• The Journal of Fisheries Business Administration
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• v.18 no.1
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• pp.37-57
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• 1987

This article discussed the characteristics of several Pareto-optimal incentive contracts between owner and labor, more specifically, four situations: reporting output jointly observable by labor ana owner; reporting both output and effort; incorporating other endogenous elements (like capital) that affect the production process and Pareto-optimal fee schedules; and ascertaining the effects of private pre-decision information private- decision information, and per-contact informational asymmetries. Also presented were several extensions of the basic contractual model, and the different components of agency costs associated with labor-owner contractual relations. In a single-period model, the agency problem exists because the uncertainty prevents the owner from using the cash flow to determine unambiguously the labor's action. Holmstrom(1979) suggests that "when the same situation repeats itself over time, the effects of uncertainty tend to be reduced and dystunctional behavior is more accurately revealed, thus alleviating the problem of moral hazard. " Under these conditions, if the labor selects the first-best level of effect in each period, the cash flow will be independent and identically distributed over time. As the number of periods increases, the variance of the labows average output, if he selects the first-best level of effort in each period, gets smaller. Note that for this diversification effect to occur, it is necessary that the owner evaluate the labor's effort over the entire history of his employment, rather than evaluate each period's performance separately. Radner(1980) and Rubinstein and Yaari(1980) consider the extreme case in which there are an infinite number of observations. They show that the owner can eventually detect and systematic shirking on the part of the labor by comparing the labor's average output with what would be expected if the labor had been selecting the first-best level of effort in each period. In a dynamic model with incentive problems we have demonstrated that the labor's second-period compensation will depend on his first-period performance. This allows the owner to diversify away some of the uncertainty surrounding the labor's actions. In addition, this allows the owner to smooth the labor's income over time by spreading the risk of the first-period outcome over both periods. At least some unexplored avenves in this area invite future accounting research: situations where owner has different incompatible objectives and negotiates a contract with labor; circumstances in which owner deals with multiple objectives and negotiates contracts with several labors simultaneously; the value of costly accounting information systems and communication in establishing, Pareto-optimal incentive contracts, and the value and effects of inside information, Thorough theoretical or empirical research on each of these topics not only would increase our knowledge about the role and significance of accounting information but could also provide explanations of the inherent differences among various organizations and in their economic behavior. behavior.

• Journal of Korean Society of Transportation
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• v.25 no.1 s.94
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• pp.109-119
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• 2007

Increasingly, the emphasis in regional Passenger rail Planning is finding ways to more efficiently use existing facilities, with particular attention being Paid to Policies designed to spread Peak-Period travel demand more evenly throughout the week with consideration of train classification. In this context the individual's choice of time to travel is of crucial significance. This paper investigates the use of multinomial logit analysis to model ridership by rail classification using data collected for travel from Seoul to Busan during the one week in October 2004. The Particular model form that was successfully calibrated was the multinomial logit (MNL) model : it describes the choice mechanism that will Permit rail systems and operations to be planned on a more reliable basis. The assumption of independently and identically distributed(IID) error terms in the MNL model leads to its infamous independence from irrelevant alternatives (IIA) property. Relaxation of the IID assumption has been undertaken along a number or isolated dimensions leading to the development of the MNL model. For business and related rail travel patterns, the most important variables of choice were time and frequency to the chosen destination. The calibrated model showed high agreement between observed and Predicted market shares. The model is expected to be of use to railroad authorities in Planning and determining business strategies in the Increasingly competitive environment or regional rail transport.

• The Journal of Korean Institute of Communications and Information Sciences
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• v.17 no.11
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• pp.1206-1218
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• 1992

Token ring systems which control to switch the data stream of networks by passing the token have been widely used to medium access controls in many ring or bus topology LANs. The system could be modeled for analysis as single-server-multi-queue system of the cyclic service method. These concepts could be expanded to multi-token ring systems interconnected with single ring consisting of bridges implemented simply to be stored and transmitted. In the proposal for the performance analysis of the interconnected token ring system, in has been assumed M/G/1 queueing model that frame arrivals are the Poisson process at each station queue and frame sizes are independently and identically distributed. And the average time delays were analyzed mathematically for arbitrary frame transferred from source station to destination area. The time delay of the frame transmission could be explained as the sum of the average time which the token passed from arbitrary position to source station, such as the waiting time in the source station transferring the previous arrival frames, and the propagation time from source station to interdestinated point. These delays were given as the sum of the duration from inner and outer bridge queues, the time delays from inner and outer bridge queues, and the time from outer bridge queue to destination station. These results were investigated by varing parameters effected to total time delays. In the results, those factors to be effected to dominant the total time delays were increased were in the cases of the high arrival rates and the high ration of destination of the other outerring. The system were shown the time delays increased exponentially in spite of the priority service policy. In order to decreasing the number of outerrings and increasing the number of nodes in backbone relatively, so the systems could be decreased the total delay in the interconnected token ring system.