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Reference dependence and incremental WTP
No full textApplications using the standard willingness to pay (WTP) approach (where a respondent is asked his/her WTP for each option) have brought to light inherent difficulties in terms of discriminating between various options. Although an incremental WTP approach (where a less preferred option is used as a point of reference to value more preferred options) has been devised to encourage more discrimination, a theoretical basis for this approach has not been elucidated, and results from initial testing of this approach have proved inconclusive. We offer a theoretical basis for this approach, based on the theory of reference dependent preferences. We test our model in a study assessing preferences for emergency care services in France. Our empirical findings are in line with our theoretical framework, showing the standard WTP approach fails to discriminate between alternative options for which there is a strict preference ranking. The incremental approach provides discriminating values and provides a better method for determining preferences in priority-setting and policy contexts
Multinomial var backtests: A simple implicit approach to backtesting expected shortfall
No full textUnder the Fundamental Review of the Trading Book (FRTB) capital charges for the trading book are based on the coherent expected shortfall (ES) risk measure, which show greater sensitivity to tail risk. In this paper it is argued that backtesting of expected shortfall-or the trading book model from which it is calculated-can be based on a simultaneous multinomial test of value-at-risk (VaR) exceptions at different levels, an idea supported by an approximation of ES in terms of multiple quantiles of a distribution proposed in Emmer et al. (2015). By comparing Pearson, Nass and likelihood-ratio tests (LRTs) for different numbers of VaR levels N it is shown in a series of simulation experiments that multinomial tests with N ≥ 4 are much more powerful at detecting misspecifications of trading book loss models than standard bi-nomial exception tests corresponding to the case N = 1. Each test has its merits: Pearson offers simplicity; Nass is robust in its size properties to the choice of N ; the LRT is very powerful though slightly over-sized in small samples and more computationally burdensome. A traffic-light system for trading book models based on the multinomial test is proposed and the recommended procedure is applied to a real-data example spanning the 2008 financial crisis
Responsabilité environnementale des entreprises et régulation extraterritoriale. L'implantation de Michelin en Inde à l'épreuve des Principes directeurs de l'OCDE
No full textIn a globalized economy, promoting corporate environmental responsibility is a major challenge. International organizations have gradually established normative frameworks and regulatory authorities to hold companies accountable for their environmental impacts before transnational audiences. For two years, we studied the regulatory body set up by the OECD to enforce its guidelines for multinationals. Here, we demonstrate that this regulator only partly addresses current environmental issues. Its institutional architecture compromises its independence, and its extraterritorial mandate fails to consider environmental issues in their totality.Dans une économie globalisée, promouvoir la responsabilité environnementale des entreprises est un défi majeur. Des organisations internationales ont peu à peu établi des cadres normatifs et des instances de régulation pour rendre les entreprises redevables de leurs impacts environnementaux devant des audiences transnationales. Durant deux ans, nous avons étudié l’instance de régulation mise en place par l’OCDE dans le cadre de ses principes directeurs à l’intention des multinationales. Nous démontrons ici que cette instance ne répond que partiellement aux enjeux environnementaux contemporains : son architecture institutionnelle compromet son indépendance, tandis que son mandat extraterritorial ne parvient pas à envisager les enjeux environnementaux dans leur globalité
From the management of innovative projects to the innovative management of innovative projects : An analysis within the automotive industry
No full textInternational audienceEmbedded in technological, economic, and social transformations, project management has had to cope with a palpable extension of its perimeter. Until recently, project management was centralized within a single organization. It is now, however, opening towards a moving business ecosystem framed with more or less successful partnerships linking cooperative and competing companies. Consequently, project management needs to be renewed. Our research aims at explaining some of the mutations of project management by considering current practices in the automotive industry. The automotive industry is facing the most challenging technological and strategic changes ever experienced since Ford, which leads us to believe that understanding the nature of project management in this industry may be a great asset for other sectors as well
Interest rates parity and no arbitrage as equivalent equilibrium conditions in the international financial assets and goods markets
No full textURL des Documents de travail :https://centredeconomieorbonne.cnrs.fr/publications/ Voir aussi l'article basé sur ce document de travail paru dans "Mathematical Social Sciences", 82, 2016, pp.26-36Documents de travail du Centre d'Economie de la Sorbonne 2016.63 - ISSN : 1955-611XIn this paper, we consider a two-period consumption model with many financial assets. In the spirit of Hart, consumers purchase financial assets in period 0 and consume in period 1. We differ from Hart by considering that each agent is a country. We provide conditions for the existence of an equilibrium in both international financial assets and goods markets. First, we introduce a weaker notion of Uncovered Interest (rate) Parity (UIP) called Weak Uncovered Interest (rate) Parity (WUIP), and we show its equivalence to the no-arbitrage condition in the international financial markets. Second, we introduce the concept of common no arbitrage and we show its equivalence to UIP. These results bridge concepts of no arbitrage in general equilibrium theory and financial microeconomics and of interest parity in international financial macroeconomics. In a multi-country model with many currencies and only one good, we introduce a country-specific conversion rate which transforms the returns on assets valued in local currency into units of physical good. We the define also the exchange rates between currencies of different countries. The UIP condition is required for the existence of an equilibrium in both international financial assets and goods markets and for the existence of the Law of One Price
Activity control or activity inquiry? The turbulent relationship between management and collective activity and its mediating artefacts.: The case of call centers in an electricity company.
