Bringing industry into an undergraduate agribusiness course

The current changes in agriculture, often referred to as industrialization, are creating a work environment for agribusiness employees that is more complex than ever before. It is paramount that agricultural economics and agribusiness programs adequately prepare students for this changing work environment. In particular it is essential to help students develop good analytical and communications skills. Specifically students need to be able to integrate ideas from different areas, identify similarities and differences, identify alternative courses of action, analyze the consequences of the alternative actions and communicate the implications of the action. This paper reports on a successful agribusiness capstone course that made extensive use of active learning techniques and brought industry into the undergraduate course. The format of the course as well as the benefits derived for the students, the university, and industry are discussed in the paper. In addition the factors that lead to the success of the course as well as those factors that were a constraint are identified. Readers can take from this example the ideas that will work for them to incorporate into their courses.     

Management science models for evaluating regional government policies

This paper discusses the use of econometric models in evaluating alternative courses of action for public investment and governmental programs. Included are an extensive statewide and regional input-output analysis of the Texas economy, a simulation model to be used by government officials for fiscal policy-making and a model which simulates the demand for and use of water resources. These models provide a means whereby government planners and policy makers can plan and understand the consequences of investing limited resources in various public programs.     

带有市场交易信息和随机微观噪声下的杠杆效应研究

在风险管理中杠杆效应的现象广泛存在，也是金融计量学中的重要议题。高频金融市场中蕴含着丰富的交易信息，而这些信息并不能都看作随机噪声，因此探讨利用市场交易信息并在带有随机噪声模型下研究杠杆效应具有重要意义。本文在带有市场交易信息和随机微观噪声相结合的模型下研究了杠杆效应，提出了新的杠杆效应估计，该估计具有n^1/8的收敛速度，同时给出了估计的方差和相关的定理。通过模拟分析得出利用广泛的市场微观信息可以更有效和更精确地对杠杆效应进行估计，模拟的结果表明本文提出的杠杆效应估计具有更好的渐近正态性和更小的偏差。最后将提出的估计应用到实证分析中，发现杠杆效应对未来一天波动率的预测具有显著性影响。     

UNCERTAINTY,PERSISTENCE, AND HETEROGENEITY: A PANEL DATA PERSPECTIVE

The purpose of this paper is to review newly developed identification and estimation tools that are relevant for the analysis of dynamic dependence structures of income risk. I present an application to nonlinear permanent–transitory models of household income using data from the Panel Study of Income Dynamics (PSID), but the empirical approach is more generally applicable. Household income processes are of interest because the size of shocks, the nature of their persistence, and cross‐household heterogeneity are all important to understand how income inequality varies with age and cohort and how it translates into consumption inequality. I argue that going from an econometrics of autocovariances to an econometrics of flexible distributions is feasible and has the potential to reveal richer aspects of risk—for example, nonlinear persistence of unusual shocks.     

联立方程计量经济学模型的结构识别

本文提出了联立方程计量经济学模型结构识别的概念与方法。应用该方法识别模型与统计数据无关,并且与模型参数的具体数值也无关,对计量经济学建模与分析有实际意义.     

Testing for Smooth Structural Changes in Time Series Models via Nonparametric Regression

Checking parameter stability of econometric models is a long‐standing problem. Almost all existing structural change tests in econometrics are designed to detect abrupt breaks. Little attention has been paid to smooth structural changes, which may be more realistic in economics. We propose a consistent test for smooth structural changes as well as abrupt structural breaks with known or unknown change points. The idea is to estimate smooth time‐varying parameters by local smoothing and compare the fitted values of the restricted constant parameter model and the unrestricted time‐varying parameter model. The test is asymptotically pivotal and does not require prior information about the alternative. A simulation study highlights the merits of the proposed test relative to a variety of popular tests for structural changes. In an application, we strongly reject the stability of univariate and multivariate stock return prediction models in the postwar and post‐oil‐shocks periods.     

DEVELOPING POM FACULTIES FOR THE 21ST CENTURY

Having added total quality management (tqm), operations strategy, new product development, and many other topics to its repertoire over the past two decades, operations management is being pushed-by practitioners and students alike-to extend its reach both horizontally (to encompass the whole supply chain and the interface with other functions) and internationally. Moreover, the increasing sophistication of computer technology and the growth of the intemet are expanding the teaching and research methodologies that can be used to address these complex issues. Meeting the challenges posed by this ever-broadening conceptualization of our mission and the new tools available to us will require more than simply new knowledge and new courses. It also will require an influx of new people having very different backgrounds than in the past. We have to learn how to attract such people, how to prepare them to be effective teachers and researchers in production and operations management (pom), and how to work effectively with them. The locations of faculty, students, and potential partners in the learning experience also will be transformed, forcing us to reconsider how we organize to do our work and when and where we do it.     

