At the February evening meeting Dr T. C. Barker of the Department of Economic History, London School of Economics, will be talking on ‘Business records for the future’. Mr…
Abstract
At the February evening meeting Dr T. C. Barker of the Department of Economic History, London School of Economics, will be talking on ‘Business records for the future’. Mr Geoffrey Woledge, Librarian of the British Library of Political and Economic Science, will take the chair. Dr Barker will discuss the impossibility of preserving all business records, and the need to foresee what type of document is likely to be called for in the future, either by members of the particular business concerned or by historians who are called in to write the history of a firm. Broadly speaking, it is the policy documents that need to be kept and the day‐to‐day records that can often be disposed of; but there are exceptions to this general rule.
Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and…
Abstract
Many jurisdictions fine illegal cartels using penalty guidelines that presume an arbitrary 10% overcharge. This article surveys more than 700 published economic studies and judicial decisions that contain 2,041 quantitative estimates of overcharges of hard-core cartels. The primary findings are: (1) the median average long-run overcharge for all types of cartels over all time periods is 23.0%; (2) the mean average is at least 49%; (3) overcharges reached their zenith in 1891–1945 and have trended downward ever since; (4) 6% of the cartel episodes are zero; (5) median overcharges of international-membership cartels are 38% higher than those of domestic cartels; (6) convicted cartels are on average 19% more effective at raising prices as unpunished cartels; (7) bid-rigging conduct displays 25% lower markups than price-fixing cartels; (8) contemporary cartels targeted by class actions have higher overcharges; and (9) when cartels operate at peak effectiveness, price changes are 60–80% higher than the whole episode. Historical penalty guidelines aimed at optimally deterring cartels are likely to be too low.
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Michael Saker and Leighton Evans
This chapter is concerned with exploring the various ways in which Pokémon Go complements or challenges family life. The chapter begins by explicating the multisided concept of…
Abstract
This chapter is concerned with exploring the various ways in which Pokémon Go complements or challenges family life. The chapter begins by explicating the multisided concept of play and the myriad definitions that surround this term. Having established the various way in which this phenomenon can improve the lives of those who engage in it – physically, emotionally and cognitively – we go on to consider how play has gradually shifted from public spaces and into designated playgrounds, and how this trend corresponds with children concurrently moving away from the streets and into their bedrooms. Following this, we explore the impact digital technologies are having on the practice of parenting, paying particular attention to video games as a significant facet of youth culture that is often associated with a range of negative connotations. Yet, video games are not intrinsically bad. As we outline, research on intergenerational play and joint-media engagement (JME) readily demonstrate the many benefits families can experience when these games are played together. What is missing from this developing body of work is the familial playing of locative games and the extent to which this practice adds contours to our understanding of this field. The chapter is, therefore, driven by the following research questions. First, why and how do families play Pokémon Go? This includes the different roles that family members adopt, alongside motivations for families playing this game, how the playing of this game complements the rhythms of family life and the extent to which this hybrid reality game (HRG) is suited to intergenerational play. Second, what impact does locative familial play have on families, collectively speaking, and regarding individual family members? Here, we are not just interested in whether this game allows families to bond and how this bonding process is experienced, but also whether the familial play of Pokémon Go provides families with any learning opportunities that might facilitate personal growth beyond the game. Third, what worries might parents have about the familial playing of Pokémon Go and to what extent does the locative aspect of this game reshape their apprehensions?
The purpose of this paper is the simultaneous determination of optimal replacement threshold and inspection scheme for a system within condition-based maintenance (CBM) framework.
Abstract
Purpose
The purpose of this paper is the simultaneous determination of optimal replacement threshold and inspection scheme for a system within condition-based maintenance (CBM) framework.
Design/methodology/approach
A proportional hazards model (PHM) is used for risk of failure and a Markovian process to model the system covariates. Total expected long-run cost (including replacement, inspection and downtime costs) is formulated in terms of replacement threshold and inspection scheme. Through an iterative procedure, for all different values of replacement thresholds, their associated optimal inspection scheme is determined using an effective search algorithm. By evaluating the corresponding costs, the optimal replacement threshold and its associated optimal inspection scheme are, then, identified.
Findings
The mathematical formulation, that takes into account all different costs, required for the simultaneous determination of optimal replacement threshold and optimal inspection scheme for an item subjected to CBM using PHM is provided. The proposed approach is compared against classical age policy and one state-of-the-art policy through a numerical example. The results show that the proposed approach outperforms other comparing policies.
Practical implications
In practical situations where CBM is implemented, inspections and downtime often incur cost. Under such circumstances, findings of this paper can be utilized for the determination of optimal replacement threshold and optimal inspection scheme so that the CBM cost is minimized.
Originality/value
In most of the reported researches, it is often assumed that inspections have no cost and/or that the time for replacements (either preventive or at failure) is negligible. In the contrary, in this paper the author takes all cost factors including inspection costs, replacement time(s) and their associated downtime costs into account in the simultaneous determination of optimal replacement threshold and optimal inspection scheme.
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Aiping Jiang, Zhenni Huang, Jiahui Xu and Xuemin Xu
The purpose of this paper is to propose a condition-based opportunistic maintenance policy considering economic dependence for a series–parallel hybrid system with a K-out-of-N…
Abstract
Purpose
The purpose of this paper is to propose a condition-based opportunistic maintenance policy considering economic dependence for a series–parallel hybrid system with a K-out-of-N redundant structure, where a single component in series is denoted as subsystem1, and K-out-of-N redundant structure is denoted as subsystem2.
