Comments by John D. Sterman

Article Abstract:

The empirical study by Richard Day and Mark Pingle on economizing behavior is commendable and must be expanded to consider the complexities introduced in the real world. The study by Richard Cyert and Praveen Kumar on the economizing attitude of companies assumes that the managers are very rational in their decisions. They should consider the situation where only some of them make rational decisions. John Conlisk's claim that economists need not consider psychology in behavioral decision studies is incorrect.

Economics, Consumer behavior

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Efficiency wages, managerial discretion, and the fear of bankruptcy

Article Abstract:

The fear of bankruptcy becomes a positive factor in management when managers transfer wealth from shareholders to labor in lew of committing to performance contracts. The value of a firms implicit contract with workers increases in value when there is a separation of ownership and control in the management structure. Furthermore, the transfer of wealth from shareholders becomes a significant factor when workers receive fairly competitive compensation.

Wage Administration, Compensation management, Labor economics

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The value of public information in commodity futures markets

Article Abstract:

An informational content evaluation of USDA reports between 1971 and 1992 reveals that corn and soybean production forecasts of the USDA provide valuable information to commodity futures market participants. Informational content tests include relative forecast accuracy test, price reaction test and willingness-to-pay test. Results also suggest that the value of these forecasts have declined somewhat specially during the mid-1980s.

Regulation of Agricultural Marketing and Commodities, Crop Reporting & Forecasting, Evaluation, Economic forecasting, Social psychology, Commodity futures, Agricultural estimates

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