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2774 items in total found

Working Papers | 1997

A Comment on the Diamantaras - Thomson No-Envy concept

Lahiri Somdeb

This paper is really a technical remark on a paper by Diamantaras and Thomas (1990). In that paper, the no-envy concept due to Foley (1967) was refined to accommodate some kind of a radial no-envy comparison, inspired by Chaudhurai (1986). Simply put, each person compares his/her own consumption bundle with all possible radial expansions and contractions of every other person's consumption bundle. A Pareto Optimal allocation which is envy free against such a maximal expansion is the one selected by Diamantaras and Thomson (1990). Our framework differs from the Diamantaras and Thomson (1990) framework in that we consider only the pure exchange situation. Thus, since such technical issues with regard to existence of envy free allocation in the sense of Foley (1967) are somewhat secondary (though present) in our framework, we view this no-envy concept as a new equity criterion. In this framework, we prove the Diamantaras and Thomson (1990) result regarding the existence of an envy free allocation on a somewhat larger domain of preferences. We also feel that our existence proof is much simpler than the one due to the two authors, although it is difficult to say whether our proof would extend to the economies with production as studied by them.

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Working Papers | 1997

Using CEA to Evaluate 29 Canadian Textile Companies-Considering Returns-to-Scale

Pankaj Chandra, Cooper William W, Li Shanling, and Rahman Atiqur

In this paper we analyse the performance of some Canadian textile firms by using Data Envelopment Analysis (DEA). Using DEA we develop efficiency scores, efficiency frontiers and returns-to-scale for three segments of the sector, i.e., spinning, weaving and dyeing. Finally we develop models to solve optimal expansion or vertical integration related problems for firms with increasing and decreasing returns respectively.

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Working Papers | 1997

Globalization Work and Management

Singh J P

Major changes are occurring in the sphere of work and management. While there is emergence of new time based and information based opportunities, some traditional office and business work opportunities are shrinking. Simultaneously, there is recognition of a new type of “Permanently Temporary” Employment that is a pointer to the need for employment laws that take into account new work realities. On a larger plane, changes are also occurring in trade and business world. A few truly global organizations have emerged. However, organizations that operate in 30-40 or 10-20 countries are many, and are beginning to encounter the problem of operating in international environment. Use of values and social concerns have become the new element in protection of markets in addition to the traditional concern for quality and the recent concern for environment. There is a shifting of polluting industries to new environments resulting in environmental hazards where none existed and a major shift in the job market around the globe. National economies are also shifting from industrial to service and information economies. Another major change is linked with the development of distance learning opportunities and a move towards a universal language. This is influencing not only the way education is imparted but also nature and management of educational institutions thus forcing organizations to rethink their human resource development and learning strategies. At the core of all these changes is a major technological breakthrough – in satellite imaging, communication, computing, high speed travel and transport technologies. This explosion of Technology has resulted in new competition giving older organizations very little response time. Emergence of the new slim and trim organizations have forced unions to change focus from wages and benefits to protection of jobs. Since both work and technology are changing at a fast pace, the sphere of management has also been affected. In some ways control and unity of command are under revision and calls for a reassessment of the management theory and practice. The paper concludes with a discussion of the challenges ahead before the business world and developing societies.

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Working Papers | 1997

Initiatives in Rural Credit Policies under New Economic Environment

Desai B M

Initiatives in rural credit policies pertain to two instruments. These are institutional development and interest rates. Some of these initiatives are right for both these instruments, while some others are not. Former for the institutional development includes new equity, prudential norms, reorganization of loss-making branches, MOUs and DAPs, hi-tech branches, enlarged scope of indirect agricultural credit, RRBs becoming full-fledged banks, SHGs, and entry of private local area banks. And the latter includes RBI's discontinued financial support, RIDF, and closing loss-making branches. Right initiative on interest rates is their simplified structure that is linked to amount of loans only though this needs to be more consistent with the rural realities. And wrong initiatives include increases in (minimum) interest rates on loans and a hotchpotch of partially and fully deregulated interest rates. Logic and/or empirical evidence are the basis for identifying initiatives that are wrong.

