Business Commons^™

Scale-Invariant Behavior In A Spatial Game Of Prisoners’ Dilemma, Yun Fong Lim, Kan Chen, Ciriyam Jayaprakash

Research Collection Lee Kong Chian School Of Business

A spatially extended version of the game of prisoner’s dilemma, originally proposed by Nowak and May, is modified to include stochastic updating and found to exhibit scale-invariant behavior. Two critical regimes with different scaling behaviors are found; the corresponding exponents have been determined numerically. Spatially, the critical states are characterized by the existence of delicately balanced networks of defectors separating domains of cooperators; temporally, the evolution of the critical states following local perturbations is characterized by avalanches of various magnitudes, which cause restructuring of the networks of defectors on all scales.

Public Perceptions Of The Midwest’S Pavements: Policies And Thresholds, David Kuemmel, Richard Robinson, Ronald C. Sonntag, Robert Griffin, James K. Giese

Marketing Faculty Research and Publications

A 5-year, pooled fund study with the Iowa, Minnesota, and Wisconsin departments of transportation assessed the public's perceptions of pavement improvement strategies and developed thresholds of satisfaction using the departments' physical indices, such as pavement ride and condition on rural, two-lane highways in the states. Approximately 3,600 drivers in the three states were involved in the three phases of the project, which included 18 focus groups, 400 statewide surveys in each state, and 2,300 targeted surveys across the three states. A multidisciplinary team from Marquette University and a mass media survey lab conducted the studies. A summary of focus group …

2002 Meeting Minutes, Morehead State University. Staff Congress.

Staff Congress Records

Staff Congress meeting minutes for 2002.

The Relationship Between Cost Analysis And Program Management, William K. Stockman, Joseph T. Kammerer, David R. King, Steve G. Green, Michael A. Greiner

Management Faculty Research and Publications

Cost analysis if often viewed as applying basic principles and cost methodologies to determine total system cost. These finished estimates then flow into a decision making process and the cost estimator leaves the stage. Reality shows that the cost estimator is actually one of the main contributors to the decision making process. Our introduction to this special issue explores the areas where cost estimating plays a major role in program management in areas beyond the normal program estimate. We have included articles that show the key role estimators can play in source selection strategies and evaluation; cost of delay analysis …

The Rule That Isn't A Rule - The Business Judgment Rule, Douglas M. Branson

Articles

On a doctrinal basis, few areas of corporate law are more confused then the duty of care applicable to corporate officials and its handmaiden, the business judgment rule. The tendency of many scholars and practitioners has been to collapse the duty of care into the business judgment rule, as Professor Stuart Cohn pointed out more than a decade ago. The business judgment rule is a separate legal construct that is related to, but separate from, the duty of care and one which protects only proactive and not somnambulant directors and officers. The business judgment rule stays at center stage for …

The Social Responsibility Of Large Multinational Corporations, Douglas M. Branson

Articles

In the 1970s, legal scholars wrote extensively on the subject, as it was then known, "corporate social responsibility." Proposals surfaced for pubic interest directors, mandatory social accounting and disclosure, increased use of Security Exchange Commission (SEC) shareholder proxy proposals, federal minimum debate was eclipsed completely by the law and economics movement of the 1980s. Now, in the new century, the inquiry into social responsibility of large corporations has begun anew. This article is an attempt to take that inquiry, or debate, and place it in the international context.

I have four stories to tell. First is that much of the …

Put-Call Parity And The Law, Michael S. Knoll

All Faculty Scholarship

A common literary theme is the conflict between appearance and reality. That conflict also frequently arises in the law, where it is usually cast as one between substance and form. Another discipline in which the conflict arises is finance, where it appears in the put-call parity theorem. That theorem states that given any three of the four following financial instruments--a riskless zero-coupon bond, a share of stock, a call option on the stock, and a put option on the stock--the fourth instrument can be replicated. Thus, the theorem implies that any financial position containing these assets can be constructed in …

Dangerous Liaisons: Corporate Law, Trust Law, And Interdoctrinal Legal Transplants, Edward B. Rock, Michael L. Wachter

All Faculty Scholarship

No abstract provided.

Reconsidering Estoppel: Patent Administration And The Failure Of Festo, R. Polk Wagner

All Faculty Scholarship

Last Term, in Festo Corporation v. Shoketsu Kinzoku Kogyo Kabashuki Co., the United States Supreme Court missed perhaps the most important opportunity for patent law reform in two decades. At the core of the failure to grasp the implications of "prosecution history estoppel" - a judicially-crafted principle limiting the enforceable scope of patents based on acts occurring during their application process - is the heretofore universal (but ultimately unsupportable) view of the doctrine as an arbitrary ex post limitation on patent scope. This Article demonstrates the serious flaws in this traditionalist approach, and develops a new theory of prosecution history …

Enron And The Dark Side Of Shareholder Value, William W. Bratton

All Faculty Scholarship

No abstract provided.

Using Real Options Analysis For Evaluating Uncertain Investments In Information Technology: Insights From The Icis 2001 Debate, Paul P. Tallon, Robert J. Kauffman, Henry C. Lucas, Andrew B. Whinston, Kevin Zhu

Research Collection School Of Computing and Information Systems

Business and information systems (IS) executives continue to grapple with issues of risk and uncertainty in evaluating investments in information technology (IT). Despite the use of net present value (NPV) and other investment appraisal techniques, executives are often forced to rely on instinct when finalizing IT investment decisions. Recognizing the shortcomings of NPV, real options analysis has been suggested as an alternative approach, one that considers the risks associated with an investment while recognizing the ability of corporations to defer an investment until a later period or to make a partial investment instead. Responding to a growing interest in real …

Securities Regulation As Lobster Trap: A Credible Commitment Theory Of Mandatory Disclosure, Edward B. Rock

All Faculty Scholarship

No abstract provided.

Like Fine Veggie-Wine: Dating And Marriage After 50, Annetta Gibson

Faculty Publications

No abstract provided.

A Comparison Of Auctions And Multilateral Negotiations, Charles J. Thomas, Bart J. Wilson

Economics Faculty Articles and Research

We compare first-price auctions to an exchange process that we term 'multilateral negotiations.' In multilateral negotiations, a buyer solicits price offers for a homogeneous product from sellers with privately known costs, and then plays the sellers off one another to obtain additional price concessions. Using the experimental method, we find that with four sellers, transaction prices are statistically indistinguishable in the two institutions, but with two sellers, prices are higher in multilateral negotiations than in first-price auctions. The institutions are equally efficient with two sellers, but multilateral negotiations are slightly more efficient with four sellers.

Increasing Company Competitiveness: “Tuning-Up” Your Pay System, K. Dow Scott, Dennis Morajda, James W. Bishop

School of Business: Faculty Publications and Other Works

The cost of labor (i.e., salaries, benefits and incentives) accounts for a sizeable portion of an employer’s operating expenses. Pay packages priced too low or configured improperly can deprive firms of the talent needed to successfully develop, market and produce viable products and services in today’s ultra competitive business environment. However, if pay packages are too high, labor costs can weaken a firm’s ability to compete. For example, a firm with 500 employees can have labor costs that easily exceed $15 million. Thus, building and maintaining a cost-efficient pay system that encourages employee performance without adversely affecting corporate earnings requires …