Computer literacy: It's time to “get back to basics”

This paper argues the need for a back-to-basics approach in computer literacy education. It then presents such an approach. This approach has worked well both in courses designed for majors in computer science and in information systems, as well as in a course designed for nonmajors. The current view of literacy as indicated by courses taught at universities and in industry around the country is that literacy means learning about the computer (lots of terminology) and learning to use microcomputer application packages. It might include a glimpse of programming, but the feeling seems to be that computer users do not need to understand more than packages. We contend that the current approach is not literacy, does not prepare users to use the computer effectively, that the function of the universities is not to teach skills, and that such skills are in fact taught more efficiently if understanding that is true literacy, precedes the teaching of skills.     

Educating Administrators to Interact with Citizens: A Research Note

This article examines the place of citizen participation courses in American Masters of Public Administration programs. A survey of course syllabi shows that very few programs provide courses that focus on citizen participation. While the evidence on course content is more ambiguous, course goals tend to focus on imparting cognitive knowledge rather than developing skills or engendering psychological transformation—outcomes that may be key to having administrators who are comfortable working with citizens. An argument is made for a more visible place for citizen-participation courses to show that the ability to involve citizens is part of administrative competence.     

Educating Administrators to Interact with Citizens: A Research Note

This article examines the place of citizen participation courses in American Masters of Public Administration programs. A survey of course syllabi shows that very few programs provide courses that focus on citizen participation. While the evidence on course content is more ambiguous, course goals tend to focus on imparting cognitive knowledge rather than developing skills or engendering psychological transformation—outcomes that may be key to having administrators who are comfortable working with citizens. An argument is made for a more visible place for citizen-participation courses to show that the ability to involve citizens is part of administrative competence.     

Characteristics of master’s programs in agribusiness management

This study describes and compares agribusiness master’s programs in North America. These programs include the master of business administration (MBA) and master in (or “of”) agribusiness (MAB) degrees. Accredited MBA programs with an agribusiness emphasis are required to have a clear required core of courses in finance, management, marketing management, and human behavior. Additional required courses in policy, agricultural marketing, production or managerial economics, and quantitative methods are also frequently required. MAB programs have more diversity regarding the four core subjects with a greater percentage of the courses taught within departments of agricultural economics. Evaluation of agribusiness master’s programs in agricultural economics departments is difficult without any formal evaluation criteria.     

PROGRAMMED DECISION STRUCTURES - FUNCTIONAL APPROACH TO QUANTITATIVE UNDERGRADUATE CORE

Administrators and professionals must make social decisions within the environment of the computer revolution. This means that precise skills of logical problem solving and quantitative methods may assume an increasingly prominent place in college preparation for business and social sciences. At the same time, colleges are under pressure not to “select out” persons who are disadvantaged in quantitative areas. With a widening “quantitative gap,” major surgery of existing math and stat courses is unlikely to meet the challenge of this new social environment. Programmed Decisions Structures (PDS) is experimental coursework in a quantitative undergraduate core for business and social sciences. Particular features of PDS were developed to emphasize (1) motivation of the student, (2) credible simulation of realistic business and social environment, (3) awareness of logically developed structures, and (4) principles of applied scientific method. Constructed around the above four points, it is hoped that PDS will close the “quantitative gap” more effectively than the 20 quarter hours of conventional math, stat and computer courses which it replaces.     

Values and Their Change During the Business Education – A Gender Perspective

Modern management and organization theory have been criticized for being based on masculine values and concepts. The theory and associated values influence not only managerial behavior in practice, but also business education's value system. In this study, we analyze the change in values during business education from a gender perspective. By values we mean feminine and masculine values. Our empirical study is based on the literature of cultural values and gender socialization theories. We surveyed 324 students. The result of our study lends support to earlier research: men are more masculine and women more feminine in their values. The change towards masculinity during business education is not supported statistically in this study. However, there may be a weak tendency towards masculinity, especially among female students. In addition, we propose that it is possible that business students have a tendency to try to fulfil masculine needs in their occupational choice. Further research is needed to investigate the empirical findings of our study. This revised version was published online in July 2006 with corrections to the Cover Date.     

Inept or Badly Matched? — Effects of Educational Mismatch in the Labor Market

Negative wage effects of educational mismatch have become a stylized fact. Whether these are explained by differences in unobserved productivity or poor matching is still to be answered conclusively. In an empirical analysis based on data from the German Socio‐Economic Panel and the International Adult Literacy Survey, a broad econometric strategy is applied to solve the problem of unobserved heterogeneity and reveal the mechanism underlying wage differences between matched and mismatched workers. Results show that wage differentials can be explained by a poor matching in the labor market, rejecting the hypothesis that mismatched workers compensate for unobserved productivity differences.     

