Abstract This paper analyzes Marxist economics from the perspective of foreign relations and how foreign relations is conducted based on the benefits that one nation can receive in relations at the expense of other nations. This Marxist perspective is compared to modern gametheory and its sub-component, coalition theory in that gametheory's basic assumption of zero-sum outcomes is a Marxist interpretation of capitalism in acceptable guise.
From the Paper "Marxist economics has suffered in stature chiefly due to its being co-opted by the various communist political regimes that relied on its basic assumption upon which to construct their derivative economic models; most commonly of which was the Soviet economic model with its central planning and misconstrued allocation of resources (Wood, 2004). However, Marxist economics were never fully understood by these communist regimes and certainly not faithfully applied. At its core, Marxist economics accurately reflects the innate shortcomings of free market capitalism and the political structure that arise from them. One of the key differences that Marxist economics points out between itself and that of capitalist economics is the valuation of labor or the labor theory of value (Wood, 2004, pp.136-39)."
Abstract This paper reviews the historical development of gametheory, as found in the work of Neumann, Nash, and others. This paper shows how the basic outlines of gametheory are drawn to show how it developed as a theory for decision making. The paper then suggests the historical events driving the mathematicians who developed the theory, as a means of showing how world events were responded to in the work of these men.
From the Paper "In the mid-Twentieth Century, as the world was preparing for, involved in, and coming out of World War II, a number of mathematicians came to hold great importance for their development of an economics model called game theory in which rational (and irrational) actors are pitted against each other in theoretical constructs to determine the choices available to persons living in the world. The most important among this group were John von Neumann and Oscar Morgenstern, who virtually invented the concept of game theory in their book Theory of Games and Economic Behavior, and John Nash, who greatly expanded upon the concepts of game theory to include complex games with multiple players. The applications of game theory were many, but perhaps the most important were found in the struggle of military powers around geopolitical matters."
Abstract This paper explains that traditional financial thinking relies on assumptions of certainty, complete knowledge and market efficiency and in this context, financial decisions should be relatively straightforward. In the real world though, many times what is observed deviates greatly from what would be expected using traditional financial thinking. This paper therefore uses different gametheory models to more accurately explain observed financial decisions dealing with capital structure, corporate acquisitions and initial public offerings (IPOs).
From the Paper "Game theory has made great strides in explaining many of the observed phenomena falling under corporate finance. One example is the capital structure decided upon by a firm's management. Capital structure deals with the firm's decision to raise funds through debt versus equity and what ratio of debt to equity should the firm maintain. Modigliani and Miller in 1958 showed that in perfect capital markets (i.e. no frictions and symmetric information) and no taxes a firm could not change its total value by altering its debt/equity ratio; thus capital structure is irrelevant. However in the real world, capital structure is carefully thought about by every company, and it is in fact not irrelevant because taxes do exist and capital markets are not perfect."
Abstract An examination in chronological order of the major events in Australia industrialrelations and both Federal and State from 1980 to the present. Each event will be described and the objective stated. It also analyzes the impact of each on the construction industry.
Outline
Statement of Thesis
Introduction
IndustrialRelations 1980s to Present Both Federal and State
Collective and Enterprise Agreement Advantageous Aspects
Research the Security of Payments Act N\SW, 1999
From the Paper "In the making of an effort of promotion on increased security an effort of seeking the promotion of increased security in relation to payments to the construction industry contractors, subcontractors, consultant and suppliers. This is only a small part of the role of Government in support and promotion of behavior that is ethical within the industry with the key change. (Rights and Responsibilities 2005) Standard reflective clauses are stated as, "These clauses are being used in contracts for government-related work, whereby payment periods and other clauses in the contract with the client are reflected in all sub-contracts for work on the project." NSW Department of Industrial Relations (2005)"
Abstract This paper explains that industrialrelations within the context of the British economy and the character of its workforce have long been dominated by the power and presence of its unions. The author points out that, because of the stakes involved in the collective bargaining negotiations, gametheory (GT) and coalition theory, which is a subset of GT, is relied upon to achieve fractional improvements in contract negotiations. The paper relates that gametheory (GT) is most often associated with a zero-sum scenario; however, it also encompasses positive-sum and negative-sum scenarios where a party may gain or win without the necessity of an equivalent loser. The author relates that, because of the necessity to form alliances in order to reach consensus among diverse stakeholders, industrialrelations often employ a type of GT known as coalition theory,which examines the nature, reasons and underlying dynamics of these coalitions that form in all the various settings. The paper includes graphs.
