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Working Papers | 1997

Share Equivalent and Equitarian Allocations for Problems of Fair Division

Lahiri Somdeb

In this paper we begin with a given social endowment. A profile of shares (which could very well all be equal), is part of the environment. This is the planner's contribution to the economic environment, as conceived in this paper. First we formulate the concept of an envy free allocation as was done by Schmeidler and Vind [1972]. Then we propose the concept of a share equivalent allocation which is a generalization of the concept of an egalitarian equivalent allocation due to Pazner and Schmeidler [1978]. An allocation is share equivalent if every agent is indifferent between his allocation and what would result if an identical change in entitlement were affected for all the agents. (An agent's entitlement is his share of the social endowment in physical units). If the identical change is a multiple of the social endowment vector, we say that the allocation is naturally share equivalent. We prove the existence of a naturally share equivalent allocation which is also Pareto efficient and prove that such allocations correspond to maximization of the minimum utility over all feasible allocations. For two agent economies we show that naturally share equivalent allocations are envy free and all envy free allocations are share equivalent. In a final section to this paper we introduce the concept of an equitarian allocation (Yound 1993). This is a feasible allocation such that each agent is indifferent between what he/she received and a multiple of his entitlement, where the multiple is common to all the agents. The proof that a Pareto efficient equitarian allocation exists is similar to the proof which established the existence of a Pareto efficient and naturally share equivalent allocation. Hence we omit it. Subsequently, we observe that such allocations are the only ones which maximize the minimum utility over all feasible allocations, where the utility representations are once again suitable constructed. Thus, we manage to generalize an existing notion of economic equity, by incorporating possible asymmetries that may need to arise for the sake of obtaining (final) distributive justice. As observed by Moulin (1995), problems of fair division arise perpetually in managerial contexts. With these results, perhaps a new insight would be gained in resolving such problems.

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Working Papers | 1997

Trends in Sales Promotion Literature

Kureshi Sonal and Vyas Preeta

The objective of this study is to gain an insight into the trends of sales promotion literature published over 25 years. Data from 9 well-known foreign journals has been analyzed to provide a classification of framework, compute the trends and identity the gaps in sales promotion literature. A total of 171 articles is classified and is used for further categorization. The study reveals that a significantly larger number of articles are in the area of planning and evaluation of sales promotion schemes mainly targeted at consumers. Also consumer non-durable category is extensively researched. Most of the articles in the literature predominantly are using survey method of research design. The analysis reveals several lacunaes in the literature. As the available literature does not address all the issues pertaining to various aspects of sales promotion, it is hoped that this study would trigger much felt need for research in this area.

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Working Papers | 1997

An Analytical Study of Performance and Regional Variations in Indian Agriculture in the Post-Green Revolution Period

Vijay Paul Sharma

The paper presents the results of an analysis of all-India and state level data on area, production and yield of major crops in the post-green revolution period. It reveals that there was a marked acceleration in the overall growth of agricultural production in India during the eighties as compared with the seventies. Improvement in foodgrains production was mainly because of improvement in crop yield, whereas, in case on non-foodgrains both area and yield increases were witnessed. Furthermore, agricultural growth has become regionally much more diversified. During the early phase of Green Revolution, the impact of new technology in transforming traditional agriculture was by and large confined to the north-western part of the country. The period of eighties marked a major departure from the earlier trend. The growth of agricultural production not only accelerated during this period but also spread to eastern region which had hitherto been left out. The period of eighties was also characterised by important cropping pattern shifts away from low value coarse cereals towards oilseeds and other commercial crops. However, during nineties there was a deceleration in overall growth performance of agriculture as compared with the eighties. This raises the question, whether India would be able to achieve 4.5 per cent growth rate in agriculture during the Ninth Five Year Plan, as proposed in the Approach Paper to the Plan. The study also brings out that levels and growth of land productivity and of output at all-India and state levels, are positively associated with the use of modern inputs like fertilisers, are under irrigation and HYV seeds. The results of the study clearly indicate programmes and policies to promote agricultural growth should primarily focus on problems and prospects of the eastern region of the country. Further the growth performance of agriculture in the nineties indicates that the target of 4.5 per cent growth rate proposed for agriculture seems difficult to achieve unless policies and programmes for broadening the base of agricultural growth are strengthened. In this context, role of physical and infrastructure facilities such as rural roads, irrigation and other inputs, better extension services, input delivery system, marketing facilities, watershed management for the development of agriculture and rural sector needs to be strengthened.