Design/methodology/approach
Based on the theory of Residual Useful Life (RUL), inspection points are determined, and then different maintenance actions are adopted in the purpose of minimizing the cost rate. Both perfect and imperfect maintenance actions are carried out for subsystem1. More significantly, regarding economic dependence, condition-based opportunistic maintenance is designed for the series–parallel hybrid system: preemptive maintenance for subsystem1, and both preemptive and postponed maintenance for subsystem2.
Findings
The sensitivity analysis indicates that the proposed policy outperforms two classical maintenance policies, incurring the lowest total cost rate under the context of both heterogeneous and quasi-homogeneous K-out-of-N subsystems.
Practical implications
This model can be applied in series–parallel systems with redundant structures that are widely used in power transmission systems in electric power plants, manufacturing systems in textile factories and sewerage systems. Considering inconvenience and high cost incurred in the inspection of hybrid systems, this model helps production managers better maintain these systems.
Originality/value
In maintenance literature, much attention has been received in repairing strategies on hybrid systems with economic dependence considering preemptive maintenance. Limited work has considered postponed maintenance. However, this paper uses both condition-based preemptive and postponed maintenance on the issue of economic dependence bringing opportunities for grouping maintenance activities for a series–parallel hybrid system.
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Ronghua Cai, Jiamei Yang, Xuemin Xu and Aiping Jiang
The purpose of this paper is to propose an improved multi-objective optimization model for the condition-based maintenance (CBM) of single-component systems which considers…
Abstract
Purpose
The purpose of this paper is to propose an improved multi-objective optimization model for the condition-based maintenance (CBM) of single-component systems which considers periodic imperfect maintenance and ecological factors.
Design/methodology/approach
Based on the application of non-periodic preventive CBM, two recursion models are built for the system: hazard rate and the environmental degradation factor. This paper also established an optimal multi-objective model with a normalization process. The multiple-attribute value theory is used to obtain the optimal preventive maintenance (PM) interval. The simulation and sensitivity analyses are applied to obtain further rules.
Findings
An increase in the number of the occurrences could shorten the duration of a maintenance cycle. The maintenance techniques and maintenance efficiency could be improved by increasing system availability, reducing cost rate and improving degraded condition.
Practical implications
In reality, a variety of environmental situations may occur subsequent to the operations of an advanced manufacturing system. This model could be applied in real cases to help the manufacturers better discover the optimal maintenance cycle with minimized cost and degraded condition of the environment, helping the corporations better fulfill their CSR as well.
Originality/value
Previous research on single-component condition-based predictive maintenance usually focused on the maintenance costs and availability of a system, while ignoring the possible pollution from system operations. This paper proposed a modified multi-objective optimization model considering environment influence which could more comprehensively analyze the factors affecting PM interval.
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There is a certain lack of reality about our approach to the preservation of business records. We are only too eager to discuss the academic, archival problems, but singularly…
Abstract
There is a certain lack of reality about our approach to the preservation of business records. We are only too eager to discuss the academic, archival problems, but singularly reluctant to face the more pressing truth—that the overwhelming majority of business men have not the foggiest notion of the importance of these records to them, and consequently are quite unaware of the need to preserve them. Why should they show any concern? After all, a business man's interests lie in the present and the future, not in the past. His job is to grapple with new ideas, not with old papers. And, in any case, these old papers take up shelf space which becomes progressively more expensive as site values rise. Why keep all this lumber? To heave it all out is, at first sight, the cheapest solution. Consequently, as office accommodation becomes more valuable, the heaving process continues apace while the faithful discuss the technicalities of preservation on the quite unfounded assumption that most business men are becoming converts to preservation. We have got our priorities wrong. We should be spending much more of our time in trying to persuade the owners of business records that there is gain to them in keeping a carefully selected portion of their old papers for historical purposes. A great deal of evangelism is called for before we can spend the greater part of our time discussing just how these records should be preserved.
Olavi Uusitalo and Toni Mikkola
The purpose of this paper is twofold. First and most importantly, the paper aims to explain how Pilkington is able to revolutionize the flat glass industry. The modified design…
Abstract
Purpose
The purpose of this paper is twofold. First and most importantly, the paper aims to explain how Pilkington is able to revolutionize the flat glass industry. The modified design envelope model is applied to demonstrate the technological competence and especially strategic thinking concerning to understanding of the markets and positioning the product. Second, the paper demonstrates the entrepreneurship within a large‐scale manufacturing firm.
Design/methodology/approach
The paper applies a longitudinal, historical, and contextual approach. The paper uses multiple case study method and multiple data sources. This is done because creation of an innovation does not take place in vacuum, it is context bound.
Findings
The float glass fulfills the requirements of two industries: the plate and sheet glasses. Within both industries, short‐sighted competitors concentrate on technologies applicable only in other industry. Pilkington positions the float glass first clearly in the plate glass industry and after further development introduces the technology to sheet glass industry as a total surprise. Based on the case, the paper argues that positioning should be part of the corporate strategy.
Practical implications
In addition to complex systematic technologies, the example shows that the design envelope model is applicable also for simple non‐assembled products like flat glass. The model is useful for companies to build scenarios for responses if new unexpected innovations will be introduced in its own or related industries.
Originality/value
This paper offers a novel insight to the old but still viable case of dominant design. In addition, the thorough case description allows reader to go deeply into a classic example of process innovation.