{"title":"Service Industrialization, Employment and Wages in the US Information Economy","authors":"H. Nath, Uday M. Apte, U. Karmarkar","doi":"10.1561/0200000050","DOIUrl":"https://doi.org/10.1561/0200000050","url":null,"abstract":"","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"31 1","pages":"250-343"},"PeriodicalIF":0.0,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78050401","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Quadratic hedging of option payoffs generates the variance optimal martingale measure. When an option features an exercise policy and its cash flows are hedged according to this approach, it may be tempting to optimize such a policy under this measure. Because the variance optimal martingale measure may not be an equivalent probability measure, focusing on American options we show that the resulting exercise policy may be unappealing. This drawback can sometimes be remedied by imposing time consistency on exercise policies, but in general persists even in this case, which compounds the familiar issue that valuing an option using this measure may not result in an arbitrage free value. An alternative and known approach bypasses both of these pitfalls by optimizing option exercise policies under any given equivalent martingale measure and anchoring quadratic hedging to the resulting value of this policy. Additional research may assess on realistic applications the magnitude of the limitations associated with optimizing option exercise policies based on the variance optimal martingale measure.
{"title":"Quadratic Hedging and Optimization of Option Exercise Policies","authors":"N. Secomandi","doi":"10.1561/0200000102","DOIUrl":"https://doi.org/10.1561/0200000102","url":null,"abstract":"Quadratic hedging of option payoffs generates the variance optimal martingale measure. When an option features an exercise policy and its cash flows are hedged according to this approach, it may be tempting to optimize such a policy under this measure. Because the variance optimal martingale measure may not be an equivalent probability measure, focusing on American options we show that the resulting exercise policy may be unappealing. This drawback can sometimes be remedied by imposing time consistency on exercise policies, but in general persists even in this case, which compounds the familiar issue that valuing an option using this measure may not result in an arbitrage free value. An alternative and known approach bypasses both of these pitfalls by optimizing option exercise policies under any given equivalent martingale measure and anchoring quadratic hedging to the resulting value of this policy. Additional research may assess on realistic applications the magnitude of the limitations associated with optimizing option exercise policies based on the variance optimal martingale measure.","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"44 2 1","pages":"204-224"},"PeriodicalIF":0.0,"publicationDate":"2020-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85452206","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
From Frederick Taylor’s study of brick laying manual laborers in the early 20th century, to the multi-year benchmarking of automotive plant productivity as part of the International Motor Vehicle Program, the systematic observation, measurement, and analysis of work has a strong tradition in operations management. Traditional manufacturing provided the setting for much of the early research on worker productivity. However, as we have now seen an inexorable shift towards more service driven economic output, especially in the industrialized economies, the research in operations management on worker productivity has also increasingly focused on services. This monograph will take stock of the literature in operations management on worker productivity. The research is not exhaustive but is meant to showcase some of the interesting and relevant papers that fall into a few key themes. Mainly, the individual worker is the focal unit of analysis, and the goal is to explore the various operational factors that allow the worker to become more productive. Key areas of emphasis include the behavioral microfoundations of productivity, the effect of peers and workplace dynamics, the design and organization of work, and ways to improve human capital. Although much is known about the drivers of D. KC (2020), “Worker Productivity in Operations Management”, Foundations and Trends® in Technology, Information and Operations Management: Vol. 13, No. 3, pp 151–249. DOI: 10.1561/0200000095. Full text available at: http://dx.doi.org/10.1561/0200000095
从弗雷德里克·泰勒(Frederick Taylor)在20世纪初对体力劳动者砌砖的研究，到作为国际机动车计划(International Motor Vehicle Program)一部分的汽车工厂生产率的多年基准，对工作的系统观察、测量和分析在运营管理中具有很强的传统。传统制造业为许多关于工人生产率的早期研究提供了背景。然而，由于我们现在已经看到一种不可阻挡的转变，即更多地转向服务驱动的经济产出，特别是在工业化经济体中，对工人生产率的业务管理的研究也越来越多地集中在服务上。本专著将盘点有关工人生产率的操作管理方面的文献。这项研究并不详尽，但旨在展示一些有趣和相关的论文，这些论文属于几个关键主题。主要地，个体工人是分析的焦点单位，目标是探索允许工人变得更有生产力的各种操作因素。重点领域包括生产力的行为微观基础，同伴和工作场所动态的影响，工作的设计和组织，以及改善人力资本的方法。D. KC(2020)，“运营管理中的工人生产率”，《技术、信息和运营管理的基础与趋势®》，第13卷，第3期，第151-249页。DOI: 10.1561 / 0200000095。全文可在:http://dx.doi.org/10.1561/0200000095
