF FAMILY THEORY & REVIEW, Issue 1 2009Eshkol Rafaeli The literature on social support within dyadic intimate relationships raises a seeming paradox: The availability of support tends to reduce distress, but its actual receipt is often unhelpful and at times engenders feelings of inadequacy, indebtedness, and inequity,unintended but potent side effects of the support transaction. Our review organizes this literature in order to solve the apparent paradox. Specifically, we theorize that, because support attempts are often unskilled and miscarried, they lead to greater costs than benefits. We identify four ways in which dyadic support can be unskillful, ways pertaining to its timing, content, process, or reciprocation. We suggest that when these are addressed, support can regain its intended goals of enhancing dyadic coping, reducing stress, and strengthening relationships. [source] Courts and contract enforcement in transition agriculture: theory and evidence from PolandAGRICULTURAL ECONOMICS, Issue 2-3 2004Volker Beckmann Abstract The paper investigates theoretically and empirically the role of courts for contract enforcement in transition agriculture. In a survey of 306 Polish farmers conducted in 1999, only 38.5% respondents reported to believe that they could use courts to enforce contracts with their most important customer. Furthermore, those who believed the legal system could be used would accept significant financial losses before taking action. We develop a theoretical model, based on the costs and benefits of court enforcement, which captures the boundary between contracts to be regarded as ,enforceable' and ,not-enforceable' and, simultaneously, the threshold of taking legal action. The empirical analysis strongly supports our model: (1) the farmers' responses can be explained by cost-benefit calculations regarding the use of courts, (2) the legal ,enforceability' of contracts depends not only on the efficiency of the legal system but also on the attributes of the transaction, the contracts and the relationship between buyer and seller and (3) the threshold of taking legal action is significantly influenced by indirect costs of court enforcement, such as the disruption of a valuable business relationship, and by the availability of alternative enforcement mechanisms. [source] Role of Knowledge in Value Creation in Business Nets*JOURNAL OF MANAGEMENT STUDIES, Issue 5 2006Kristian Möller abstract This paper focuses on the role of knowledge in intentionally created business networks called nets. Nets are seen to offer firms collective benefits beyond those of a single firm or market transaction. We propose that the types of knowledge and learning required in the management of different types of business net are dependent on the value creation characteristics of the net types. Based on this we suggest a classification of three generic net types ,,current business nets', ,business renewal nets', and ,emerging new business nets', and argue that they pose different conditions for management in nets. Using this framework and integrating notions from the industrial network approach, strategic management and dynamic capabilities view, and organizational learning we make a number of observations and propositions about the role of knowledge and learning in the three types of business net. The paper contributes to the emerging theory of network management. [source] At the Interface of School and WorkJOURNAL OF PHILOSOPHY OF EDUCATION, Issue 3 2005Theodore Lewis The current emphasis that organisations are placing upon knowledge and the corresponding attention that workplace epistemological values are receiving within the educational community has resulted in an interesting convergence of discourses,school-based and work-based. Even as workplaces are tending toward abstraction over practice,based knowing, schools are being nudged into doing the reverse. The result of this ferment is that traditional barriers between these kinds of knowledge are being removed. As can be seen from workplace examples, it is possible for liberal learning to be in the service of instrumental ends. So too schools may come to see more clearly the value of situatedness and team-work in the transaction of liberal learning. More generally, we see also new possibilities for retreat from received views about the worth of practical knowledge. [source] New Evidence of the Effect of Transaction Costs on Residential Mobility,JOURNAL OF REGIONAL SCIENCE, Issue 4 2005Jos Van Ommeren Transaction costs are thought to cause suboptimal consumption of housing but may also negatively affect labor market outcomes. In the current paper, we demonstrate empirically for the Netherlands that transaction costs have a strong negative effect on the owners' probability of moving. Under a range of different specifications, it appears that a 1 percent-point increase in the value of transaction costs,as a percentage of the value