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Pricing the Planet's Future: The Economics of Discounting in an Uncertain World
Par Christian Gollier. 2013
Our path of economic development has generated a growing list of environmental problems including the disposal of nuclear waste, exhaustion…
of natural resources, loss of biodiversity, climate change, and polluted land, air, and water. All these environmental problems raise the crucial challenge of determining what we should and should not do for future generations. It is also central to other policy debates, including, for example, the appropriate level of public debt, investment in public infrastructure, investment in education, and the level of funding for pension benefits and for research and development. Today, the judge, the citizen, the politician, and the entrepreneur are concerned with the sustainability of our development. The objective of Pricing the Planet's Future is to provide a simple framework to organize the debate on what we should do for the future. A key element of analysis by economists is the discount rate--the minimum rate of return required from an investment project to make it desirable to implement. Christian Gollier outlines the basic theory of the discount rate and the various arguments that favor using a smaller discount rate for more distant cash flows. With principles that can be applied to many policy areas, Pricing the Planet's Future offers an ideal framework for dynamic problems and decision making.Yield Curve Modeling and Forecasting: The Dynamic Nelson-Siegel Approach (The Econometric and Tinbergen Institutes Lectures)
Par Francis X. Diebold, Glenn D. Rudebusch. 2013
Understanding the dynamic evolution of the yield curve is critical to many financial tasks, including pricing financial assets and their…
derivatives, managing financial risk, allocating portfolios, structuring fiscal debt, conducting monetary policy, and valuing capital goods. Unfortunately, most yield curve models tend to be theoretically rigorous but empirically disappointing, or empirically successful but theoretically lacking. In this book, Francis Diebold and Glenn Rudebusch propose two extensions of the classic yield curve model of Nelson and Siegel that are both theoretically rigorous and empirically successful. The first extension is the dynamic Nelson-Siegel model (DNS), while the second takes this dynamic version and makes it arbitrage-free (AFNS). Diebold and Rudebusch show how these two models are just slightly different implementations of a single unified approach to dynamic yield curve modeling and forecasting. They emphasize both descriptive and efficient-markets aspects, they pay special attention to the links between the yield curve and macroeconomic fundamentals, and they show why DNS and AFNS are likely to remain of lasting appeal even as alternative arbitrage-free models are developed. Based on the Econometric and Tinbergen Institutes Lectures, Yield Curve Modeling and Forecasting contains essential tools with enhanced utility for academics, central banks, governments, and industry.When Insurers Go Bust: An Economic Analysis of the Role and Design of Prudential Regulation
Par Guillaume Plantin, Jean-Charles Rochet. 2007
In the 1990s, large insurance companies failed in virtually every major market, prompting a fierce and ongoing debate about how…
to better protect policyholders. Drawing lessons from the failures of four insurance companies, When Insurers Go Bust dramatically advances this debate by arguing that the current approach to insurance regulation should be replaced with mechanisms that replicate the governance of non-financial firms. Rather than immediately addressing the minutiae of supervision, Guillaume Plantin and Jean-Charles Rochet first identify a fundamental economic rationale for supervising the solvency of insurance companies: policyholders are the "bankers" of insurance companies. But because policyholders are too dispersed to effectively monitor insurers, it might be efficient to delegate monitoring to an institution--a prudential authority. Applying recent developments in corporate finance theory and the economic theory of organizations, the authors describe in practical terms how such authorities could be created and given the incentives to behave exactly like bankers behave toward borrowers, as "tough" claimholders.Strategic Investment: Real Options and Games
Par Han T. Smit, Lenos Trigeorgis. 2004
Corporate finance and corporate strategy have long been seen as different sides of the same coin. Though both focus on…
