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Working Papers | 1994

Existence of a Pareto Optimal Equal Loss Allocation in Pure Distribution Problems

Lahiri Somdeb

In this paper we show, that for a large class of pure distribution problems, embedded in a very general framework, a Pareto optimal equal loss allocation exists.

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Working Papers | 1994

Institution Building: Intrepreneurship in Academe

Thomas P S

Somehow, manufacturing doesn't seem to grow naturally into a potential field of distinction for IIMA as other areas an uphill struggle. During the 1980s, the author found himself informally engaged in precisely such an effort. While much has been achieved there is still a long way to go before IIMA becomes synonymous with industrial management. The author's purpose is to look back and recount those incidents from his personal experience as a research associates at IIMA from the mid-70s onwards to which some present day situations vis-à-vis “industrial management” can be traced. Among these are the origins of manufacturing policy and Japanese management, including just-in-time (JIT) manufacturing at IIMA. The visit of Harvard University President Derek C.Bok at the time of IIM's Silver Jubilee celebrations is also touched upon. The author concludes by pointing to a need to change the concept of the Institute and to strike a balance between the teaching of placement friendly courses and those such as manufacturing where management innovations are rife. The challenge is to plant the seeds of a synthesis in PGP so as to reap benefits in MDPs, research and even consulting.

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Working Papers | 1994

A Note on Axiomatic Characterization of the Nash Bargaining Solutions

Lahiri Somdeb

In this paper, to begin with we present a generalization of the independence of irrelevant expansions assumption to the situation with an arbitrary yet finite number of players, and with the help of a comparatively simpler proof than the one suggested by Thomas (19981), we uniquely characterize the Nash bargaining solution. In a recent paper, Lahiri (1993) introduces the concept of a shift for bargaining problems. A shift for a bargaining problem amounts to a displacement of the origin to a point in the nonnegative orthant of a finite dimensional Euclidean space (in which the bargaining problem is defined) so as to reduce the original problem to a new one consisting only of those points that weakly Pareto dominate the new origin. A characterization of Nash bargaining solution is also obtained in this paper using a convexity assumption. A related version of this convexity assumption and a similar characterization theorem can be found in Chun and Thomson (1990) and Peters (1992). An intermediate property used in the latter characterization called localization, which can be found in Peters (1992) is similar in spirit to the independence of irrelevant alternatives assumption. We also obtain a characterization of the Nash solution, by relaxing this localization property and invoking Pareto continuity.

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Working Papers | 1994

Malaysias Privatisation Programme

Dholakia Bakul H and Ravindra H. Dholakia

Malaysia is among the first few developing countries that launched a large scale programme of privatisation of public enterprises. Malaysia's experience of formulating and implementing the privatisation programme is generally hailed as a success story. An attempt has been made in this paper to examine success story. An attempt has been made in this paper to examine various aspects of Malaysia's privatisation programme, such as the objectives of privatisation policy, methods of privatisation, issues in implementation of privatisation programme and the impact of privatisation programme on the Malaysian economy.

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Working Papers | 1994

Spatial Dimension of the Acceleration of Economic Growth in India

Ravindra H. Dholakia

The study of 20 state economies of India over the period 1960-61 to 1989-90 reveals that the phenomenon of acceleration in economic growth is spatially dispersed and covers about two-thirds of the national economy. The study also finds that most of the states experiencing growth acceleration are relatively less well off. There are marked tendencies for convergence of long term economic growth rate among Indian states. The growth experience and development strategies differ significantly among states. The leading states also show different patterns of growth. In the Indian industrial sector, the existence of a sharp north-south divide is further corroborated. The spatial dimension of economic growth in India needs further exploration and explanation.

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Working Papers | 1994

Enriched Individual as a Centre for Growth

Parikh Indira J

This paper discusses the shifting paradigms of what is considered enrichment of an individual. In the traditional agrarian society enrichment was around relationships and institutions of belonging, age, experience, wisdom and sagacity meant an enriched individual. In to-days industrialised society achievement, success, and wealth connotes enrichment. But together both the traditional and the industrial context, to-day the individual identity holds a vast canvas of life to locate oneself, has choices from multiplicities, can evolve a perspective for life and living and can design and define membership and roles in multiple institutions. The individual is truly enriched when she/he can give expression to the being in terms of relatedness and to the becoming in terms of achievement, aspirations and success. The paper then focuses on women as enriched individual as a center for growth. Women enrich themselves through redefining their social roles in the socio-cultural context, achievement and success in education context and performance and success in the organizational context. Essentially the movement toward a professional orientation anchored in wholesomeness and well-being will shape women where new processes can be initiated for themselves as well as others.

