65,795 research outputs found
Two-Dimensional Product Differentiation Under Duopoly: An Application to Product and Service Reliability
Under oligopoly firms are often observed to specialise their production, with some firms producing highly reliable output and offering good warranty deals, while others produce less reliable output and offer less attractive warranties, but charge a lower price. This paper develops an approach to product/service reliability which provides an alternative to the conventional analysis based on the characteristics approach. The model of this paper defines reliability as the objective probability of product failure, not as a characteristic of individual goods. Reliability, thus defined, is treated as a choice variable of the firm, and consumersā preferences are partially endogenised. This approach to reliability is incorporated into a duopoly model which explains the phenomenon of specialisation described above. The model is applicable to the markets for consumer durables, some intermediate goods and some services.Reliability, duopoly.
A Model of Endogenous Quality Management
This paper is concerned with product quality, defined as a kind of durability. Existing models of product quality (in the sense considered here) depend on the idea of signalling, itself driven by an informational asymmetry dictated by āNatureā. The paper proposes an alternative approach, which endogenises the quality managment process. A model is developed which is applicable to the markets for consumer durables and for some intermediate goods. Both competitive and monopolistic markets are considered, and some comparative static results are obtained.
Stability of Growth Models with Generalised Lag Structures
This paper considers the lag structures of dynamic models in economics, arguing that the standard approach is too simple to capture the complexity of actual lag structures arising, for example, from production and investment decisions. It is argued that recent (1990s) developments in the the theory of functional differential equations provide a means to analyse models with generalised lag structures. The stability and asymptotic stability of two growth models with generalised lag structures are analysed. The paper concludes with some speculative discussion of time-varying parameters.
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Capturing UK real estate volitility
Volatility, or the variability of the underlying asset, is one of the key fundamental components of property derivative pricing and in the application of real option models in development analysis. There has been relatively little work on volatility in real terms of its application to property derivatives and the real options analysis. Most research on volatility stems from investment performance (Nathakumaran & Newell (1995), Brown & Matysiak 2000, Booth & Matysiak 2001). Historic standard deviation is often used as a proxy for volatility and there has been a reliance on indices, which are subject to valuation smoothing effects. Transaction prices are considered to be more volatile than the traditional standard deviations of appraisal based indices. This could lead, arguably, to inefficiencies and mis-pricing, particularly if it is also accepted that changes evolve randomly over time and where future volatility and not an ex-post measure is the key (Sing 1998). If history does not repeat, or provides an unreliable measure, then estimating model based (implied) volatility is an alternative approach (Patel & Sing 2000).
This paper is the first of two that employ alternative approaches to calculating and capturing volatility in UK real estate for the purposes of applying the measure to derivative pricing and real option models. It draws on a uniquely constructed IPD/Gerald Eve transactions database, containing over 21,000 properties over the period 1983-2005. In this first paper the magnitude of historic amplification associated with asset returns by sector and geographic spread is looked at. In the subsequent paper the focus will be upon model based (implied) volatility
Science Fiction Double Feature: Trans Liberation on Twin Earth
What is it to be a woman? What is it to be a man? We start by laying out desiderata for an analysis of 'woman' and 'man': descriptively, it should link these gender categories to sex biology without reducing them to sex biology, and politically, it should help us explain and combat traditional sexism while also allowing us to make sense of the activist view that gendering should be consensual. Using a Putnam-style 'Twin Earth' example, we argue that none of the existing analyses in the feminist literature succeeds in meeting all of our desiderata. Finally, we propose a positive account that we believe can satisfy all the desiderata outlined. According to our theory, the genders 'woman' and 'man' are individuated not by their contemporary connections to sex biology, but by their historical continuity with classes that were originally closely connected to sex biology
Species composition, distribution, and relative abundance of fishes in the coastal habitat off the southeastern United States
Ichthyofauna of the coastal Ā«10 m depth) habitat of the South Atlantic Bight were investigated between Cape Fear, North Carolina, and the St. John's River, Florida. Trawl collections from four nonconsecutive seasons in the period July 1980 to December 1982 indicated that the fish community is dominated by the family Sciaenidae, particularly juvenile forms. Spot (Leiostomus xanthurus) and Atlantic croaker (Micropogonias undulatus) were the two most abundant species and dominated catches during all seasons. Atlantic menhaden (Brevoortin tyrannus) was also very abundant, but only seasonally (winter and spring) dominant in the catches. Elasmobranch fIShes, especially
rajiforms and carcharinids, contributed to much of the biomass of fishes collected. Total fish abundance was greatest in winter and lowest in summer and was influenced by the seasonality of Atlantic menhaden and Atlantic croaker in the catches. Biomass was highest in spring and lowest in summer, and was influenced by biomass of spot. Fish density ranged from 321 individuals and 12.2 kg per hectare to 746 individuals and 25.2 kg per hectare. Most species ranged widely throughout the bight, and showed some evidence of seasonal migration. Species assemblages were dominated by ubiquitous year-round residents of the coastal waters of the bight. Diversity (H') was highest in summer, and appeared influenced by the evenness of distribution
of individuals among species. (PDF file contains 56 pages.
An Investigation into Power from Pitch-Surge Point-Absorber Wave Energy Converters.
There is a worldwide opportunity for clean renewable power. The results from the UK Government's "Marine Energy Challenge" showed that marine energy has the potential to become competitive with other forms of energy. The key to success in this lies in a low lifetime-cost of power as delivered to the user. Pitch-surge point-absorber WECs have the potential to do this with average annual powers of around 2 MW in North Atlantic conditions from relatively small devices that would be economically competitive with other technologies and would be relatively easy to install and maintain. The paper examines the factors governing the performance of such devices and outlines their underlying theory Preliminary laboratory test results from a 1/100 scale pilot design are presented. It is hoped that more extensive development work will follow these promising early results. Engineering designs for devices based on these findings are outlined
Feeder Cattle Costs and Returns 1955-1956
Livestock Production/Industries,
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