Stochastic and Intransitive Behavior in a State-Preference Model of Asset Choice*

Most models of investor behavior assume a time-state independent utility function and result in a deterministic solution where a given set of inputs uniquely specifies the decision. In contrast, a state preference model using a time-state dependent utility function is derived in this paper. The model allows the investment choice decision to be analyzed in a game theoretic context. The general solution is a mixed strategy which allows for a probabilistic interpretation of the decision. The approach presented in this paper can accommodate anomalies such as intransitivity of preference and satisficing as rational behavior. An example of a possible implementation is given along with interpretations of the outcomes.     

LOAD CUBING AT R. J. REYNOLDS

R. J. Reynolds Tobacco USA (RJR) is currently implementing a microcomputer-based decision support system to computerize and optimize the selection of patterns for loading cases of finished product into truck trailers at RJR's Central Distribution Center. This system allows for the efficient loading of trucks with less supervision. Total annual savings from reduced personnel and shipping costs is approximately $850,000. In addition to these benefits, the system is a stepping stone for trailer loading automation and the integration of a comprehensive load planning system.     

Scheduling in a Management Context: Uncertain Processing Times and Non-Regular Performance Measures*

Decision makers often face scheduling problems in which processing times are not known with certainty. Non-regular performance measures, in which both earliness and tardiness are penalized, are also becoming more common in both manufacturing and service operations. We model a managerial environment with task processing times (which include sequenceindependent set-up times) prescribed by three-parameter lognormal distributions. Upon completion, each task derives a reward given by a particular piecewise-linear reward function. The objective is to select a sequence of tasks maximizing the expected total reward. The relative generality of the problem renders many enumerative methods inapplicable or computationally intractable. To overcome such difficulties we develop efficient priorityinduced construction (PIC) heuristics which build up a complete schedule by inserting tasks (singly from a list) into a partial sequence of tasks. In each partial and complete sequence a period of idle time is permitted prior to the first task. Performance on realistic-sized problems is very encouraging, with cost penalties averaging less than one percent.     

Redesigning a Cellular Manufacturing System to Handle Long-Term Demand Changes: A Methodology and Investigation*

Cellular manufacturing systems have been proposed as an alternative to the job shop since they provide some of the operational benefits of a flow line production process, while retaining to some extent the flexibility of job shops. However, this must be balanced against the possibility of additional initial investments in equipment to form the cells and a certain loss in manufacturing flexibility, particularly in terms of the ability to deal with long-term demand changes. This paper presents a model-based heuristic cell system redesign methodology to deal with such demand changes. The methodology is validated and applied to system designs generated from several data sets published in the literature. Results show that different kinds of demand changes incur distinct kinds of costs. Further, characteristics of cell designs that can handle long-term demand changes at least cost are identified.     

The Impact of Learning and Labor Attrition on Worker Flexibility in Dual Resource Constrained Job Shops

This study investigates the impact of worker learning, worker flexibility, and labor attrition on the system performance of a dual resource constrained (DRC) job-shop. The effects of learning and labor attrition have not been previously addressed in DRC literature. Results from the study, consistent with previous literature, show that the greatest benefits are achieved when inter-departmental worker flexibility is incrementally introduced into the system. In addition, the learning environment, which depends on the initial processing time of jobs and the learning rates of workers, is shown to impact the acquisition of flexibility. The study also shows that the impact of labor attrition on system performance under certain shop conditions may be significant.     

The ‘Dark Side’ of Social Capital: A Cross-National Examination of the Relationship Between Social Capital and Violence in Africa

Social Indicators Research - Research and policy circles often emphasize the importance of social capital in achieving social transformation and economic development. There is also, however,...     

Teenage Marriage and Motherhood in Vietnam: The Negative Effects of Starting School Early

Population Research and Policy Review - This paper examines the impact of school starting age on teenage marriage and motherhood in Vietnam. The investigation uses data from the 2009 Vietnam...     

Evaluating social investment in disability policy

Disability policy in European countries is displaying a shift towards social investment: increasing human capital and access to the labour market. The reasoning that underlies this transition is that disabled persons would benefit from mainstream employment, but are impeded in traditional policy by deficiencies in labour supply and demand. However, the shift towards more activating policies in many countries is accompanied by a decline in social protection. It is unclear whether social investment may effectively promote the employment chances of disabled persons within this context. The present research examines this question through a quantitative, cross-sectional, multilevel analysis on microdata from 22 EU countries. Our findings suggest greater activation to predict lower employment chances, while reducing passive support shows mixed effects. Conversely, measures for facilitation in daily life predict greater employment chances, as do measures for sheltered work. These findings raise questions over the value of social investment for disabled persons—and underline the need to overcome broader barriers in the labour market and in society.     

Opting out of workers’ compensation: Non-subscription in Texas and its effects

Journal of Risk and Uncertainty - Texas is the only state that does not mandate that employers carry workers’ compensation (WC) insurance coverage. In place of traditional WC, companies can...