Table of Contents
Introduction
GameTheory IndustrialRelations and GameTheory Conclusion
From the Paper "Of particular value has been research integrating sender-receiver frameworks that analyze how knowledge is transferred, both symmetrically and asymmetrically, with GT whereby advantages gained through asymmetrical knowledge transfer creates zero-sum advantages for one player or the other in an industrial relations setting such as the collective bargaining platform. This concept is explained in terms of being a signal that one side uses to inform the other of a possible solution, such as concessions that can be made on benefits."
Examines the importance of gametheory in analyzing foreign policy decision-making and outcomes and its compatibility with other foreign policy models and systems.
Abstract Gametheory is the use of mathematical models to predict the outcome of a dispute or interaction between two or more independent actors. It has been applied in a wide range of contexts, including gambling, business and international relations. This essay examines the importance of gametheory when analysing the foreign policy decision-making process. It argues that while simple games such as the Prisoner's Dilemma may not illuminate the process on their own, more complex models can offer a systemic device by which foreign policy can be analyzed more accurately.
From the Paper "Perhaps the most widely recognised game is the Prisoner's Dilemma, which examines the choices faced by two people arrested for the same crime, and observes the likelihood that they would both accuse the other one, and thus both go to jail. When used in foreign policy analysis, it is often used to describe the nature of arms races, or the possibility of nuclear fallout. This is a non-zero-sum game, a game where it is possible for both players to lose, or to win (as opposed to a zero-sum game, where one actor's gain is always equal to another actor's loss)."
Abstract This paper takes a look at the gametheory, founded by mathematician John von Neumann, and the mathematics, social and behavioral sciences that are involved. This paper also reviews the definition of a game and the fundamental decision theory, a crucial factor pertaining to the gametheory.
From the Paper "A game refers to a strategic situation that involves at least two rational and intelligent individuals called players. The fundamental result of decision theory, which forms the foundation of game theory as well, is that each player's goal is to maximize the expected value of his or her own payoff. These payoffs are measured on some utility scale, which is merely a numeric depiction of each outcome that can be gained through the player's actions. Individuals have preferences that give them the opportunity to rank the outcomes with respect to one other. For each pair of outcomes, a player can say whether he or she likes one better than the other or whether he or she is indifferent about the two.
The logical roots for game theory are in Bayesian decision theory. In fact, game theory can be seen as an extension of the decision theory (Myerson, 1991, p.5). In general, a decision theory is an interdisciplinary area of study for practitioners in mathematics, statistics, economics, philosophy, management and psychology. "
Abstract This paper examines gamestheory. Specifically, it focuses on error in non-zero sum games epitomized by Nash's 'prisoner's dilemma'. It outlines the rudiments of non-zero sum games, demonstrates the impact of error and considers ways of reducing it.
Abstract The following paper analyzes the topic of 'International' trade unionism, and the respective impact this has on Canadian IndustrialRelations. It argues that the broader notion of 'international' in a Canadian context, has more implications when seen in terms of industry and in turn, labor within the U.S. economy. The thesis of this paper, argues that as North American industries expand their 'branch plant' economies into the underdeveloped nations, the bargaining strength and position of the unions in Canada become weakened.
Abstract This paper examines some of the activities of HR management with respect to problems created in the workplace by industrialrelations, such as unionization and affirmative action. A broad definition of "industrial relationships" reflecting various issues such as the impact of new technologies and the HR response, training of workers and response to such programs as affirmative action are covered in this paper.
From the Paper "Ralph King (1988) commented that affirmative action has shifted some of the key roles and functions of human resources managers, who now play some of the roles once held by unions, and disputes over fairness are turning into costly court battles. As a direct result, the amount spent on HR management has tripled over the last decade, to $750 per employee each year, for a representative selection of 700 U.S. corporations polled by the Bureau of National Affairs. The emphasis on fairness has forced management to develop standards for hiring and promoting as well as evaluating employees that are viewed by many HR managers as too constraining."
