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Working Papers | 1999

An Application of Optimization Based Decision Support System in a Polymer Manufacturing Company in India

Goutam Dutta

In this paper we describe the application of the multi-period optimization based DSS in a polymer manufacturing company in India. This is probably the first attempt to use a mathematical programming model for operating and strategic decision making a polymer manufacturing company in India. The study demonstrates a (contribution to ) profit improvement potential of 2.67 per cent and unit contribution improvement of 0.237 per cent.

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Working Papers | 1999

Lessons for Success in OR/MS Practice Gained from Experiences in Indian and US Steel Plants

Goutam Dutta

I worked on modeling integrated steel plants in India (as an analyst) and in the USA (as a doctoral student). The following factors influence the successful OR/MS practice: positioning of OR/MS in Operations and not in Research and Development, selecting the right problem, emphasising on problem solving and not on model building, learning lessons from failure, right academic and practical training of OR teams, experiences of working in the shop-floor of a factory. Universities should give more emphasis in teaching OR as research in operations and to the process of implementation.

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Working Papers | 1999

A Non-Hausdorff Topological Space in which every Convergent Sequence Converges to A Unique Limit

Lahiri Somdeb

Does there exist a non Hausdorff topological space, such that every convergent sequence in it converges to a unique limit? Considering the obvious scarcity of such spaces we were compelled to construct one by ourselves.

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Working Papers | 1999

Quasitransitive Rational Choice and Monotonic Preference for Freedom

Lahiri Somdeb

We consider a finite universal set of alternatives and the set of all feasible sets are simply the set of all non-empty subsets of this universal set. A choice function assigns to each feasible set a non-empty subset of it. In such a framework we propose and study necessary and sufficient conditions for various types of quasi-transitive rationalizability of choice functions generated by monotonic preference for freedom.

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Working Papers | 1999

Organizational Change and Perceived Role Efficacy

Sayeed-uz-Zafar, Pestonjee D M, and Mukherjee D

A number of studies have been carried out in the recent past on change management. The authors and scholars have made in depth studies of the inner dynamics of the organizational structure, organizational culture, organizational learning, managerial behaviour and resistance to change and suggested various measures in negotiating the complex facets that change is likely to bring in the organization. With this in view, a study on Role Efficacy was carried out on an organization from banking industry which had undergone restructuring. It was primarily affected on the senior management level while the structure of the middle and junior management levels remained unaltered. A comparison was thus made using the instrument developed by Pareek (1980). A total of 125 questionnaires were administered to these officers and 89 responses were received of which only 71 were complete. Out of the 71 responses chosen for evaluation, 27 belonged to the senior management level while 44 belonged to the middle and junior levels.

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Working Papers | 1999

A Perspective on Farmer-Market Interface - Results of a Revisit to Selected Villages from West Bengal, Gujarat and Maharashtra

Samar K. Datta

Markets do not operate in vacuum. They need an institutional structure for them to function competitively and efficiently. This revisit study based on intensive study of eight villages-six from West Bengal and one each from Gujarat and Maharashtra-shows that cooperatives or cooperative like autonomous and democratic organisations are an important tool to perfect the market. With historically determined institutional imperfections given from the past, neither the so-called free market system nor government-initiated process of intervention and development nor even exclusive reliance on the cooperative route can really achieve sustainable growth and equity in the countryside. Cooperatives too need supporting background rules and structures to make them function property. In the absence of the necessary supporting structure, cooperatives tend to be parastatal and inefficient organisations, and hence totally irrelevant organisations in the process of development. There is no short-cut to achieve development. This study therefore favours promoting multiple organisations including NGOs, which can act as competitive check on one another. The country has a lot of bad experiences in development, but at the same time it has enough good experiences too to see and learn from. There is no better way to achieve dissemination of knowledge than providing to out villagers, their leaders and Panchayats a direct exposure to worthwhile experiences.