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Working Papers | 1997

Cotton in India: Analysis of Differing Performance

Vijay Paul Sharma

This paper attempts to investigate the performance of Indian cotton sector and impact of economic and biological factors on acreage and yield of cotton in the major cotton growing states of the country using time series secondary data. The results indicate that the cotton production in the country increased significantly (2.37% per annum) between 1951-52 and 1995-96, largely as a result of improved productivity. This increase in productivity can be largely attributed to the technologies embodied in improved cotton varieties, efficient irrigation and cultivation, fertilisers and novel pest management. This growth has been accompanied by an increase in variability of production and the increase in yield variability was important source of generating instability in cotton production. Central region comprising Gujarat, Madhya Pradesh and Maharashtra was the major cotton producing zone accounting for about 51 per cent of the total production in 1971-75. However, major changes are occurring in the distribution of cotton growing and the main expansion in acreage and production is in North while the traditional cotton producing region (central zone) is tending to cutback on cotton planting. Research findings also indicate that the use of cotton textiles in the country has been steadily rising but the per capital availability and share of cotton use in total fibre use has been declining moderately. Results of cotton share equations revealed that cotton consumption in the country was not much responsive to the prices but the lagged consumption of cotton captured the strong trend in consumption which indicated that decline in share of cotton was not price related but due to technological improvements in the manufactured fibres industry. Per capital GDP was found to have a significant and positive impact on the per capita total fiber and cotton use and the income elasticity was 0.22 for total fibre use and 0.48 for cotton. Results from the acreage response models reveal that the relative prices of cotton vis-à-vis competing crops play a much greater role in determining the growers' acreage allocations. Favourable weather and irrigation in the cotton yield equations was influenced the cotton acreage. The expected role of fertiliser and irrigation in the cotton yield equations was found in most of the states, indicating a crucial role of these factors in determining the yield. Therefore, if cotton production is to be promoted on sustainable basis, the farmers will have to be assured of not only remunerative and stable prices but also yields.

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Working Papers | 1997

Futures Trading in India - Are We Ready

Gupta Ramesh

The article examines the nature of futures market and its development abroad. It provides a theoretical framework reviewing behaviour of future prices and a need for an effective arbitrage between spot and futures market to ensure competitive and fair pricing for hedge seekers. In the Indian context, it examines the hedging needs of Indian investors and probes the robustness of cash markets. Major deficiencies in out cash markets are absence of facilities for margin trading, short sale, dematerialised settlements and electronic funds transfer among participants. Efficient arbitrage is the key to functioning of the futures market. In India arbitrage can be done only in one direction which is to buy in spot and sell in futures market when basis (that is difference between spot and futures prices) after adjusting for carry cost is at premium. If basis is at discount arbitrage would involve sell in spot and buy in future, but this would not be possible in the absence of short sale. This skewness in arbitrage would delink the two markets and futures market would turn into a casino. The article also critically examines the empirical work of Shah and Thomas and questions the validity of their estimates of 'impact cost' and other 'event studies' in support of futures market. The article ends asking the regulators what is the hurry? Derivative trading requires a critical mass of sophisticated investors, supported by credit and stock analysts, serviced by market-makers prodding a modicum of liquidity and protected by keen regulators. If SEBI is finding it hard to manage system for carry-over business (that is, badla which is akin to a weekly forward market), how is it going to regulate risk in a futures market where transactions would remain outstanding for 6 months and more. Regulators are cautioned to avoid economically unjust demands of a few vested interests and let 'public interest' of several million shareholders take precedence over a few 'interest groups' which are know for peddling hot money.