the same broad problem, investment decision-making, the gap between the two sides--and between theory and practice--remains embarrassingly large. This book synthesizes cutting-edge developments in corporate finance and related fields--in particular, real options and game theory--to help bridge this gap. In clear, straightforward exposition and through numerous examples and applications from various industries, Han Smit and Lenos Trigeorgis set forth an extended valuation framework for competitive strategies. The book follows a problem-solving approach that synthesizes ideas from game theory, real options, and strategy. Thinking in terms of options-games can help managers address questions such as: When is it best to invest early to preempt competitive entry, and when to wait? Should a firm compete in R&D or adopt an accommodating stance? How does one value growth options or infrastructure investments? The authors provide a wide range of valuation examples, such as acquisition strategies, R&D investment in high-tech sectors, joint research ventures, product introductions in consumer electronics, infrastructure, and oil exploration investment. Representing a major step beyond standard real options or strategy analysis, and extending the power of real options and strategic thinking in a rigorous fashion, Strategic Investment will be an indispensable guide and resource for corporate managers, MBA students, and academics alike.Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance
Par Viral V. Acharya, Matthew Richardson, Stijn Van Nieuwerburgh, Lawrence J. White. 2011
Why America's public-private mortgage giants threaten the world economy—and what to do about itThe financial collapse of Fannie Mae and…
Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to $150 billion, and substantially more will be needed. The U.S. economy--and by extension, the global financial system--has a lot riding on Fannie and Freddie. They cannot fail, yet that is precisely what these mortgage giants are guaranteed to do. How can we limit the damage to our economy, and avoid making the same mistakes in the future?Guaranteed to Fail explains how poorly designed government guarantees for Fannie Mae and Freddie Mac led to the debacle of mortgage finance in the United States, weighs different reform proposals, and provides sensible, practical recommendations. Despite repeated calls for tougher action, Washington has expanded the scope of its guarantees to Fannie and Freddie, fueling more and more housing and mortgages all across the economy--and putting all of us at risk. This book unravels the dizzyingly immense, highly interconnected businesses of Fannie and Freddie. It proposes a unique model of reform that emphasizes public-private partnership, one that can serve as a blueprint for better organizing and managing government-sponsored enterprises like Fannie Mae and Freddie Mac. In doing so, Guaranteed to Fail strikes a cautionary note about excessive government intervention in markets.Spain's development from a premodern society into a modern unified nation-state with an integrated economy was painfully slow and varied…
widely by region. Economic historians have long argued that high internal transportation costs limited domestic market integration, while at the same time the Castilian capital city of Madrid drew resources from surrounding Spanish regions as it pursued its quest for centralization. According to this view, powerful Madrid thwarted trade over large geographic distances by destroying an integrated network of manufacturing towns in the Spanish interior. Challenging this long-held view, Regina Grafe argues that decentralization, not a strong and powerful Madrid, is to blame for Spain's slow march to modernity. Through a groundbreaking analysis of the market for bacalao--dried and salted codfish that was a transatlantic commodity and staple food during this period--Grafe shows how peripheral historic territories and powerful interior towns obstructed Spain's economic development through jurisdictional obstacles to trade, which exacerbated already high transport costs. She reveals how the early phases of globalization made these regions much more externally focused, and how coastal elites that were engaged in trade outside Spain sought to sustain their positions of power in relation to Madrid. Distant Tyranny offers a needed reassessment of the haphazard and regionally diverse process of state formation and market integration in early modern Spain, showing how local and regional agency paradoxically led to legitimate governance but economic backwardness.The Princeton Encyclopedia of the World Economy. (Two volume set)
Par Kenneth A. Reinert, Ramkishen S. Rajan. 2009
An essential reference to all facets of the world economyIncreasing economic globalization has made understanding the world economy more important…
than ever. From trade agreements to offshore outsourcing to foreign aid, this two-volume encyclopedia explains the key elements of the world economy and provides a first step to further research for students and scholars in public policy, international studies, business, and the broader social sciences, as well as for economic policy professionals.Written by an international team of contributors, this comprehensive reference includes more than 300 up-to-date entries covering a wide range of topics in international trade, finance, production, and economic development. These topics include concepts and principles, models and theory, institutions and agreements, policies and instruments, analysis and tools, and sectors and special issues. Each entry includes cross-references and a list of sources for further reading and research. Complete with an index and a table of contents that groups entries by topic, The Princeton Encyclopedia of the World Economy is an essential resource for anyone who needs to better understand the global economy.More than 300 alphabetically arranged articles on topics in international trade, finance, production, and economic developmentInternational team