Social choice theory concerns itself with the proper choice of a social state from a given feasible set of social states. The main question the theory addresses is how that social choice should depend on the profile of individual preferences. Early work by Arrow and various predecessors, including Condorcet, Borda, Dodgson and Black, was about the construction of a social preference ordering — ...

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M often employ market response models as decision aids and historical information of competitors’ market outcomes to aid their competitive decisions in oligopolistic settings. However, little is known about how access to a decision aid or the availability of competitors’ market outcomes impact a firm’s competitive decisions (e.g., prices) or market outcomes resulting from those decisions (e.g.,...

This paper analyses market valuations of UK companies using a new data set of their R&D and IP activities (1989-1999). In contrast to previous studies, the analysis is conducted at the sectoral level, where the sectors are based on the technological classification in Pavitt (1984). The first main result is that the valuation of R&D and IP varies substantially across these sectors. To explore th...

example, framing of outcomes in positive or negative The competitive market simulation (Bazerman, Magterms has been shown to affect negotiators perforliozzi, & Neale, 1985) was used to explore anchoring mance and total profit (Bazerman, Magliozzi, & Neale, effects in negotiation. Two possible anchoring effects 1985; Neale & Northcraft, 1986). Other biases, such as were examined in the present s...

Executive

There is a belief that the payoffs from investments in information technology (IT) are difficult to recognize, and therefore a sustained competitive advantage from an IT-enabled strategy is difficult to distinguish from a temporary competitive advantage. We develop a model to test whether market participants are able to recognize a sustained competitive advantage due to an ITenabled strategy, a...