{"title":"Worker Productivity in Operations Management","authors":"D. Kc","doi":"10.1561/0200000095","DOIUrl":"https://doi.org/10.1561/0200000095","url":null,"abstract":"From Frederick Taylor’s study of brick laying manual laborers in the early 20th century, to the multi-year benchmarking of automotive plant productivity as part of the International Motor Vehicle Program, the systematic observation, measurement, and analysis of work has a strong tradition in operations management. Traditional manufacturing provided the setting for much of the early research on worker productivity. However, as we have now seen an inexorable shift towards more service driven economic output, especially in the industrialized economies, the research in operations management on worker productivity has also increasingly focused on services. This monograph will take stock of the literature in operations management on worker productivity. The research is not exhaustive but is meant to showcase some of the interesting and relevant papers that fall into a few key themes. Mainly, the individual worker is the focal unit of analysis, and the goal is to explore the various operational factors that allow the worker to become more productive. Key areas of emphasis include the behavioral microfoundations of productivity, the effect of peers and workplace dynamics, the design and organization of work, and ways to improve human capital. Although much is known about the drivers of D. KC (2020), “Worker Productivity in Operations Management”, Foundations and Trends® in Technology, Information and Operations Management: Vol. 13, No. 3, pp 151–249. DOI: 10.1561/0200000095. Full text available at: http://dx.doi.org/10.1561/0200000095","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"54 1","pages":"151-249"},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89090927","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
We summarize and categorize Operations Management (OM) research on two inter-related types of “culture”: exogenous, or national culture and endogenous, or organizational culture. OM cultural research is far less than one percent of total OM research. We posit that of that small amount, much of OM cultural research is based on numerical approaches that have questionable validity. Qualitative work is highlighted. In addition to being a guide for research, this article is meant to provide substantive examples for teaching the importance of culture in OM. Richard Metters, Donna Marshall and Mark Pagell (2019), “Cultural Research in the Production and Operations Management Field”, Foundations and Trends® in Technology, Information and Operations Management: Vol. 13, No. 1-2, pp 1–150. DOI: 10.1561/0200000054. Full text available at: http://dx.doi.org/10.1561/0200000054
我们总结并分类了运营管理(OM)研究中两种相互关联的“文化”类型:外源性或国家文化和内源性或组织文化。OM文化研究远远不到OM研究总量的1%。我们假设，在这一小部分中，OM文化研究的大部分是基于有效性值得怀疑的数值方法。强调定性工作。本文除了作为研究指南外，还旨在为OM中文化重要性的教学提供实质性的例子。Richard Metters, Donna Marshall和Mark Pagell(2019)，“生产和运营管理领域的文化研究”，技术，信息和运营管理的基础和趋势®:第13卷，第1-2号，第1-150页。DOI: 10.1561 / 0200000054。全文可在:http://dx.doi.org/10.1561/0200000054
{"title":"Cultural Research in the Production and Operations Management Field","authors":"R. Metters, D. Marshall, Mark Pagell","doi":"10.1561/0200000054","DOIUrl":"https://doi.org/10.1561/0200000054","url":null,"abstract":"We summarize and categorize Operations Management (OM) research on two inter-related types of “culture”: exogenous, or national culture and endogenous, or organizational culture. OM cultural research is far less than one percent of total OM research. We posit that of that small amount, much of OM cultural research is based on numerical approaches that have questionable validity. Qualitative work is highlighted. In addition to being a guide for research, this article is meant to provide substantive examples for teaching the importance of culture in OM. Richard Metters, Donna Marshall and Mark Pagell (2019), “Cultural Research in the Production and Operations Management Field”, Foundations and Trends® in Technology, Information and Operations Management: Vol. 13, No. 1-2, pp 1–150. DOI: 10.1561/0200000054. Full text available at: http://dx.doi.org/10.1561/0200000054","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"1 1","pages":"1-150"},"PeriodicalIF":0.0,"publicationDate":"2019-11-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87759576","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Coping with Errors in Organizations: Challenges, Opportunities, and Frontiers for Operations Management Research
应对组织中的错误:运营管理研究的挑战、机遇和前沿