of the residence,decreases residential mobility rates by (at least) 8 percent. The estimates imply that ownership to ownership mobility rates would be substantially higher in the absence of the current 6 percent ad valorem buyer transaction tax. Our estimates are consistent with the observation that in the Netherlands ad valorem transaction costs mainly consist of buyer transaction costs. [source] Moral Hazard in Reinsurance MarketsJOURNAL OF RISK AND INSURANCE, Issue 3 2005Neil Doherty This article attempts to identify moral hazard in the traditional reinsurance market. We build a multiperiod principal,agent model of the reinsurance transaction from which we derive predictions on premium design, monitoring, loss control, and insurer risk retention. We then use panel data on U.S. property liability reinsurance to test the model. The empirical results are consistent with the model's predictions. In particular, we find evidence for the use of loss-sensitive premiums when the insurer and reinsurer are not affiliates (i.e., not part of the same financial group), but little or no use of monitoring. In contrast, we find evidence for the extensive use of monitoring when the insurer and reinsurer are affiliates, where monitoring costs are lower. [source] Rapport-building activities in corner shop interactionsJOURNAL OF SOCIOLINGUISTICS, Issue 2 2004María E. Placencia This paper examines a range of interactional activities participants carry out in the course of corner shop transactions in Quito, Ecuador. These activities include: phatic communication exchanges as traditionally conceived, that is, conventionalized forms such as how-are-you and health inquiries; individualized exchanges in the form of conversational work around a range of topics (e.g. politics, health, school); and creative language play activities (e.g. wordplay and linguistic play with names). These activities are described as reflecting participants' orientation to the maintenance of positive rapport or friendly relations (Aston 1988a) with the effect that the service transaction becomes a pleasant and even an entertaining encounter. Such orientation is described here in relation to the familiarity existing between shopkeepers and customers as a result of frequent contact in the context of the barrio(residential neighbourhoods) in Quito. As such the study lends support, from a different socio-cultural perspective, to recent work in the area that highlights the centrality of phatic communication in task-oriented interactions in English (cf. Coupland 2000a, 2000b, 2003), and brings to the fore a wider range of activities which appear to be employed for rapport-building purposes in service encounters. [source] OUTSOURCING: TRANSACTION COST ECONOMICS AND SUPPLY CHAIN MANAGEMENT,JOURNAL OF SUPPLY CHAIN MANAGEMENT, Issue 2 2008OLIVER E. WILLIAMSON This article examines outsourcing from the transaction cost economics (TCE) perspective. The transaction is made the basic unit of analysis and the procurement decision, as between make and buy, is made (principally) with reference to a transaction cost economizing purpose. As sketched herein, the ease of contracting varies with the attributes of the transaction, with special emphasis on whether preserving continuity between a particular buyer,seller pair is the source of added value. The basic regularity is this: as bilateral dependency builds up, the efficient governance of contractual relations progressively moves from simple market exchange to hybrid contracting (with credibility supports) to hierarchy. This last corresponds to the "make" decision, which, as viewed from the TCE perspective, is viewed as the organization form of last resort. The article successively describes the lens of contract approach to economic organization, the operationalization of TCE, different styles of outsourcing, qualifications to the foregoing and the main lessons of TCE for the supply chain literature. [source] The elderly and undue influence inter vivosLEGAL STUDIES, Issue 2 2003Fiona R Burns An important demographic and social trend is becoming indisputably evident in the UK. The population is ageing, and a clearly discernible group of elderly persons is growing. As this trend continues, it will be necessary to reconsider the effectiveness and application of the law from the perspective of the elderly claimant. While it has been recognised that there must be a legal scheme to oversee the care and protection of persons, including elders, who are unable to care for their interests due to severe disability, it is becoming evident that even elders who are apparently healthy and able may be vulnerable. Undue influence inter vivos is a significant legal doctrine upon which elderly people have relied in recent times to set aside gifs, contracts and guarantees which they (or their representatives) have considered in hindsight were not in their best interests. This paper seeks to provide an analysis