Applied Nonparametric Instrumental Variables Estimation

Instrumental variables are widely used in applied econometrics to achieve identification and carry out estimation and inference in models that contain endogenous explanatory variables. In most applications, the function of interest (e.g., an Engel curve or demand function) is assumed to be known up to finitely many parameters (e.g., a linear model), and instrumental variables are used to identify and estimate these parameters. However, linear and other finite‐dimensional parametric models make strong assumptions about the population being modeled that are rarely if ever justified by economic theory or other a priori reasoning and can lead to seriously erroneous conclusions if they are incorrect. This paper explores what can be learned when the function of interest is identified through an instrumental variable but is not assumed to be known up to finitely many parameters. The paper explains the differences between parametric and nonparametric estimators that are important for applied research, describes an easily implemented nonparametric instrumental variables estimator, and presents empirical examples in which nonparametric methods lead to substantive conclusions that are quite different from those obtained using standard, parametric estimators.     

SCIENCE-BASED PRODUCT DEVELOPMENT: AN EMPIRICAL STUDY OF THE MAINFRAME COMPUTER INDUSTRY

This paper reports on the results of an empirical study of product development in a complex and novel environment. The work is based on field investigations of recent product development projects performed by all leading mainframe computer producers. The projects focused on the development of complex products based on advanced technologies and probed deeply into their science base. The results show striking differences in development lead time and research and development productivity between different projects. The analysis relates these performance differences to the process for the integration of new technology. Organizations that emphasize the accumulation of system-level knowledge of product and production process and its use in technology evaluation and selection are associated with high productivity and short development lead times. This appears to have a greater impact on development performance in this novel environment than more traditional factors, such as processes for effective crossfunctional integration and for overlapping problem solving.     

Empirical Limits for Time Series Econometric Models

This paper characterizes empirically achievable limits for time series econometric modeling and forecasting. The approach involves the concept of minimal information loss in time series regression and the paper shows how to derive bounds that delimit the proximity of empirical measures to the true probability measure (the DGP) in models that are of econometric interest. The approach utilizes joint probability measures over the combined space of parameters and observables and the results apply for models with stationary, integrated, and cointegrated data. A theorem due to Rissanen is extended so that it applies directly to probabilities about the relative likelihood (rather than averages), a new way of proving results of the Rissanen type is demonstrated, and the Rissanen theory is extended to nonstationary time series with unit roots, near unit roots, and cointegration of unknown order. The corresponding bound for the minimal information loss in empirical work is shown not to be a constant, in general, but to be proportional to the logarithm of the determinant of the (possibility stochastic) Fisher–information matrix. In fact, the bound that determines proximity to the DGP is generally path dependent, and it depends specifically on the type as well as the number of regressors. For practical purposes, the proximity bound has the asymptotic form (K/2)log n, where K is a new dimensionality factor that depends on the nature of the data as well as the number of parameters in the model. When ‘good’ model selection principles are employed in modeling time series data, we are able to show that our proximity bound quantifies empirical limits even in situations where the models may be incorrectly specified. One of the main implications of the new result is that time trends are more costly than stochastic trends, which are more costly in turn than stationary regressors in achieving proximity to the true density. Thus, in a very real sense and quantifiable manner, the DGP is more elusive when there is nonstationarity in the data. The implications for prediction are explored and a second proximity theorem is given, which provides a bound that measures how close feasible predictors can come to the optimal predictor. Again, the bound has the asymptotic form (K/2)log n, showing that forecasting trends is fundamentally more difficult than forecasting stationary time series, even when the correct form of the model for the trends is known.     

Tioxide: Computerization—The key to the future in financial planning

As the capability of new computer systems becomes increasingly sophisticated, so does the application of computer techniques to financial and strategic planning become more relevant to management. Planning and practically all forms of decision-making are concerned with the future, which necessarily is uncertain and therefore difficult to plan for. Forecasting methods, however, can suggest trends and it is possible to reduce the number of possible futures to a manageable number, in effect, creating scenarios. But the viewing of multiple scenarios in a manual accounting system is impractical, given the sheer volume of work, and this is where the facilities offered by computerization can assist decision-making greatly. The case study illustrated here concerns a multinational company with production facilities in seven different countries, using a sophisticated financial software packege for strategic and financial planning applications. The article traces the development of Tioxide's association with a financial modelling package, Planmaster, from initial use on a time-sharing basis to the changes in hardware manufacture which made it possible to run what is essentially a mainframe program on the desk-top microcomputer of the planning department.