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Working Papers | 1997

Feasibility of Integrating Solar Desalination

Girja Sharan

In this paper, we examine via simulation, feasibility of using solar stills as partial source of water to irrigate crops inside polyhouses. Need to consider such a possibility arose in the course of our work in Kutch, a region lacking severely in agriculture quality water, besides being hot and extremely arid. Stills can not, of course, cope with demand from crops in open field. But, analysis suggests, if water requirement is reduced by putting the crop inside polyhouse, distillate blended with local groundwater to increase volume, and blend applied through low-loss microwatering systems, required size of stills reduces sufficiently to warrant trial. Simulations were carried out for tomato and beet under climatic conditions of Bhuj (Kutch).

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Working Papers | 1997

Share Equivalent Allocations for Problems of Fair Division

Lahiri Somdeb

In this paper we begin with a given social endowment. A profile of shares (which could very well all be equal), is part of the environment. This is the planner's contribution to the economic environment, as conceived in this paper. First we formulate the concept of an envy free allocation as was done by Schmeidler (1978). An allocation is share equivalent if every agent is indifferent between his allocation and what would result if an identical change in entitlements were affected for all the agents. (An agent's entitlement is his share of the social endowment in physical units.) If the identical change is a multiple of the social endowment vector, we say that the allocation is naturally share equivalent. We prove the existence of a naturally share equivalent allocation which is also Pareto efficient and prove that such allocations correspond to maximization of the minimum utility over all feasible allocations. For two agent economies we show that naturally share equivalent allocations are envy free and all envy free allocations are share equivalent. Thus, we manage to generalize an existing notion of economic equity, by incorporating possible asymmetries that may need to arise for the sake of obtaining (final) distributive justice. As observed by Moulin (1995), problems of fair division arise perpetually in managerial contexts. With these results, perhaps a new insight would be gained in resolving such problems.

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Working Papers | 1997

Opportunity Creation and Threat Perception Focal Faculties in the Aviation Context

Thomas P S and T. Madhavan

The new civil aviation policy may be controversial because it marks a historic shift from potential intra industry sources of foreign investment to trans industry sources (as distinct from purely financial consortia). This sets the stage for observing the unfolding of focal faculty theory in actual management practice especially at the regional level. Under this theory, there are no insuperable barriers to entry in the long run but only barriers to profitable imitation in the short run. In this paper we review some recent approvals granted to airline proposals to observe if there is any discernible movement in the predicted direction. Examples were found both at the national and regional levels. The brief review did not uncover evidence of radically innovative entry strategies by foreign players. Perhaps it sjust a case of "early days". The examples identified involve actual aviation industry players engaged in well-known strategies of vertical integration or apparent positioning for horizontal integration at an appropriate time. While airlines seem to be maneuvering at the upper (national) level, aircraft manufacturers/distributors seem to be active at the lower (regional) level. Even so, prospects for a transformation of Indian aviation over 10-15 years are fairly certain. Two test cases for focal faculty theory were also identified. Oddly enough these were existing (or interested) firms which are required to divest the foreign airline stake in force (or contemplated). Who are the aviation savvy, yet "non-aviation" investors who will take up these stakes for the long term-financial investors or focal faculty investors? And, internationally, does this qualify as "liberalisation" (pseudo or quasi)? Is conventional liberalisation required to achieve take-off in the aviation sector? The paper concludes with a brief discussion of an approach to monitoring the "aeropolitical" skyline for opportunity creation and threat perception. An appendix outlines the global aviation scene in terms of past experience with regulation, deregulation and liberalization.

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Working Papers | 1997

Viability of Rural Banking by The Nationalized Commercial Banks in India

Bhattacharjee Sourindra, Desai B M, and Naik Gopal

This paper examines the viability of rural banking by the Nationalized Commercial Banks and the factors influencing it. The viability was examined using both cost and profitability analyses. Theory of costs is used for the former, while multi-variate econometric model is formulated for the latter. Factors influencing viability in both the analysis are classified into innovative and non-innovative based on unique characteristics of rural banking in India. The results show that rural banking is viable and it could be further improved by reaping scale economies rather than raising interest rate. But this would require more decentralized, autonomous and accountable form of rural banking.