of and contribute to an understanding of the doctrine of undue influence from the perspective of the elderly claimant in the UK. The paper considers actual and presumed undue influence and the impact of the House of Lords decision in Royal Bank of Scotland plc v Etridge (No2). It will be argued that the law of undue influence inter vivos is in transition from a nineteenth-century doctrine which did not confer a special legal status on the elderly to one which is applied in the context of an increasing recognition that the events leading up to the transaction and the circumstances of the case may indicate that elders need the relief which the doctrine affords. Nevertheless, the transition to a modem system of undue influence for the elderly is incomplete. There remain outstanding issues which need consideration before it can be said that there is a comprehensive or logically coherent approach to elders and undue influence. [source] Mediating the deal: How to maximize value by enlisting a neutral's help at and around the bargaining tableALTERNATIVES TO THE HIGH COST OF LITIGATION, Issue 9 2006Stephen B. Goldberg Stephen B. Goldberg, of Evanston, Ill., explains how mediators can help a party's internal deliberations leading up to a transaction [source] Contractual agreements for coordination and vendor-managed delivery under explicit transportation considerationsNAVAL RESEARCH LOGISTICS: AN INTERNATIONAL JOURNAL, Issue 5 2006egül Toptal Abstract We consider the coordination problem between a vendor and a buyer operating under generalized replenishment costs that include fixed costs as well as stepwise freight costs. We study the stochastic demand, single-period setting where the buyer must decide on the order quantity to satisfy random demand for a single item with a short product life cycle. The full order for the cycle is placed before the cycle begins and no additional orders are accepted by the vendor. Due to the nonrecurring nature of the problem, the vendor's replenishment quantity is determined by the buyer's order quantity. Consequently, by using an appropriate pricing schedule to influence the buyer's ordering behavior, there is an opportunity for the vendor to achieve substantial savings from transportation expenses, which are represented in the generalized replenishment cost function. For the problem of interest, we prove that the vendor's expected profit is not increasing in buyer's order quantity. Therefore, unlike the earlier work in the area, it is not necessarily profitable for the vendor to encourage larger order quantities. Using this nontraditional result, we demonstrate that the concept of economies of scale may or may not work by identifying the cases where the vendor can increase his/her profits either by increasing or decreasing the buyer's order quantity. We prove useful properties of the expected profit functions in the centralized and decentralized models of the problem, and we utilize these properties to develop alternative incentive schemes for win,win solutions. Our analysis allows us to quantify the value of coordination and, hence, to identify additional opportunities for the vendor to improve his/her profits by potentially turning a nonprofitable transaction into a profitable one through the use of an appropriate tariff schedule or a vendor-managed delivery contract. We demonstrate that financial gain associated with these opportunities is truly tangible under a vendor-managed delivery arrangement that potentially improves the centralized solution. Although we take the viewpoint of supply chain coordination and our goal is to provide insights about the effect of transportation considerations on the channel coordination objective and contractual agreements, the paper also contributes to the literature by analyzing and developing efficient approaches for solving the centralized problem with stepwise freight costs in the single-period setting. © 2006 Wiley Periodicals, Inc. Naval Research Logistics, 2006 [source] Race Matters: The Unspoken Variable in the Teaching-Learning TransactionNEW DIRECTIONS FOR ADULT & CONTINUING EDUCATION, Issue 93 2002Juanita Johnson-Bailey Johnson-Bailey points to the importance of examining and understanding race as a variable with an impact on the teaching-learning transaction. [source] From W. N. Hohfeld to J. R. Commons, and Beyond?AMERICAN JOURNAL OF ECONOMICS AND SOCIOLOGY, Issue 2 2010A "Law, Economics" Enquiry on Jural Relations In this article we try to reformulate the approaches of Wesley Newcomb Hohfeld and John Rogers Commons on jural relations speculating on the concept of positionality as introduced by Fred Hirsch in his original work on positional good and competition. Furthermore, by placing Hohfeld's jural lowest common denominator within the Commonsian transaction, we propose a more structured economic description of the jural relations theory. [source] | ||||||||||||||||||||||||||||||||||||||||||||||