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Working Papers | 1997

Process of Developing Venture Capital Activity--: A Study of Three Indian VCFs

Pandey I M and Fliegal F C

This study investigates the venture capital activity development process in India. The discussion covers the issues of the initiation of venture capital fund, investment strategy and evaluation criteria and the value addition by venture capital firms (VCFs). The history of modern venture capital in India is not very old, which was formally introduced in 1986-87. In the initial years, VCFs in India encountered a number of problems in developing their business. From in-depth case studies of three VCFs of India, it is found that all of them went through the initial constraints of not knowing the venture capital business well and learnt through trial and error and failures and mistakes. They faced problems in raising funds and evaluating prospective ventures. All of them initially focused their investment on the high technology business. But gradually they shifted their focus towards potentially high-growth, high profitable businesses and not just high-tech businesses. It is also noticed that VCFs maintained a closer link with the assisted firms in order to ensure the success of the venture capital.

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Working Papers | 1997

An Operational Study of CO Patel Vegetable and Fruit Market of Ahmedabad

Girja Sharan and T. Madhavan

We present in this paper, an operational study of CJ Patel Wholesale Fruit and Vegetable Market (CJP Market) of Ahmedabad city. The market is viewed as a dynamic queuing system. A simulation model is constructed. Simulations are used to generate statistics on congestion as the volume of trade is increased form the present level to what would be expected by the year 2010 A.D. This market was built in the year 1996 in order to reduce congestion in another older market. While the buildings are designed to last a long time, simulations show that its handling capacity will get saturated much sooner, most likely by the year 2010 A.D. Based on this work, it is argued that programe to modernize loading, unloading and other handling systems must be initiated now. Further, design procedures for such markets need to recognize these as dynamic queuing systems and not just an assembly of buildings and road.

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Working Papers | 1997

Changing Perspective on Rural Credit between Mid-80s and Mid-90s - Experiences of two West Bengal Villages

Samar K. Datta and Chakraborti Milindo

Credit is a 'pure service' transaction between two points of time rather than a spot market transaction in 'pure goods'. Because of the time gap involved between sanction and realization of credit, the players in the market confront several kinds of risks, many of which are not independent of the socio-economic environment. Against the backdrop of the institutional changes in the form of establishment and strengthening of the Panchayats in rural West Bengal over the last two decades, the present study is an attempt to capture the attendant changes in rural credit market between mid-1980s and mid-1990s from the experiences of two villages in the district of Birbhum. In doing so, it compared the profile and mode of operation of prevailing moneylenders and lending institutions with those documented in an earlier study carried and in the same two villages and made an endeavour to find out as to whether the changes in the functioning of both formal and rural credit have led to greater accessibility to credit of the rural masses, a larger base for agricultural production through productive use of assets and ensuring better prices for farmers. The experiences of several successful multipurpose primary credit societies in India, the Indian Grameen Services, Hyderabad, the Bangladesh Grameen Bank and the Chinese Township and Village Enterprises are cited to provide some future guidance in improving the rural credit scenario in West Bengal.

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Working Papers | 1997

Trends of Outpatient Visits and Inpatient Admissions in Public Hospitals of Ahmedabad, India over last 24 years

Saha Chandrahi and Dileep Mavalankar

This paper tries to show the trend of registration of patients (indoor & outdoor) in various medical institutes of Ahmedabad which are run by the Ahmedabad Municipal Corporation (AMC) in last 24 years (1971-94). The Civil Hospital which is run by State Government was also studies for the same time period for comparison. The trend analysis of the registered patients is based on the secondary data available from AMC. The study shows that in last 24 years there is substantial decline in outdoor patients in most of the hospitals under AMC inspite of 3.6% annual increase in city population. Only Civil hospital shows a rising trend. Overall number of indoor admissions have increased somewhat in AMC hospitals. But it was mostly in tertiary hospitals, while in smaller hospitals & maternity homes number of indoor admissions have declined. On the other hand there is a marked rise in number of private nursing homes over this period. The paper also tried to explore the likely reason for such trend in patient registration. It also discusses the policy implications for providing quality health service to the citizens.

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