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2757 items in total found

Working Papers | 1989

Modelling and Analysis of Large Systems Some Approaches

Tripathy Arabinda

The concepts and nature of large scale modelling have been presented. The necessity of having a good grasp of the system has been stressed. Some of the large scale modelling efforts have been presented.

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Working Papers | 1989

Leisure, Health and Stress

Pestonjee D M and Muncherji Nina B

The term 'leisure' derives from the Latin 'licere', meaning "to be permitted", and is defined in the modern dictionary as "freedom from occupation, employment, or engagement". Leisure has meant different things in different cultures. However, no matter how one tries to modify the concept of leisure, 'time' is its essence. Leisure, can no more be divorced from the element of 'time' than it can be completely separated from the function of 'work'. Leisure can be viewed as 'no work behaviour in which people engage during free time. Of all he values that the medical authorities and educators claim for the recreational use of leisure none is mentioned more frequently than its potential for helping attain sound health, if we participate in it sensibly. If we use it well, leisure can help to keep us on an even mental keel. We can get temporary relief from our tensions, anxieties, frustrations, if we can in our leisure, establish a world apart from ourselves and this helps us in dealing with our problems without coming apart at the seams. We generally presume that stress is a causative factor in health related problem. Further, the leisure phenomenon can counter the adverse impact of stress on health. It is for this reason, that we need to look carefully at the 'leisure-health-stress' linkage.

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Working Papers | 1989

Independence of Irrelevant Transfers

Lahiri Somdeb

In this paper, we provide a partial geometric characterization of the Independence of Irrelevant Alternatives (IIA) Axiom, called Independence of Irrelevant Transfers (IIT) as also a characterization of the Nash Bargaining Solution without the IIA Axiom. The characterization has been motivated by the work of Shapley (1969) and Thomson (1981) to a very great extent and contributes to the growing literature on bargaining solutions without the IIA Axiom.

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Working Papers | 1989

Narmada Project: An Opportunity for Redefining Social Relations

Gupta Ramesh

In this paper we show that rationalizability of a bargaining solution by a symmetric metric implies that the bargaining solution is anonymous. We further show that rationalizability of a bargaining solution by a metric implies that the solution satisfies metric respect for unanimity.

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Working Papers | 1989

Rationalization of Bargaining Solutions by Symmetric Metrics and Respect for Unanimity

Lahiri Somdeb

There has been a heated controversy around the Narmada project. Environmentalists have rightly argued for an open and informed debate. The government and the academics supporting it have felt that all the information has been shared. We do not intend to discuss the merits or demerits of various arguments concerning costs/benefits, mobilization of resources, deforestation, catchment area planning etc. Not because these are not important issues but there are some other options concerning the rights of tribals which have not been discussed in the debate so far. We have argued that Narmada can offer an opportunity to redefine the property and social relations provides the oustees are given proper share in the (a) equity of Narmada Development Corporation, (c) ownership of canal lengths, (c) electricity grids, (d) value adding enterprises etc. This share is due to them not just on humanitarian ground but also on efficiency ground. People who conserved the natural resources for so long may maintain the distribution of water and power at lesser cost than the bureaucracy notorious for its inertia. In any case the conflicts among the oustee owners of water and power and the settled plain farmers will settle at lesser cost who should get what, where and how.

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Working Papers | 1989

A Legrangian Heuristic for the Capacitated Plant Location Problem with Side Constraints

Sridharan R

In this paper we present a Lagrangian relaxation approach for solving the capacitated plant location problem with side constraints. The side constraints are upper bound constraints on disjoint subsets of the (0-1) variables. We also provide an application where this procedure can be used to solve a particular vehicle Routing Problem. Computational results are provide for some problems both on the main frame computer as well as the personal computer.

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Working Papers | 1989

Motives, Abilities and Attitudes of an Entrepreneur - Some Propositions

Swamy Ranjini

In this paper, we have conceptualized the entrepreneurial process as comprising of three stages --the decision to become an entrepreneur, which field to be an entrepreneur in, and the actual creation of an organization. Each stage makes certain demands on an entrepreneur. This paper examines some of these demands. The entrepreneur has to cope with the demands of the entrepreneurial process. For this, he requires certain motives, abilities and attitudes. This paper attempts to drive propositions regarding what motives, abilities and attitudes an entrepreneur may require. It also briefly tries to explain how these qualities may develop in an entrepreneur.

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Working Papers | 1989

Mega Projects Implementation: Issues for Top Management (Experiences from IFFCOs Aonla Fertiliser Project)

P. R. Shukla and Tripathy Arabinda

This paper presents to management issues in implementation of mega projects. In recent years, several large projects are implemented in the country. Considerable wealth of indigenous experience and knowledge is emerging in the country in this area. Attempt is made in this paper to highlight conceptual issues in large project implementation. Spectrally representing tot he implementation practices at one such large project, namely IFFCO's fertiliser project at Aonla, on HBJ pipeline.

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Working Papers | 1989

Equilibrium Pricing of Special Bearer Bonds

Jayanth R. Varma

In 1981, the Government issued Special Bearer Bonds under a scheme which allowed people to invest their black money in these bonds and enjoy freedom from investigations and prosecutions for tax evasion in respect of their holdings of these bonds. Through these bonds are no longer available in tap, there is an active secondary market for these bonds; the complete anonymity of these bearer bonds has helped to make them quite liquid. This paper derives equilibrium prices of these bonds in the secondary market. The entire analysis is carried out in a continuous time framework using the mixed Wiener-Poisson process; the Capital Asset Pricing Model (CAPM) is employed in a modified form which accounts for the fact that, for black money investors, investment in any asset other than the bearer bond involves the risk of tax penalties in addition to the usual investment risks. The existence of the bearer bond helps to analyze the impact of black money on the capital market in general; in this setting it is shown that the pricing of risky assets relative to each other and relative to the white risk free bonds is unaffected by the presence of black money. This provides justification for using the CAPM in corporate finance and portfolio management in a capital market like India where black money is widespread. Out results can be useful for estimating the magnitude of black money and the degree of tax enforcement; it can also help the Government in pricing any fresh issues of such bonds in future.

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Working Papers | 1989

Where Utility Functions Do Not Exist - A Note on Lexicographic Orders

Jayanth R. Varma

There seems to be some amount of confusion in the finance text books regarding the conditions under which an individual's preferences can be represented by a utility function. Fama and Miller, for example, assert that two axioms (comparability and transitivity) are sufficient to establish the existence of a utility function (when the set of alternatives is Rn). This is totally false: a real valued utility function need not exist even in the single good case (R1). One might hope that a vector valued utility might exist (with lexicographic ordering of the utility vector); but this is not the case. Indeed we cannot salvage the situation even by allowing the utility to be a vector in Rn) (i.e. to have an (countably) infinite number of components); only an uncountable number of real components can do the job. None of these results are new, but they do not seem to be sufficiently well known to researchers in finance. This may be because the original papers are mathematically forbidding or because they are scattered in sources somewhat removed form the mainstream finance literature. If that be so, this note should be of some help; some of our proofs and examples are new and hopefully more elementary (for example we avoid taking recourse to Sierpinski's lemma).

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