of contributorsAnnotated list of further reading with each articleTopical list of entriesFull index and cross-references Entry categories and sample topics:Concepts and principles: globalization, anti-globalization, fair trade, foreign direct investment, international migration, economic development, multinational enterprisesModels and theory: Heckscher-Ohlin model, internalization theory, New Trade Theory, North-South trade, Triffin dilemmaInstitutions and agreements: European Union, International Monetary Fund, World Trade Organization, World Bank, Doha Round, international investment agreementsPolicies and instruments: dollar standard, international aid, sanctions, tariffsAnalysis and tools: exchange rate forecasting, effective protection, monetary policy rulesSectors and special issues: child labor, corporate governance, the digital divide, health and globalization, illegal drugs trade, petroleum, steelA sweeping intellectual history of the role of wealth in the church in the last days of the Roman EmpireJesus…
taught his followers that it is easier for a camel to go through the eye of a needle than for a rich man to enter heaven. Yet by the fall of Rome, the church was becoming rich beyond measure. Through the Eye of a Needle is a sweeping intellectual and social history of the vexing problem of wealth in Christianity in the waning days of the Roman Empire, written by the world's foremost scholar of late antiquity.Peter Brown examines the rise of the church through the lens of money and the challenges it posed to an institution that espoused the virtue of poverty and called avarice the root of all evil. Drawing on the writings of major Christian thinkers such as Augustine, Ambrose, and Jerome, Brown examines the controversies and changing attitudes toward money caused by the influx of new wealth into church coffers, and describes the spectacular acts of divestment by rich donors and their growing influence in an empire beset with crisis. He shows how the use of wealth for the care of the poor competed with older forms of philanthropy deeply rooted in the Roman world, and sheds light on the ordinary people who gave away their money in hopes of treasure in heaven.Through the Eye of a Needle challenges the widely held notion that Christianity's growing wealth sapped Rome of its ability to resist the barbarian invasions, and offers a fresh perspective on the social history of the church in late antiquity.The Leadership Pipeline: Developing Leaders in the Digital Age (Jossey-bass Leadership Ser. #253)
Par Ram Charan, Stephen Drotter, James L. Noel, Kent Jonasen. 2024
Set up your company for long-term success by building and reinforcing your leadership pipeline In the newly revised third edition…
of The Leadership Pipeline, a team of veteran leadership practitioners delivers a practical and essential framework for identifying future leaders, assessing their competence, planning their development, nurturing their talents, and analyzing the results of your efforts. The work to be done, the required skills, time application, and the necessary work values for each leadership layer are clearly defined for the digital age. The book explains how to integrate your organization’s leadership development process with a succession plan that provides your company with a ready supply of capable leaders. You’ll discover the tools and techniques you need to knit together your succession and leadership development programs and constantly renew your leadership pipeline. You’ll also: Explore anecdotes and stories drawn from the authors’ extensive experience with top companies that illustrate the principles discussed in the book Find ways to eliminate bias and tunnel vision when identifying leadership candidates Learn to objectively consider the efficacy of individual leadership candidatesA powerful resource for managers, executives, board members, and other business leaders at firms of all sizes, The Leadership Pipeline is an effective and insightful blueprint to future-proofing your company.The Beauty of Success: Start, Grow, and Accelerate Your Brand
Par Kendra Bracken-Ferguson. 2024
Tap into your authentic self in work and life, unlock your career potential and embrace your freedom to choose If…
you have ever thought about becoming an entrepreneur—or if you are an “intrapreneur” climbing the corporate ladder—this book is for you. The Beauty of Success is an ultra-modern blueprint for navigating the path to starting, growing and accelerating your career while sowing the seeds of self-awareness and self-reflection. You’ll discover how author and 3x founder, Kendra Bracken-Ferguson aligned her personal pillars of community, mentorship, education, and capital with her business goals to bring her vision for building a successful company to fruition. Through her story, and the stories of other entrepreneurs in the beauty industry, she shares helpful nuggets of wisdom and collective experience that will help you pursue an entrepreneurial career or follow your path to the top of your corporate sector. The Beauty of Success is your guide to discovering your own guiding pillars, finding what ignites your passion, recognizing your strengths, and safeguarding what makes you valuable. Find inspiration in the story of Kendra Bracken-Ferguson’s entrepreneurial success and