{"title":"Coping with Errors in Organizations: Challenges, Opportunities, and Frontiers for Operations Management Research","authors":"E. Naveh, Z. Lei","doi":"10.1561/0200000055","DOIUrl":"https://doi.org/10.1561/0200000055","url":null,"abstract":"Coping with Errors in Organizations: Challenges, Opportunities, and Frontiers for Operations Management Research","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"25 1","pages":"349-433"},"PeriodicalIF":0.0,"publicationDate":"2019-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81534450","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This chapter focuses on the relative efficiency of two innovation pre-shipment financing schemes that enable suppliers to obtain financing for production: purchase order financing (POF, under which financial institutions offer loans to suppliers by considering the value of purchase orders) and buyer direct financing (BDF, under which manufacturers lend directly to suppliers). Both schemes are closely related to suppliers’ performance risk (whether the supplier can deliver the order successfully). When the manufacturer and the bank have symmetric information regarding the supplier’s operational capabilitiy, we find that even though POF and BDF yield the same payoffs, BDF allows more flexibility in contract terms. However, when the manufacturer has superior information, BDF leads to higher payoffs when the supplier is severely financially constrained. The relative benefit of BDF is more pronounced when the supply market contains a larger fraction of inefficient suppliers, when efficiency gaps between suppliers are greater, or when the manufacturer’s alternative sourcing option is more expensive.
{"title":"Financing Suppliers under Performance Risk","authors":"Christopher S. Tang, S. A. Yang, Jing Wu","doi":"10.1561/0200000091","DOIUrl":"https://doi.org/10.1561/0200000091","url":null,"abstract":"This chapter focuses on the relative efficiency of two innovation pre-shipment financing schemes that enable suppliers to obtain financing for production: purchase order financing (POF, under which financial institutions offer loans to suppliers by considering the value of purchase orders) and buyer direct financing (BDF, under which manufacturers lend directly to suppliers). Both schemes are closely related to suppliers’ performance risk (whether the supplier can deliver the order successfully). When the manufacturer and the bank have symmetric information regarding the supplier’s operational capabilitiy, we find that even though POF and BDF yield the same payoffs, BDF allows more flexibility in contract terms. However, when the manufacturer has superior information, BDF leads to higher payoffs when the supplier is severely financially constrained. The relative benefit of BDF is more pronounced when the supply market contains a larger fraction of inefficient suppliers, when efficiency gaps between suppliers are greater, or when the manufacturer’s alternative sourcing option is more expensive.","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"6 1","pages":"135-151"},"PeriodicalIF":0.0,"publicationDate":"2019-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90305982","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Financial Incentives to Avoid Major Quality Problems in a Supply Chain","authors":"S. A. Slotnick, M. J. Sobel","doi":"10.1561/0200000090","DOIUrl":"https://doi.org/10.1561/0200000090","url":null,"abstract":"","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"179 1","pages":"316-333"},"PeriodicalIF":0.0,"publicationDate":"2019-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73144298","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Optimal Positioning in the Derivative Market: Review, Foundations, and Trends","authors":"P. Guiotto, Andrea Roncoroni","doi":"10.1561/0200000085","DOIUrl":"https://doi.org/10.1561/0200000085","url":null,"abstract":"","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"31 1","pages":"254-279"},"PeriodicalIF":0.0,"publicationDate":"2019-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81047601","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Risk Management in Commodity Processing Firms","authors":"Hamed Ghoddusi","doi":"10.1561/0200000093","DOIUrl":"https://doi.org/10.1561/0200000093","url":null,"abstract":"","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"102 1","pages":"219-239"},"PeriodicalIF":0.0,"publicationDate":"2019-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89293874","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Quadratic Hedging of Commodity and Energy Cash Flows","authors":"N. Secomandi","doi":"10.1561/0200000089","DOIUrl":"https://doi.org/10.1561/0200000089","url":null,"abstract":"","PeriodicalId":39990,"journal":{"name":"Foundations and Trends in Technology, Information and Operations Management","volume":"160 1","pages":"240-253"},"PeriodicalIF":0.0,"publicationDate":"2019-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85932907","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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