Abstract This paper discusses a case study that centers on industrial change and management thereof within the context of the Gulf Cooperation Council (GCC). Industrial change is seen as central not only to achieving international economic and financial integration but also at ensuring local and regional quality of life and living standards by developing effective measures to protect indigenous industrial competitiveness.
From the Paper "The New York Analyzing Group (NYAG) has identified the various aspects of industrial change (IC) in relation to political, financial, technology, and global competition as being of central importance to the Gulf Cooperation Council (GCC) region and its ability remain relevant in the 21st century (1998, para.2). Managing IC within this context is the main predictor of how the GCC performs economically over the next 20 years because IC integration within economic regions and within industries is critical to future success in economically integrated zones: The emergence and growth of European monetary integration also has implications for the role and scope of positive industrial policy. "
Abstract Economists analyze strategic behavior in oligopoly theory by the use of a spectrum of models ranging from the static to the currently more popular and most recent game--theoretical models. This paper shows, however, that it's important to distinguish models or strategic behavior from traditional static models of oligopoly. Moreover, it becomes useful to present a number of strategic gametheory models and particularly those incorporating strategic commitment to gain an appreciation for precisely how economists analyze strategic behavior.
Paper Outline:
Thesis Statement
A Brief Historic Overview
The Courtnet Framework
The Stackelberg Model'
GameTheory - Pros and Cons
Irrevocable Commitment
Asymmetric Information
Bibliography
From the Paper "Game theory has generated a great deal of interest in oligopoly although it has not risen to prominence without controversy. Its detractors argue that game theory has made little contribution to our understanding of oligopoly behavior and it has been likened to the study of Latin. Quoting Fisher, "Latin, like game theory might not be interesting for its own sake but that studying it helps to systematize the way one thinks about language." Fisher also accuses theorists of dealing with every problem in game-theoretic terms including problems that are easier to deal with in other forms."
Abstract This paper explains the theory of oligopoly and discusses how Australia's airline industry provides a solid example of an oligopoly market. It uses case studies of Qantas, Virgin and Tiger airlines to demonstrate how all need to employ profit-maximising strategies that take into account the likely response to the strategies of other firms.
Outline:
Introduction
Case Study
From the Paper "The combined profits of firms in an oligopoly can be maximised if they act together as a monopolist. Under "normal" conditions it is expected that firms in an oligopoly will collaborate to produce the optimal conditions for themselves. This leads to a practice known as price-fixing, whereby business competitors agree to sell a virtually homogenous product at the same price. The agreement itself is known as a cartel. Since the practice is anti-competitive, and economically inefficient according to neo-classical economics, it is illegal under the Trade Practices Act and has been the subject of a recent scandal in the airline industry worldwide."
This paper argues that just war theory, and the international law which is based upon it, are inherently flawed and lead powerful states justifying violent actions.
2,700 words (approx. 10.8 pages), 12 sources, 2001, $ 80.95
Abstract In this paper, it is argued that throughout history and in present day, the criteria of just war theory, and the international law which is based upon, have been applied only subjectively toward the fulfillment of national and self-interest, and that the plurality of human culture and the nature of war itself make it impossible to ever apply the criteria of just war theory in an objective manner. Because just war theory can never succeed in its goals of objectively determining when a state can justly go to war or how a war can be morally waged, it serves only as justification for the actions taken by states powerful enough to fulfill their national interest through violent conflict.
From the paper:
"?This semester, I had the opportunity to participate in a seminar on the foreign policy of the Clinton administration taught by Leon Fuerth, the national security advisor to former Vice-President Al Gore. As a member of the national security council, Fuerth provided an inside look at how American foreign policy was formulated over the last eight years. During one session, Fuerth discussed the process of deciding what objects to target during the Kosovo air campaign. He related that "the lawyers" advised the administration that it could not legally bomb the power grids of Serbian cities because it may lead to civilian injury. However, Fuerth recalled, they found no legal quandary with deploying a massive invasion force in Serbian territory or the civilian casualties that could result from such an invasion. Fuerth asked the class, almost rhetorically, which option was more moral?"
Abstract This paper examines the impacts of a decade of free trade on Canadian industrialrelations. Over the past decade, employment instability and underemployment have weakened the trade union movement. Alternately, employers have gained new flexibility and increasingly used the threat of moving production globally to undermine labour demands.