the candid stories of other prominent visionaries and leaders Identify the values and pillars that guide your life and your career, and find ways to align with them every day Reconnect with your inner purpose and your passion, whether you are starting your own business or climbing to the top of the corporate world Transcend any barriers to open yourself to new paths and levels of success The Beauty of Success will help you find your own professional north star—the principle or principles that will serve as your compass as you navigate your professional journey. You will also learn to appreciate the strengths that have gotten you this far, and how to leverage them to get where you want to be. Unlock your own success, find freedom, and carpe diem!.The story of personal debt in modern AmericaBefore the twentieth century, personal debt resided on the fringes of the American…
economy, the province of small-time criminals and struggling merchants. By the end of the century, however, the most profitable corporations and banks in the country lent money to millions of American debtors. How did this happen? The first book to follow the history of personal debt in modern America, Debtor Nation traces the evolution of debt over the course of the twentieth century, following its transformation from fringe to mainstream—thanks to federal policy, financial innovation, and retail competition.How did banks begin making personal loans to consumers during the Great Depression? Why did the government invent mortgage-backed securities? Why was all consumer credit, not just mortgages, tax deductible until 1986? Who invented the credit card? Examining the intersection of government and business in everyday life, Louis Hyman takes the reader behind the scenes of the institutions that made modern lending possible: the halls of Congress, the boardrooms of multinationals, and the back rooms of loan sharks. America's newfound indebtedness resulted not from a culture in decline, but from changes in the larger structure of American capitalism that were created, in part, by the choices of the powerful—choices that made lending money to facilitate consumption more profitable than lending to invest in expanded production.From the origins of car financing to the creation of subprime lending, Debtor Nation presents a nuanced history of consumer credit practices in the United States and shows how little loans became big business.The Invisible Hook: The Hidden Economics of Pirates
Par Peter Leeson. 2009
Pack your cutlass and blunderbuss--it's time to go a-pirating! The Invisible Hook takes readers inside the wily world of late…
seventeenth- and early eighteenth-century pirates. With swashbuckling irreverence and devilish wit, Peter Leeson uncovers the hidden economics behind pirates' notorious, entertaining, and sometimes downright shocking behavior. Why did pirates fly flags of Skull & Bones? Why did they create a "pirate code"? Were pirates really ferocious madmen? And what made them so successful? The Invisible Hook uses economics to examine these and other infamous aspects of piracy. Leeson argues that the pirate customs we know and love resulted from pirates responding rationally to prevailing economic conditions in the pursuit of profits. The Invisible Hook looks at legendary pirate captains like Blackbeard, Black Bart Roberts, and Calico Jack Rackam, and shows how pirates' search for plunder led them to pioneer remarkable and forward-thinking practices. Pirates understood the advantages of constitutional democracy--a model they adopted more than fifty years before the United States did so. Pirates also initiated an early system of workers' compensation, regulated drinking and smoking, and in some cases practiced racial tolerance and equality. Leeson contends that pirates exemplified the virtues of vice--their self-seeking interests generated socially desirable effects and their greedy criminality secured social order. Pirates proved that anarchy could be organized. Revealing the democratic and economic forces propelling history's most colorful criminals, The Invisible Hook establishes pirates' trailblazing relevance to the contemporary world.Whose Culture?: The Promise of Museums and the Debate over Antiquities
Par James Cuno. 2009
The international controversy over who "owns" antiquities has pitted museums against archaeologists and source countries where ancient artifacts are found.…
In his book Who Owns Antiquity?, James Cuno argued that antiquities are the cultural property of humankind, not of the countries that lay exclusive claim to them. Now in Whose Culture?, Cuno assembles preeminent museum directors, curators, and scholars to explain for themselves what's at stake in this struggle--and why the museums' critics couldn't be more wrong. Source countries and archaeologists favor tough cultural property laws restricting the export of antiquities, have fought for the return of artifacts from museums worldwide, and claim the acquisition of undocumented antiquities encourages looting of archaeological sites. In Whose Culture?, leading figures from universities and museums in the United States and Britain argue that modern nation-states have at best a dubious connection with the ancient cultures they claim to represent, and that archaeology has been misused by nationalistic identity politics. They explain why exhibition is essential to responsible acquisitions, why our shared art heritage trumps nationalist agendas, why restrictive cultural property laws put antiquities at risk from unstable governments--and more. Defending the principles of art as the legacy of all humankind and museums as instruments of inquiry and tolerance, Whose Culture? brings reasoned argument to an issue that for too long has been distorted by politics and emotionalism. In addition to the editor, the contributors are Kwame Anthony Appiah, Sir John Boardman, Michael F. Brown, Derek Gillman, Neil MacGregor, John Henry Merryman, Philippe de Montebello, David I. Owen, and James C. Y. Watt.Computational Economics
