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In this article, we provide guidance for substantive researchers on the use of structural equation modeling in practice for theory testing and development. We present a comprehensive, two-step modeling approach that employs a series of nested models and sequential chi-square difference tests. We discuss the comparative advantages of this approach over a(More)
We consider bargaining problems between one buyer and one seller for a single object. The seller's valuation and the buyer's valuation for the object are assumed to be independent random variables, and each individual's valuation is unknown to the other. We characterize the set of allocation mechanisms that are Bayesian incentive compatible and individually(More)
* Groupware and Workflow Management Systems are now moving into full-scale implementation in enterprises. Many organizations are now capturing competitive advantage from these systems. What will be the next IT opportunity for competitive advantage? This paper lays out elements of an enterprise information architecture, based on the view that the next IT(More)
The " stochastic binary choice problem " is the following: Let there be given n alternatives, to be denoted by N= { 1,. .. . n}. For each of the n! possible linear orderings { > " }k= r of the alternatives, define a matrix Y!,T',,(1 < nt < n!) as follows: yp ZZ 1 a> " b 0 otherwise. Given a real matrix Q,X:,, when is Q in the convex hull of { Y'm'},? In(More)
SUMMARY Using the technique of Wan and Davis, we give an existence theorem for a Nash equilibrium point in N-person non-zero sum stochastic jump differential games. lt is shown that if the Nash condition (generalized Isaacs condition) holds there is a Nash equilibrium point in feedback srrategies. We ertend the results to other solution concepts and discuss(More)
SYNOPSIS One of the cornerstones of financial statement analysis is the discounted cash flow valuation. Despite the broad use of this valuation technique, and the economic importance of employee stock options to firm values, there is little guidance on how employee stock options should be incorporated in a valuation. This paper provides a comprehensive(More)
This paper o®ers a new equilibrium concept for ¯nite normal form games motivated by the idea that players may have preferences which display uncertainty aversion. More speci¯cally, it adopts the representation of preferences presented in Gilboa and Schmeidler (1989). Then an equilibrium with uncertainty aversion is de¯ned and applied to a number of simple(More)