Under recent conditions of economic competition, customer/worker interactions increasingly are a source of profitability in service firms. Companies may employ refined methods for making these interactions a source of information about workers' performance. This paper investigates how managers...

This article examines the effects of refusers and reluctant respondents to a general population survey on estimates of population distributions and multivariate relationships. Our data indicate that refusers do not constitute a simple random sample of respondents, and that efforts to correct for...

This paper presents tractable and efficient numerical solutions to general equilibrium models of asset prices and consumption where the representative agent has recursive preferences. It provides a discrete-time presentation of the approach of Fisher and Gilles (1999), treating continuous-time...

Mathematica provides powerful tools for solving differential equations. The functions LogicalExpand and Series can be used to decompose a PDE into a system of ODEs which can then be solved numerically with DSolve, providing fast and accurate solutions. These tools are illustrated by solving the...

We show how to construct arbitrage-free models of the term structure of interest rates in which various expectations hypotheses can hold. McCulloch (1993) provided a Gaussian non-Markovian example of the unbiased expectations hypothesis (U--EH), thereby contradicting the assertion by Cox,...

We analyze consumption and asset pricing with recursive preferences given by Kreps--Porteus stochastic differential utility (K--P SDU). We show that utility depends on two state variables: current consumption and a second variable (related to the wealth--consumption ratio) that captures all...

When preferences are homothetic, utility can be expressed in terms of current consumption and a variable that captures all information about future opportunities. We use this observation to express the differential equation that characterizes utility as a restriction on the information variable...