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Working Papers | 1994

Research on the Indian Capital Market: A Review

Samir K. Barua, Ragunathan V, and Jayanth R. Varma

In this paper we present a review of research done in the field of Indian capital markets during the fifteen years from 1977 to 1992. The research works included in the survey were identified by two search procedures. Firstly, we wrote to 118 Indian university departments and research institutions requesting information on the works done in this field in their department/institution. After three reminders, we obtained responses from 53 institutions. Simultaneously, we searched through various Indian journals in our library, located books listed in the library catalogue and traced through the list of references provided in various research works. Considering the size, vintage and development of the Indian capital market, the total volume of research on it appears to be woefully modest - about 0.1 unit of work per institution per year! Moreover, a large number of works are merely descriptive or prescriptive without rigorous analysis. Certain areas such as arbitrage pricing theory, option pricing theory, agency theory, and signalling theory are virtually unresearched in the Indian context. Besides, very little theoretical work has been done by researchers in India. However, with improved availability of databases and computing resources, and with increasing global interest in Indian markets, we expect an explosion of work in the near future.

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Working Papers | 1994

The Cult of Vishnu and Indian Economic Development

Khandwalla P N

The nature of the work ethic of a society may significantly shape the character of its economic development. It is argued that the cult of Vishnu and its associated work ethic have played a notable role in the economic development of India during the past 2000 years or so. The cult of Vishnu appears to be a fusion of the cults of the Vedic God Vishnu, the cosmological deity Narayana, Vasudeva of the Vrishnis who promoted the Bhagvata cult, and the cowherd boy Krishna. Vishnu that has emerged as a fusion of these cults, and elaborated in his avatars or incarnations, appears to have a pragmatic, “business friendly”, resourceful manager orientation, who may preach high spirituality but in practice uses pragmatic means to achieve ends. The Bhagavada Gita, the centerpiece of Vaishnava spiritual philosophy, while excoriating greed, provides a powerful structure of the work ethic that upholds the necessity of effort and legitimises every manner of mundane pursuit including commerce provided it is pursued with detachment and is dedicated to God. This work ethic bears some striking similarities to the Protestant Ethic described by Weber and suggested by him to be a major impetus to the rise of capitalism in the West. The emergent cult of Vishnu may have originated in coastal trading communities of southern and western India, in view of the many marine associations of Vishnu, and then have spread to the rest of India. It may also have been influenced by contacts with West Asian civilizations. Several hypotheses are stated that follow from the main hypothesis of the cult of Vishnu influencing India's economic development.

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Working Papers | 1994

Religious Movements in the Contemporary United States

Giri Ananta

The present paper describes the vision and practice of different religious movements in the contemporary United States such as Moral Majority and Habitat for Humanity. This description is presented with a view that contemporary Indian debate on secularism and religion must be based upon informed understanding of the actual process of return of religion to the secular city in the western world, since much of our contemporary assumptions about secularism are based upon the Western models. The dynamics of religious movements in the contemporary United States challenges us to rethink our taken-for-granted assumption about the decline of religion with technological advancement. It also urges us to take the spiritual dimension within religion seriously, which ultimately helps us to make the distinction between religious fundamentalism and practical spirituality.

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Working Papers | 1994

Connected Criticism and the Womb of Tradition

Giri Ananta

The present paper is an inquiry into the possibility of criticism of tradition on its own terms, which however leads to its desired transformation. The paper discusses two types of such connected criticism—philosophical and prophetic. The paper argues that it is the prophetic criticism which is more in tune with the spirit of tradition and has enormous relevance for the contemporary world, which is still grappling with the problem of roots. The paper argues that it is spirituality which constitutes the womb of tradition and this spiritual outlook is what we need badly today as we are at the crossroads of tradition, modernity, and postmodernity in the contemporary world.

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