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Working Papers | 1997

Simulation Model of CO Patel Vegetable and Fruit Market of Ahmedabad

Girja Sharan, T. Madhavan, Siripura S C B, Kumar M Krishna, and Gabani S H

In this paper a simulation model of CJ Patel Vegetable and Fruit Market of Ahmedabad has been presented. Market is viewed as a dynamic, stochastic queuing system. Model was developed to provide a means to analyse vehicle-borne congestion.

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Working Papers | 1997

Badla System: A Reappraisal

Gupta Ramesh

The badla system, which allowed transactions to be carried forward from one trading valan to the next, was banned by the SEBI in March 1994. SEBI was hoping that for the purpose of speculative trading, an internationally accepted system of options and index future trading would replace the indigenously evolved badla system. To call badla trading a kind of forward trading is misleading. Badla is carryover of a transaction and not a forward transaction. While derivative trading (i.e. futures and options trading) is a trading in future risk among different participants in the stock market, mostly used as a hedging device. To have a strong cash market with sufficient liquidity, some element of leveraged (i.e. speculative) trading is necessary. Now this is possible only if the system provides: a) facility to buy shares on margin, and b) facility to sell short. Badla system fell into disrepute because of its faulty implementation and lack of proper monitoring by concerned stock exchange authorities. Particularly, the margins collected were low, allowing excess leveraged trading and not having proper monitoring and surveillance. With proper framing of rules and regulations, chances of its misuse would be reduced considerably; without incurring large efficiency losses associated with financial regulations. These costs associated with financial regulations include both the direct element (the 'compliance cost') and the indirect element (i.e. the damage inflicted on the competitiveness, dynamism and innovativeness of the system, the possible reduction in investor choice, the distortions included in market behaviour and business practice etc). Further, regulatory framework should also ensure competitive neutrality among different participants on the stock exchanges. SEBI reconsidered its decision and badla was reintroduced in July 1995 with severe conditions. In this paper, these conditions are critically evaluated. A few modifications are suggested. 1. not to insist on segregation of transactions at the time of trading. 2. not to insist on separate identification of each transaction with an audit trail and limit of 90 days for completion of transaction. 3. not to impound profits and streamline the daily and carryover margin requirements. 4. Financiers not to trade on securities but allowed to hold securities with them. Suggested changes would make the system cost effective, less complex, easy to implement, and will ensure level playing field among different market participants.

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Working Papers | 1997

Factors Influencing the Perceived Priority of Tuberculosis in India

Deepti Bhatnagar

The objective of this study was to understand the priority attached to tuberculosis in India by the major stakeholders in the National Tuberculosis Programme, to explore the underlying factors, and to suggest illustrative steps to enhance the effectiveness of the programme delivery. Major stakeholders were broadly grouped into three categories: the programme providers (the entire government system involved in the design and delivery of the programme, starting with the health ministry at the central government to the health workers at the field level), the programme recipients (patients as well as community at large), and the tuberculosis watchdogs (including the not-for-profit organisations such as the Tuberculosis Association of India and Foundation for Research in Community Health, as well as the media). The perceived priorities of stakeholders were explored through a combination of approaches. Methodology included discussions with programme functionaries form the apex level to the grassroots level, structured and semi-structured interviews covering all the stakeholders, questionnaire surveys of priorities of government doctors and health workers, and the experiences of tuberculosis patients, perusal of relevant documents, research reports, and newspaper reports, etc. Our analysis showed an overall low priority for tuberculosis. It manifested itself in a variety of ways: from low plan allocations for tuberculosis among the communicable diseases, and frequent change of the senior-most functionary in the tuberculosis division at the central level, to a relatively-low importance attached by the government doctors, and competing priorities and pressures for the health workers at the field level. Patients' experiences reflected the fallout in terms of indifferent programme delivery. Perusal of the electronic and print media indicated that there was tremendous scope to use this powerful tool for awareness-building about tuberculosis among the larger community in general and for giving specific inputs and message of hope to people suffering from tuberculosis in particular. Our report concludes with suggestions and illustrative steps for enhancing the effectiveness of the Revised National Tuberculosis Programme in India.

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