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Working Papers | 1999

An Enquiry into the Various Facets of Womens Careers

Pestonjee D M, Bhardwaj Gopa, and Kapoor Jaya

Women's careers are subject to personal, interpersonal and societal influences of various kinds. From an empiricist point of view, the study was done to get an insight into the various facets of women's careers. The sample of the study consisted of 30 women executives and 30 women non-executives from a private sector organisation. The data were collected through qualitative research techniques. Results indicated that except for women executives of the private sector organisation, the other three gruoups derived primary satisfaction from family relationships with, career integrated with rest of their lives in a secondary way. Women executives of the private sector organisation derived primary satisfaction from their career or occupation. As regards to their levels of ambition, women employees aspired to hold a high position. The results showed that women employees resembled one another closely on 'intrinsic' value of having a reputation for extreme competence in their chosen fields. Women employees felt that their social circles tended to favour that women ought to be able to work a bit, but not so as to allow it to interfere with home and family obligations. Family was perceived as a barrier to a married woman's career commitment. Particularly most of the women employees agreed that husband's career plans interfere with a married woman's career commitment.

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Working Papers | 1999

A Theorem in Utility Theory Revisited

Lahiri Somdeb

We provide in this paper a simple proof of the proposition that comparability of first differences of utility implies cardinality when the range of the utility function is a connected subset of the reals.

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Working Papers | 1999

Value at Risk Models in the Indian Stock Market

Jayanth R. Varma

This paper provides empirical tests of different risk management models in the Value at Risk (VaR) framework in the Indian stock market. It is found that the GARCH-GED (Generalised Auto-Regressive Conditional Heteroscedasticity with Generalised Error Distribution residuals) performs exceedingly well at all common risk levels (ranging from 0.25% to 10%). The EWMA (Exponentially Weighted Moving Average) model used in J. P. Morgan's RiskMetrics® methodology does well at the 10% and 5% risk levels but breaks down at the 1% and lower risk levels. The paper then suggests a way of salvaging the EWMA model by using a larger number of standard deviations to set the VaR limit. For example, the paper suggests using 3 standard deviations for a 1% VaR while the normal distribution indicates 2.58 standard deviations and the GED indicates 2.85 standard deviations. With this modification the EWMA model is shown to work quite well. Given its greater simplicity and ease of interpretation, it may be more convenient in practice to use this model than the more accurate GARCH-GED specification. The paper also provides evidence suggesting that it may be possible to improve the performance of the VaR models by taking into account the price movements in foreign stock markets.

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Working Papers | 1999

Zorns Lemma in Rational Choice Theory: A Note

Lahiri Somdeb

The first significant use of Zorn's Lemma in rational choice theory is in the paper by Szpilrajin(1930), where it is established that every strict partial order can be embedded within a strict linear order. Subsequently, Dushnik and Miller [1941] showed that every strict partial order is the intersection of all the strict linear orders in which it can be embedded. Richter ([1966], [1971]), Hansson [1968], Suzumura ([1976], [1983]), Deb [1983] and Lahiri [1991a], all use Szpilrajn's theorem, to establish conditions for various shades of rationalizability of choice functions. In recent times Donaldson and Weymark [1981], Duggan [1991] and Lahiri [1999b] use Szpilrajn's theorem to establish results similar to those available in Dushnik and Miller [1941]. In Lahiri [1999b] an independent proof of the theorem due to Dushnik and Miller is given which uses Zorn's Lemma explicitly. Szpilran's theorem is a deep theorem in its own right and the fact that it uses Zorn's Lemma, often makes it inaccessible to someone who has had no formal training in advanced set theory. This is because, Zorn's Lemma is proved using the axiom of choice and an intermediate theorem is the well-ordering theorem. Much of this is beyond the scope of an individual who has not studied advanced set theory. It would be considerably easier to grasp those aspects of rational choice theory where Zorn;s Lemma is applied, if there was simpler way to obtain the celebrated lemma. This is what we don in this note by replacing the axiom of choice by what we call 'chain axiom'. The proof of Zorn's lemma which now does not require the axiom of choice or the well-ordering theorem, can be established quite easily using elementary set theory. Rational choice theory comprises a body of results which are sufficiently challenging in their own right. Szpilrajn's theorem is a major building block of rational choice theory. It does the subject or its students no good by making it unnecessarily inaccessible. By making the journey to a crucial result more arduous than it need be, we shift the focus of rational choice theory from the analysis of decision making to an important result in set theory. Our chain axiom may require a giant leap of faith for a set theorist. For us, however, it is a major step towards simplification.

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