摘要:

AbstractThe problem of price determination and revision is considered as a case of decision making under uncertainty in which profit is to be maximized. Typically price is a simple function of cost which in turn determines the quantity which will be demanded. This paper proposes that maximum profits could be realized in the long run, if a quantity corresponding to the lowest cost per unit of product under the attendant circumstances was fixed and a price established at which demand would exactly equal the fixed quantity. It further suggests a theoretical approach to the determination of this price based on decision theory. The decision theoretic approach considers the set of possible price levels at which demand will equal the fixed quantity of product as the state of nature. The set of acts consist of the establishment of the product price at each of the possible levels. After an initial price is established, empirical information can then be utilized according to some optimal decision rule for subsequent price revisions.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01590.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThe concept of consumer “loyalty” (i.e., preference for a particular store or brand) is intriguing to marketing scholars and practitioners. Research in this area would be enhanced by the acceptance of an operational measure of consumer loyalty. Loyalty appears to be a tri‐dimensional concept; per cent of budget, allocated to the store or brand, amount of switching, and number of alternatives explored have been used to measure loyalty. Consequently, the authors propose a “loyalty index” which combines these three measures. An empirical test of the proposed index showed that the index did discriminate among degrees of consumer loyalty, and was related to consumer psychological characteristics in a manner similar to that of the generally used single measures of consume

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01591.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThis paper describes a method for systematically including consideration of noneconomic criteria in the decision‐making process. It focuses on the Space Applications Program of the National Aeronautics and Space Administration, but is intended as a general outline applicable to decision problems in both government and business.The methodology involves four stages. First, a Criteria Set is developed by a panel of members with diverse backgrounds. Second, the criteria are made operational by posing a series of carefully worded questions to appropriate experts. Then the responses are scaled according to the degree of refinement considered necessary and appropriate.To allow flexibility and to accommodate differences in the degree of precision considered feasible, a number of scaling methods are identified. These range from a simple positive‐negative response checkoff to summation of individually‐weighted criteria with interaction among criteria. Finally, projects are selected on the basis of predetermined standards of c

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01592.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThe purpose of this study was to estimate the impact of changes in Federal tax policy on investment behavior in the chemicals and allied products industry and to examine the possibility of a differential impact of changes in tax policy on investment behavior in manufacturing industries. The impact of changes in tax policy on investment behavior in the chemical and allied products industry was estimated and compared with the impact of tax policy on investment behavior in total manufacturing found in earlier studies. The model used to estimate the impact of changes in tax policy on investment behavior in the chemicals and allied products industry was the neo‐classical model of capital accumulation as formulated initially by Dale Jorgenson.The conclusions reached were that changes in tax policy have had a measurable impact on investment behavior in the chemical and allied products industry which was greater as a percentage of gross investment than that found on total manufacturing in earlier studie

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01593.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThis paper describes a conceptually sound and powerful model to aid bank managers in short and long range decision making for the management of the financial performance of the bank. The planning model is a key element in an integrated computer‐based planning system which includes a forecast of economic, monetary, and loan market conditions, an analysis of internal relationships, and a system of reports which provide management with access to historical data and planning summaries.The planning model at the heart of the system, contains an imbedded linear programming algorithm to optimize “balance sheet management” decisions within liquidity and capital adequacy constraints. The model recognizes the interaction between assets and liabilities, it recognizes the time value of money, and it accommodates the difference between the net marginal yield for decision making, and the gross average yield used for determining revenue. Finally, the model recognizes the crucial role of liquidity with an important treatment of gross cash flows from normal asset turnover as a major source of liquidity, and the liquidity aspects of liabilities, as well as the more traditional concept of asset marketab

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01594.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThe basic concepts and application of spectral analysis are explained. Stationary time series and autocorrelation are first defined. Autocorrelation is related to the familiar concepts of variance and covariance. The use of autocorrelation analysis is explained in estimating the interdependent relationship of a time series over discrete time lags. In order to measure the behavior of the time series using autocorrelation, it would be necessary to examine a very large number of autocorrelation lags. Alternatively, the technique of Fourier analysis can be used to transform the autocorrelation function of the time series into a continuous function, termed a spectrum. The spectrum has a one to one correspondence to the autocorrelation for the time series and has the advantage of representing all possible autocorrelations over the discrete time lags. The spectrum can then be examined as a measure of the behavior of the time series. Spectral analysis indicates the reliability of the analysis of autocorrelated variables when familiar statistical techniques such as sample means and variances are used.The application of spectral analysis to management science problems in three general areas is illustrated: (1) inventory demand, (2) transportation simulation, and (3) stock market price behavior. Spectral analysis was used to detect cycles and trends in the data. Analyses were focused on the spectrum which provides a measure of the relative contribution of cycles in a band of frequencies to the total variance of the data.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01595.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

AbstractThe central issue in equipment investment analysis is the selection of the best of two or more alternatives. A common procedure is to first assume that for each alternative there is an infinite stream of identical pieces of equipment. The present value of the associated infinite stream of revenues and costs is calculated. Then the alternative having the highest present value (where revenues are positive and costs are negative) is selected. The assumption of the infinite stream, though computationally desirable, is not very palatable to the decision maker. In this paper we show that the above procedure is equivalent to using a criterion which is definitely more appealing. The author has found this “equivalence” result to be helpful in teaching the basic concepts of the present value procedure. Also the result should be of interest to practitioners involved in equipment investment decision mak

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01596.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

摘要:

Effective use of case materials in the business policy course is facilitated by a variety of techniques available today. The structured approach seeks to supplement and enlarge this arsenal of methods and philosophies.AbstractStructuring begins with an articulation of management's goals, followed by a definition of the specific problems and objectives to be attained. Wherever possible, relations are expressed in the form of mathematical models, followed by appropriate evaluations. The path towards a solution depends on whether a satisficing or an optimizing philosophy pervades the organization, as well as the approach feasible in a particular instance. Next, ways and means are investigated to implement the alternative solutions in such a way as to achieve the results envisioned. Provision for feedback is required, whereby accomplishments are checked against objectives, and corrective action is sought whenever such is needed.An illustrative example demonstrates how the approach is utilized. Finally, we examine the relation of structured evaluation of case materials to the manner in which problem solving occurs in actual business situations.

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01597.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY

ISSN:0011-7315    

DOI:10.1111/j.1540-5915.1971.tb01598.x

出版商:Blackwell Publishing Ltd    

年代:1971

数据来源: WILEY