摘要:

ABSTRACTThe present paper provides a proof of the existence of a utility function and the converse of that theorem using decision theory. In particular the development uses probability mass functions. The authors believe that this approach provides a useful alternative to existing proofs and, in addition, ties the analysis to well‐understood concepts in probability theor

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00782.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThe models developed in this paper can be used to study period to period fluctuations in sales. They allow for a heterogenious population of consumers; that is, frequent and infrequent buyers and for one package and multiple package buyers. The data needed for the models are readily available from many sources, particularly consumer panel data. Methods for estimating parameters and detailed numerical examples are given. These models allow a manager to answer the following question: “Which type(s) of consumer is most responsible for the fluctuations in my total sales volume.” Some new results in Bayesian inference are also develo

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00783.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThe emphasis of this study is on the mechanism through which man structures and restructures his impression of a contention in a problem‐solving situation with which he is faced. Concept formation being an integral part of the individual's cognitive activities, this paper attempts to clarify the role which cognitive frustration plays in the individual's concept formation or learning.The method of inquiry is that of generating primary data from a laboratory experimental situation in which individual subjects are confronted with a learning situation demanding a sophisticated use of conceptual insight. The results of the experiment show that cognitive frustration tends to regulate the development of problem‐solving behavior. In short, the study concludes that cognitive frustration is the psychological mechanism which provides the motivational impetus to man's inherent inclination to conceptualize and, thus, to categorize the feedbacks of his environmental interaction. This frustration augments his learning proc

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00784.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThis paper provides a framework for analyzing the ingredients involved in the economic evaluation of computer based management information systems (MIS). The approach presented revolves around viewing the development of MIS configurations as a series of economic decisions. These decisions are categorized into analysis decisions – what information should the MIS provide to management – and design decisions – what technology should the MIS employ to provide this information. Using this decision dichotomy, the types and sources of benefits and costs can be more accurately identified and eval

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00785.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTA purchase acceptability function is first developed for both buyers and sellers which includes emotional and rational product factors such as price, age, style, and color. In this context, the buyer‐seller negotiating process is described and analyzed. The result is the determination of a threshold price. Given the threshold price, the analysis proceeds to the discussion of an acceptance function with a third variable considered, product age. A three dimensional surface depicting the situation is discussed. This model can be extended to the n dimensional case.The analysis then proceeds to the development of a model approximating services to represent the acceptance functions of both buyers and sellers. This is handled by Taylor series expansion. The resulting planes represent buyer‐seller negotiation positions.Buyers are often in a position of considering trade‐offs between various product attributes. Therefore, an acceptability transformation is introduced and normalized using ordinal scaling to arrive at a scaled acceptability function which relates product attributes to trade‐offs in price.It is noted that this analysis can be readily extended to include the interaction of acceptance functions for a number of products, the negotiation process in non‐product situations, and the introduction of time as a variable, where dynamic changes are c

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00786.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThis study has three objectives. First, it develops new evidence on the sensitivity of cost of capital in relation to financial leverage. Second, the findings are interpreted in the light of the existing financial theory. The concept of shifting of cost of capital curves is also introduced and explored both in theory and in relation to empirical testing. Third, the conclusions are placed within the framework of financial management at the business firm level.To accomplish these objectives a new, heretofore untried, approach to testing the cost of funds to a firm has been developed. In contrast to the almost universally accepted cross‐section analysis, this study develops cost of capital functions for each company separately. Subsequently these functions are aggregated, compared, and also analyzed in a cross‐section fashion. This approach, in the opinion of the present author, is supported by the fact that (1) both the Net Operating Income and Net Income theories of cost of capital are stated in terms of a firm, not industry or other grouping of firms, and (2) from the practical point of view the question of optimality of capital structure is relevant, and indeed operationally meaningful, only at the firm le

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00787.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThis paper extends the analysis of the multi‐item inventory systems with amalgamation of orders to the case where there is more than one possible supplier. The problem is to assign each inventory item to an order periodanda supplier such that the total inventory costs are minimized. The model is formulated as an integer programming problem which can be solved by standard linear programming techniques. In addition to providing the framework for selecting the supplier for an item, the model can include different ordering and review costs, price differentials between suppliers, quantity discounts, inventory constraints and ordering constraints. Numerical examples illustrating the use of the model are provide

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00788.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThe problem of reducing poverty is posed as a problem of determining and managing incentives. Four incentives are proposed that appear to be relevant to the reduction of poverty. They are introduced and explored from an economic point of view. A proposal encompassing these incentives is developed in which specific dollar amounts are proposed. Then some estimates of the costs, effects, benefits, and sensitivities to changes in parameters are made.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00789.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTWhile Dantzig and Wolfe have formulated the decomposition algorithm as a computational device, it was subsequently recognized that the principle underlying the algorithm may also be utilized by a planning system to achieve a centralized planning within the framework of a decentralized organizational structure. This paper illustrates the workings of such a planning system and, at the same time, explores some of the problems connected with its actual implementation. The planning system under the study is called the decomposed planning system in order to distinguish it from either the centralized planning or the decentralized planning.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00790.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY

摘要:

ABSTRACTThe basic purpose of this study was the investigation of the usefulness of Bayesian statistical techniques to problems of estimation in the field of auditing. By using subjective probabilities the auditor can explicitly bring prior knowledge to bear on his problem by incorporating his feelings in the sampling process and thus obtain an efficient method by which refined estimates can be obtained. The results of the study strongly support the premise that the auditor can obtain superior results from the Bayesian model in estimating unknown quantities as opposed to those obtained through either the non‐statistical approach or the classical statistical approac

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1970.tb00791.x

出版商:Blackwell Publishing Ltd    

年代:1970

数据来源: WILEY