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Why are over 2,000 corporations either using, developing, or planning to develop some form of corporate simulation model? What types of companies are using corporate planning models? How are they being used? Which resources are required? These are among the questions which were raised in a recent survey of 346 companies whose results are summarized in this paper. The paper also examines the costs and benefits to be derived from using corporate simulation models. Finally, drawing on the survey results, the authors speculate on future developments in the field of corporate modeling.
In this paper we utilize traditional microeconomic theory and elementary queuing theory to develop a computer simulation model of a single-product, multi-process firm. One of our objectives is to demonstrate that the body of economic theory known as the "theory of the firm" may be used to provide a convenient frame of reference in applying some of the more recently developed analytical tools of operations research and computer technology to the analysis of the behavior of the firm. The static equilibrium model of the firm presented in Value and Capital by J. R. Hicks is taken as a point of departure in constructing a simulation model in which (1) the time interval between the arrival of orders at the firm is a stochastic variate with a known probability distribution, (2) each order which the firm receives must pass through n processes ...
We examine how changes in hospital ownership to and from for-profit status affect quality and Medicare payments per hospital stay. We hypothesize that hospitals converting to for-profit ownership boost postacquisition profitability by reducing dimensions of quality not readily observed by patients and by raising prices. We find that 1-2 years after conversion to for-profit status, mortality of patients, which is difficult for outsiders to monitor, increases while hospital profitability rises markedly and staffing decreases. Thereafter, the decline in quality is much lower. A similar decline in quality is not observed after hospitals switch from for-profit to government or private nonprofit status.
Microprocessors are increasingly used in prosthetic applications. The flexibility they provide allows new functions to be added easily, and fitting and maintenance can be simplified [1,2,3]. Prosthetic controllers are available that can be adapted to different needs through field programming, allowing the prosthetist to try different control strategies or even invent completely new ones. The process of setting up the prosthesis is made easier through the use of graphical software programming tools [4]. However, there remains a need for interoperability standards so that complete prostheses can be built up from modular components that are compatible in software terms as well as mechanically and electrically.
We show how data from an evaluation in which subjects are randomly assigned to some treatment versus a control group can be combined with nonexperimental methods to estimate the differential effects of alternative treatments. We propose tests for the validity of these methods. We use these methods and tests to analyze the differential effects of labor force attachment (LFA) versus human capital development (HCD) training components with data from California’s Greater Avenues to Independence (GAIN) program. While LFA is more effective than HCD training in the short term, we find that HCD is relatively more effective in the longer term.
The 1960's may bring us full circle in the evolution of retirement policy. In conrtast with the depression era of the 1930's, when compulsory retirement was viewed as a means of rationing scarce jobs, the tight labor market conditions i nthe 1940's and early 1950's brought flexible retirement......
John Stuart Mill’s Principles of Political Economy was published on 25 April 1848. It was written with a high moralistic tone and sustained ethical earnestness hitherto absent from economic discussion. But it was at the same time a major economic treatise, and in its overall conception and execution it challenged the Wealth of Nations in a way no other English treatise had done, and no other would, until Marshall’s Principles (1 890). It was not merely the longest work in political economy since the Wealth of Nations; Mill actually set out to emulate and to supplant Smith’s classic. His own work, he explained in the Preface, was an attempt “to combine [Smith’s] practical mode of treating his subject with the increased knowledge since acquired of its theory [and] to exhibit the economical phenomena of society in the relation in which th...
In the first half of this century, most regulations affecting hospitals were designed to promote quality assurance through accreditation and licensure of facilities and personnel. Then health planning, initially on a voluntary basis and subsequently made compulsory, arose from a dual concern for improv- ing access to health services and for correcting alleged malfunctions in the health care marketplace. During the past decade, the growth of hospital expenditures has led to more targeted efforts to regulate specific sources of cost increases. At present, hospitals in the United States must cope with a wide variety, and still growing number, of controls developed by federal, state, and local governmental agencies and by some private organizations, including Blue Cross.
Efficient Method of Moments is used to estimate and test continuous-time diffusion models for stock returns and interest rates. For stock returns, a four-state, two-factor diffusion with one state observed can account for the dynamics of the daily return on the S&P Composite Index, 1927–1987. This contrasts with results indicating that discrete-time, stochastic volatility models cannot explain these dynamics. For interest rates, a trivariate Yield-Factor Model is estimated from weekly, 1962–1995, Treasury rates. The Yield-Factor Model is sharply rejected, although extensions permitting convexities in the local variance come closer to fitting the data.
A new electric hand has been developed which integrates flexion/extension into an electric hand, with no increase in length over standard-length electric or body-powered hands. The development* has included a field trial with six wearers of the electric hand. All the wearers were surveyed on the actual tasks they performed with the hand, including those utilizing flexion/extension. Electric Hands have typically operated with a single gripping mode, usually three-finger tip prehension. Our attempt at this stage is to enhance function in the hand, but without adding complexity to the gripping mechanism. Passive and electric wrist rotation can add an important degree of freedom (DOF), but still provides only one of the natural wrist’s three DOF. Additional degrees of freedom in the hand, however, would offer the amputee broader function o...
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