No full textInternational audienceThe paradigm of organizational control supposes that human activity is simple and transparent enough to be represented from the outside, in a stabilized and standardized form. The "control" approach, epitomized by Taylorism, thus implies some denial of the complexity of activity and favors the representation of activity – as a set of standardized and measurable operations, in the Taylorian case – rather than activity itself, as the primary object of management.The quality management movement, forerunner of "lean management" (Womack et al. 1990), was first inspired by a pragmatist philosophy in the 1930s in the US. It redefined activity as the focal point of management and stressed the exploratory nature of collective learning, which is embedded in practical experience and incompatible with variance-based control. As such, it appeared at the time as an anti-Taylorian managerial reaction.Strangely enough, using the labels "lean management" and "total quality control", a Taylorian revival, completely reverting the messages of the pioneers of lean management, has occurred in recent years, discarding the central role of activity and erasing its original pragmatist inspiration.The paper will first present a case study about work organization and management in the call centers of a large European utility company, supposedly based on the principles of lean management. The paper then describes the history of the quality and lean movement and shows that the principles applied in the case of those call centers are in direct contradiction with the historical pragmatist inspiration of lean management. To conclude, the paper analyzes the implications of the "control" versus "inquiring" debate for the design and use of mediating artefacts, as illustrated by the development of a role-playing module at the company where the case study took place
Keys to successful implementation of a French national quality indicator in health care organizations: a qualitative study
No full textInternational audienceBackground: Several countries have launched public reporting systems based on quality indicators (QIs) to increase transparency and improve quality in health care organizations (HCOs). However, a prerequisite to quality improvement is successful local QI implementation. The aim of this study was to explore the pathway through which a mandatory QI of the French national public reporting system, namely the quality of the anesthesia file (QAF), was put into practice
L'enracinement dans les cultures régionales pour créer des marques fortes
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Creative democracy through online social inquiry. The case of controlling the diffusion of genetically modified food
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The modern corporation statement on management
No full textHumanistic management network research papers ; series n° 51/16, 7 p.The rise of modern corporations has been accompanied by an expansion of salaried executives who have replaced owner-managers. With this expansion, the new class of managers/executives came to regard themselves as stewards of large and complex corporations, and not principally or exclusively as agents for the owners. Emerging as a self- styled "profession", there was a continuous debate around the necessity for the corporation to be responsible to the collective and to its stakeholders. During long parts of the twentieth century the professed intent was to balance and synthesize a plurality of interests in order to ensure the long term survival and success of the corporation, pursue national strategic interests, create employment, support networks of suppliers, develop new technology as well as create an adequate or satisfactory return for shareholders. The rise of agency theory in the late 1970s and early 1980s challenged this understanding of management. Arguing that markets rather than managers provide an efficient allocation of scarce resources, it pushed an agenda in which the corporation had to pursue one single goal – the maximization of shareholder value (MSV) and that managers should be incentivised to respond to (financial) market forces. This idea has today become a highly influential doctrine which infuses senior executive thinking, investors thinking, corporate governance theory and public policy and regulatory decision making. Backed by this belief, many managers now act on the basis of a folk wisdom that shareholders are the only important constituency, which leads them to deliver short-term strategic decisions, high executive remuneration, and offshoring strategies with regard to manufacturing and finance. This comes at the detriment of broader and longer-term perspectives on the purpose of the firm in modern societies and has created worse management and less competitive companies. It is ironic that the obsession with MSV has actually destroyed long-term shareholder value and that it has significantly decreased the average life span of corporations during the past 30 years. We provide this Summary of certain fundamentals of management in an effort to help prevent analytical errors which can have severe and damaging effects on corporations