Contributions published at Department of Business Administration (Egon Franck)

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The main contribution of this paper is a method that allows one to study the effects of different degrees of competition. We find that optimal prices and profits are more sensitive to cooperative than to aggressive behavior on the part of competitors. With more aggressive policies, the average pricing level decreases and the average difference between high and low prices increases. An empirical model of the detergent market illustrates the methodology.

We propose to use neural networks to value options when analytical solutions do not exist. The basic idea of this approach is to approximate the value function of a dynamic program by a neural net, where the selection of the network weights is done via simulated annealing. The main benefits of this method as compared to traditional approximation techniques are that there are no restrictions on the type of the underlying stochastic process and no limitations on the set of possible actions. This makes our approach especially attractive for valuing Real Options in flexible investments. We, therefore, demonstrate the method proposed by valuing flexibility for costly switch production between several products under various conditions.

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Wenn das Auftragsspektrum der Armee zunimmt und gleichzeitig die Mittel abnehmen, so zwingt dies zu einer Erhöhung der Produktivität. Gehen bei den Mitteln die Finanz- und Sachmittel zurück, so konzentriert sich die Erhöhung der Produktivität auf den Personalbereich. Soweit der Personalbereich durch das Kader geprägt wird, ist die Effizienz der Kaderausbildung zentraler Hebel für die Produktivitätserhöhung. Dies gilt für Wirtschaftsunternehmen ganz analog.

This paper proposes a `re-construction' of organization studies in order to deal with the chronic incommensurability that characterizes the discipline. The paper begins by discussing the issue of incommensurability between organization studies schools of thought, arguing that it represents a significant problem with which the field must cope. Ambiguity of the key constructs that form the building blocks of organization studies schools is identified as one major reason for persistent inter-school incommensurability. To help deal with the problem, we recommend the creation of a dictionary that would include democratically produced definitions of key organization studies constructs. The procedures used by the Financial Accounting Standards Board to develop new accounting standards are presented as a possible model for the dictionary-building process. The role of the dictionary in reducing inter-school incommensurability is discussed, and possible disadvantages considered. While the need to formally create construct definitions is symptomatic of the low paradigm development of organization studies, the dictionary is envisioned as a tool for increasing the future paradigm development of the field.

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