Coordination and Incentive Contracts in Stochastic Project Management PDF Download

Author: Murat Bayiz
Publisher:
ISBN:
Category : Project management
Languages : en
Pages : 294

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Author: Robin G. Qiu
Publisher:
ISBN:
Category : Business logistics
Languages : en
Pages : 1192

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Author: Markus K. Brunnermeier
Publisher: OUP Oxford
ISBN: 0191606928
Category : Business & Economics
Languages : en
Pages : 262

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Book Description
Asset prices are driven by public news and information that is often dispersed among many market participants. These agents try to infer each other's information by analyzing price processes. In the past two decades, theoretical research in financial economics has significantly advanced our understanding of the informational aspects of price processes. This book provides a detailed and up-to-date survey of this important body of literature. The book begins by demonstrating how to model asymmetric information and higher-order knowledge. It then contrasts competitive and strategic equilibrium concepts under asymmetric information. It also illustrates the dependence of information efficiency and allocative efficiency on the security structure and the linkage between both efficiency concepts. No-Trade theorems and market breakdowns due to asymmetric information are then explained, and the existence of bubbles under symmetric and asymmetric information is investigated. The remainder of the survey is devoted to contrasting different market microstructure models that demonstrate how asymmetric information affects asset prices and traders' information , which provide a theoretical explanation for technical analysis and illustrate why some investors "chase the trend." The reader is then introduced to herding models and informational cascades, which can arise in a setting where agents' decision-making is sequential. The insights derived from herding models are used to provide rational explanations for stock market crashes. Models in which all traders are induced to search for the same piece of information are then presented to provide a deeper insight into Keynes' comparison of the stock market with a beauty contest. The book concludes with a brief summary of bank runs and their connection to financial crises.

Author: Bjorn Harald Nordtveit
Publisher: Springer Science & Business Media
ISBN: 904812235X
Category : Education
Languages : en
Pages : 187

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Book Description
Former World Bank education specialist Bjorn Nordtveit argues in this groundbreaking study that a development project or policy should not be understood and analyzed as a linear system. Instead, he believes we should view it as a complex and dialectical organism. Basing his theories on post-development and complexity theories as well as New Institutional Economics, Nordtveit lays out a novel method of analyzing development – both on the ground and in the think-tank. Informed by detailed quotations from interviews with local people involved in a World Bank literacy project in Senegal, the author demonstrates how a project is entangled in the global economy, and how it constructs development through a discourse of gender equity, growth of the civil society, and promotion of the use of private provision of social services. Nordtveit’s new analytical methodology claims it is necessary for all development initiatives to first investigate whether the donors’ vision of development coincides with national – and local – notions of development. Only then can the holistic and complex interrelations between the project and all other development desires and services in the community be studied. Finally, the project’s cost effectiveness must be considered. The author also examines the strengths and weaknesses of ‘public-private partnerships’, which are being used ever more frequently by donor agencies to implement social services. Constructing Development is a tour de force. Going back and forth between the global and the local, it examines a World Bank women's literacy project in Senegal through a critical and integrated discussion of education and development, globalization, gender, civil society, and privatization. Nordtveit offers an insightful and innovative critique of development theory and practice, drawing on new authors and fields, such as Complexity Theory. His book is a must read across a number of fields including comparative and international education, adult education, gender studies, and economic development. Steven J. Klees, Former President, Comparative and International Education Society Harold R.W. Benjamin Professor of International and Comparative Education University of Maryland

Author: Stephen Emmitt
Publisher: Routledge
ISBN: 1134225083
Category : Business & Economics
Languages : en
Pages : 332

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Book Description
Construction teams are usually complex, interdisciplinary and temporary, and, as such, the need for effective communication is crucial. However, published data regarding the manner in which individuals interact within the temporary project team is scarce, with little other than anecdotal evidence available. Recognizing this gap, Communication in Construction Teams provides a comprehensive overview of the literature on interpersonal communication and delivers a critical review of various research methods previously used in and outside the construction management field. Making use of Bales' interaction process analysis (IPA), a tool used successfully in many fields to collect interaction data, the text investigates the link between successful projects and the effectiveness of communication, finding that participants in the construction process exhibit regular patterns of interaction and, most significantly, that there are different patterns of interaction associated with successful and unsuccessful projects. Putting forward a number of practical suggestions to assist all actors involved in construction projects, this insightful publication will be of interest to researchers in the fields of building design and construction management.

Author: Abbas Mirakhor
Publisher: Walter de Gruyter GmbH & Co KG
ISBN: 3110590549
Category : Business & Economics
Languages : en
Pages : 797

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Book Description
Since the financial crisis of 2007/2008, a renewed discussion on the ethics and finance is being examined from different dimensions – finance for good society, responsible finance, ethical finance, financial crimes, and financial repression. The principal objective of this Handbook on Ethics of Islamic Economics and Finance is to provide a deeper understanding of the ethical underpinning of Islamic economics and finance. The reader will notice that the Handbook reflects a diversity of views on the subject of economic and business ethics in Islam across the intellectual spectrum of Muslim thought over the globe. Handbook attempts to find answers to some questions concerning the definition and characteristics of the ethical system in Islam. What is its goal and how do its rules and practices ensure welfare for individuals and society? Are the moral principles universal and invariable or do they change and adapt with the social changes of communities and progress in science and technology? Is the present generation accountable for the welfare of future generations? Where is the boundary between law and ethics and who guarantees their adoption and implementation?