Par David A. Kendrick, P. Ruben Mercado, Hans M. Amman. 2006
The ability to conceptualize an economic problem verbally, to formulate it as a mathematical model, and then represent the mathematics…
in software so that the model can be solved on a computer is a crucial skill for economists. Computational Economics contains well-known models--and some brand-new ones--designed to help students move from verbal to mathematical to computational representations in economic modeling. The authors' focus, however, is not just on solving the models, but also on developing the ability to modify them to reflect one's interest and point of view. The result is a book that enables students to be creative in developing models that are relevant to the economic problems of their times. Unlike other computational economics textbooks, this book is organized around economic topics, among them macroeconomics, microeconomics, and finance. The authors employ various software systems--including MATLAB, Mathematica, GAMS, the nonlinear programming solver in Excel, and the database systems in Access--to enable students to use the most advantageous system. The book progresses from relatively simple models to more complex ones, and includes appendices on the ins and outs of running each program. The book is intended for use by advanced undergraduates and professional economists and even, as a first exposure to computational economics, by graduate students. Organized by economic topics Progresses from simple to more complex models Includes instructions on numerous software systems Encourages customization and creativityManufacturing Ideology: Scientific Management in Twentieth-Century Japan
Par William M. Tsutsui. 1998
Japanese industry is the envy of the world for its efficient and humane management practices. Yet, as William Tsutsui argues,…
the origins and implications of "Japanese-style management" are poorly understood. Contrary to widespread belief, Japan's acclaimed strategies are not particularly novel or even especially Japanese. Tsutsui traces the roots of these practices to Scientific Management, or Taylorism, an American concept that arrived in Japan at the turn of the century. During subsequent decades, this imported model was embraced--and ultimately transformed--in Japan's industrial workshops. Imitation gave rise to innovation as Japanese managers sought a "revised" Taylorism that combined mechanistic efficiency with respect for the humanity of labor. Tsutsui's groundbreaking study charts Taylorism's Japanese incarnation, from the "efficiency movement" of the 1920s, through Depression-era "rationalization" and wartime mobilization, up to postwar "productivity" drives and quality-control campaigns. Taylorism became more than a management tool; its spread beyond the factory was a potent intellectual template in debates over economic growth, social policy, and political authority in modern Japan. Tsutsui's historical and comparative perspectives reveal the centrality of Japanese Taylorism to ongoing discussions of Japan's government-industry relations and the evolution of Fordist mass production. He compels us to rethink what implications Japanese-style management has for Western industries, as well as the future of Japan itself.A concise introduction to modeling over-the-counter marketsOver-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant…
role in the global financial crisis. Rather than being traded through a centralized institution such as a stock exchange, OTC trades are negotiated privately between market participants who may be unaware of prices that are currently available elsewhere in the market. In these relatively opaque markets, investors can be in the dark about the most attractive available terms and who might be offering them. This opaqueness exacerbated the financial crisis, as regulators and market participants were unable to quickly assess the risks and pricing of these instruments.Dark Markets offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field. Darrell Duffie covers the basic methods for modeling search and random matching in economies with many agents. He gives an overview of asset pricing in OTC markets with symmetric and asymmetric information, showing how information percolates through these markets as investors encounter each other over time. This book also features appendixes containing methodologies supporting the more theory-oriented of the chapters, making this the most self-contained introduction to OTC markets available.The Great Contraction, 1929-1933: New Edition (Princeton Classic Editions Ser.)
