Accounting for competitive advantage: The resource-based view of the firm and the labour theory of value

This article uses accounting concepts to assist the field of strategic management in its search for a theory of value, competitive advantage and superior profitability. Specifically, it argues that the resource-based view of the firm requires a labour theory of value creation. Using the circuit of capital as an organizing framework this article integrates RBV and Marx's value theory, by introducing the notion of value as socially necessary labour time, into the analysis of resource-based advantage. This enables us to identify the impact of particular sources of competitive advantage as they become diffused through an industry. Some resource-based advantages, when eventually imitated lead to an overall reduction in industry profitability, and other advantages lead to increases in industry average profitability

The effects of periodic and continuous market environments on the performance of trading agents

Simulation experiments are conducted on simple continuous double auction (CDA) markets based on the experimental economics work of Vernon Smith. CDA models within experimental economics usually consist of a sequence of discrete trading periods or “days”, with allocations of stock and currency replenished at the start of each day, a situation we call “periodic” replenishment. In our experiments we look at both periodic and continuous-replenishment versions of the CDA. In this we build on the work of Cliff and Preist (2001) with human subjects, but we replace human traders with Zero Intelligence Plus (ZIP) trading agents, a minimal algorithm that can produce equilibrating market behaviour in CDA models. Our results indicate that continuous-replenishment (CR) CDA markets are similar to conventional periodic CDA markets in their ability to show equilibration dynamics. Secondly we show that although both models produce the same behaviour of price formation, they are different playing fields, as periodic markets are more efficient over time than their continuous counterparts. We also find, however, that the volume of trade in periodic CDA markets is concentrated in the early period of each trading day, and the market is in this sense inefficient. We look at whether ZIP agents require different parameters for optimal behaviour in each market type, and find that this is indeed the case. Overall, our conclusions mirror earlier findings on the robustness of the CDA, but we stress that a CR-CDA marketplace equilibrates in a different way to a periodic one

Doppler lidar results from the San Gorgonio Pass experiments

During FY-84, the Doppler Lidar data from the San Gorgonio Pass experiments were analyzed, evaluated, and interpreted with regard to signal strength, signal width, magnitude and direction of velocity component and a goodness parameter associated with the expected noise level of the signal. From these parameters, a screening criteria was developed to eliminate questionable data. For the most part analysis supports the validity of Doppler Lidar data obtained at San Gorgonio Pass with respect to the mean velocity magnitude and direction. The question as to whether the Doppler width could be interpreted as a measure of the variance of the turbulence within the Doppler Lidar System (DLS) focal volume was not resolved. The stochastic nature of the Doppler broadening from finite residence time of the particles in the beam as well as other Doppler broadening phenomenon tend to mask the Doppler spread associated with small scale turbulence. Future tests with longer pulses may assist in better understanding

Alien Registration- Cliff, Roy S. (Mars Hill, Aroostook County)

https://digitalmaine.com/alien_docs/34072/thumbnail.jp

On The Trail To Santa Fe

https://digitalcommons.library.umaine.edu/mmb-vp/5420/thumbnail.jp