Author: C. Read
Publisher: Springer
ISBN: 1137341289
Category : Business & Economics
Languages : en
Pages : 209

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Book Description
The Corporate Financiers is the fifth book in a series of discussions about the great minds in the history and theory of finance. While the series addresses the contributions of scholars in our understanding of modern finance, this volume presents the ways in which a corporation creates value. More than two centuries ago, Adam Smith explained the concept of division of labor and the efficiencies of specialization as the mechanism in which a firm creates value. However, corporations now find themselves outsourcing some processes to other firms as an alternative way to create value. There must be other economic forces at work than simply the internal efficiencies of a firm. We begin by describing the work of a rather obscure scholar named John Burr Williams who demonstrated in 1938 how the earnings of a firm are capitalized into corporate value through its stock price. We then delve into the inner workings of the modern corporation by describing the contributions of Nobel Memorial Prize winners Ronald Coase and Oliver Williamson. More than any others, these scholars created a renewed appreciation for our understanding of the institutional detail of the modern corporation in reducing costs and increasing efficiency. While Coase and Williamson provided meaningful descriptions of the advantage of a corporation, they did not offer prescriptions for the avenues the corporation can create more value in an era when new technologies make outsourcing and telecommuting increasingly possible. Michael Jensen and William Meckling describe in greater detail the nature of the implicit contracts a corporation employs, and recommend remedies to various problems that arise when the goals of the corporation are not aligned with the incentives of its agents. We also describe the further nuances to these relationships as offered by Armen Alchian and Harold Demsetz. We treat the lives of these extraordinary individuals who looked at a very familiar problem in a sufficiently novel light to change the way all look at corporations ever since. That is the test of genius.

Author: Anita Cerić
Publisher: Routledge
ISBN: 1317602056
Category : Technology & Engineering
Languages : en
Pages : 175

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Book Description
The relationship between project managers representing project owners and those on the contractor side is often threatened by communication risk. The main communication risk minimization strategy in the construction phase is trust, which plays a major role in the success of key working relationships across the construction industry. This book investigates this phenomenon, and goes on to show that once developed, trust outshines all other strategies of communication risk minimization and is essential for project success. As part of this investigation, communication risk in construction projects is examined in detail, with a particular focus on the effects of information asymmetry on working relationships. Drawing on many years of empirical research involving project managers working internationally, Trust in Construction Projects also provides strategies to minimize information asymmetries in order to build trust, and ensure the success of construction projects. By increasing understanding of trust in construction projects, this book adds an important new perspective to the fields of construction management and project management. This is essential reading for researchers and students, as well as practitioners in these fields.

Author: Martin Albrecht
Publisher: Springer Science & Business Media
ISBN: 3642028330
Category : Business & Economics
Languages : en
Pages : 227

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Book Description
Integrated supply chain planning is well understood by theory and widely applied in practice – however, only with respect to intra-organisational supply chains. In inter-organisational supply chains, an additional, yet unresolved problem arises: due to confidentiality reasons, decentralized parties keep their local data private, which prevents an integrated planning. Local planning procedures such as upstream planning, which are usually applied then, result in suboptimal solutions for the supply chain as a whole. In this work, new mechanisms for inter-organizational, collaborative supply chain planning are presented. These mechanisms are able to identify the systemwide optimum for several classes of supply chain planning problems. They can be applied by two or more self-interested parties and do not require a trusted third party. Extensive computational tests for randomly generated and real-word data suggest a favorable performance of these mechanisms.

Author: Patrick Bolton
Publisher: MIT Press
ISBN: 9780262025768
Category : Business & Economics
Languages : az
Pages : 746

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Book Description
A comprehensive introduction to contract theory, emphasizing common themes and methodologies as well as applications in key areas. Despite the vast research literature on topics relating to contract theory, only a few of the field's core ideas are covered in microeconomics textbooks. This long-awaited book fills the need for a comprehensive textbook on contract theory suitable for use at the graduate and advanced undergraduate levels. It covers the areas of agency theory, information economics, and organization theory, highlighting common themes and methodologies and presenting the main ideas in an accessible way. It also presents many applications in all areas of economics, especially labor economics, industrial organization, and corporate finance. The book emphasizes applications rather than general theorems while providing self-contained, intuitive treatment of the simple models analyzed. In this way, it can also serve as a reference for researchers interested in building contract-theoretic models in applied contexts.The book covers all the major topics in contract theory taught in most graduate courses. It begins by discussing such basic ideas in incentive and information theory as screening, signaling, and moral hazard. Subsequent sections treat multilateral contracting with private information or hidden actions, covering auction theory, bilateral trade under private information, and the theory of the internal organization of firms; long-term contracts with private information or hidden actions; and incomplete contracts, the theory of ownership and control, and contracting with externalities. Each chapter ends with a guide to the relevant literature. Exercises appear in a separate chapter at the end of the book.