Par Milton Friedman, Anna Jacobson Schwartz. 2008
Friedman and Schwartz's A Monetary History of the United States, 1867-1960, published in 1963, stands as one of the most…
influential economics books of the twentieth century. A landmark achievement, the book marshaled massive historical data and sharp analytics to support the claim that monetary policy--steady control of the money supply--matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. The chapter entitled "The Great Contraction, 1929-33" addressed the central economic event of the century, the Great Depression. Published as a stand-alone paperback in 1965, The Great Contraction, 1929-1933 argued that the Federal Reserve could have stemmed the severity of the Depression, but failed to exercise its role of managing the monetary system and ameliorating banking panics. The book served as a clarion call to the monetarist school of thought by emphasizing the importance of the money supply in the functioning of the economy--a concept that has come to inform the actions of central banks worldwide. This edition of the original text includes a new preface by Anna Jacobson Schwartz, as well as a new introduction by the economist Peter Bernstein. It also reprints comments from the current Federal Reserve chairman, Ben Bernanke, originally made on the occasion of Milton Friedman's 90th birthday, on the enduring influence of Friedman and Schwartz's work and vision.Foreign Direct Investment: Analysis of Aggregate Flows
Par Assaf Razin, Efraim Sadka. 2007
The 1990s saw global flows of foreign direct investment increase some sevenfold, spurring economists to explore FDI from a micro-…
or trade-based perspective. Foreign Direct Investment is one of the first books to analyze the macroeconomics of FDI, treating FDI as a unique form of international capital flow between specific pairs of countries. By examining the determinants of the aggregate flows of FDI at the bilateral, source-host-country level, Assaf Razin and Efraim Sadka present the first systematic global analysis of the singular features of FDI flows. Drawing on a wealth of fresh data, they provide new theoretical models and empirical techniques that illuminate the vital country-pair characteristics that drive these flows. Uniquely, Foreign Direct Investment examines FDI between developed and developing countries, and not just between developed countries. Among many other insights, the book shows that tax competition vis-à-vis FDI need not lead to a "race to the bottom." Foreign Direct Investment is an essential resource for graduate students, academics, and policy professionals.Soft News Goes to War: Public Opinion and American Foreign Policy in the New Media Age
Par Matthew A. Baum. 2003
The American public has consistently declared itself less concerned with foreign affairs in the post-Cold War era, even after 9/11,…
than at any time since World War II. How can it be, then, that public attentiveness to U.S. foreign policy crises has increased? This book represents the first systematic attempt to explain this apparent paradox. Matthew Baum argues that the answer lies in changes to television's presentation of political information. In so doing he develops a compelling "byproduct" theory of information consumption. The information revolution has fundamentally changed the way the mass media, especially television, covers foreign policy. Traditional news has been repackaged into numerous entertainment-oriented news programs and talk shows. By transforming political issues involving scandal or violence (especially attacks against America) into entertainment, the "soft news" media have actually captured more viewers who will now follow news about foreign crises, due to its entertainment value, even if they remain uninterested in foreign policy. Baum rigorously tests his theory through content analyses of traditional and soft news media coverage of various post-WWII U.S. foreign crises and statistical analyses of public opinion surveys. The results hold key implications for the future of American politics and foreign policy. For instance, watching soft news reinforces isolationism among many inattentive Americans. Scholars, political analysts, and even politicians have tended to ignore the soft news media and politically disengaged citizens. But, as this well-written book cogently demonstrates, soft news viewers represent a largely untapped reservoir of unusually persuadable voters.The Handbook of Organizational Economics
Par Robert Gibbons, John Roberts. 2013
The definitive introduction to organizational economics, with contributions by leaders in the fieldIn even the most market-oriented economies, most economic…
transactions occur not in markets but inside managed organizations, particularly business firms. Organizational economics seeks to understand the nature and workings of such organizations and their impact on economic performance. This landmark book assembles the leading figures in organizational economics to present the first comprehensive view of both the current state of research in this fast-emerging field and where it might be headed.The Handbook of Organizational Economics surveys the major theories, evidence, and methods used in the field. It displays the breadth of topics in organizational economics, including the roles of individuals and groups in organizations, organizational structures and processes, the boundaries of the firm, contracts between and within firms, and more.The defining book on the subject, The Handbook of Organizational Economics is essential reading for researchers and students looking to understand this emerging field in economics.Presents the first comprehensive treatment of organizational economicsFeatures contributions by leaders in the fieldUnifies and extends existing literaturesDescribes theoretical and empirical methods used today