We develop a model of oligopolistic firms that produce partially differentiated products and generate pollution as a byproduct. We analyze and compare two types of pollution regulation: Cap-and-Trade and Taxes. Firms can respond to regulation by any combination of pollution abatement, output reduction, emissions trading (under Cap-and-Trade), or payment of pollution taxes (under Taxes). We prove that well-chosen regulation can, besides reducing pollution, actually improve firms’ profits relative to laissez-faire (unregulated markets), and simultaneously improve consumer surplus and welfare. Thus, regulation Pareto-dominates laissez-faire under a wide range of plausible conditions. These results are driven by an unintended consequence of pollution regulation: Competing firms can use the regulation to tacitly (and credibly) collude to reduce production and improve their profits. We show that the degree of competition plays a critical role in determining the economic consequences of pollution regulation. Our results suggest that the regulator’s primary consideration should be the impact of regulation on consumers rather than producers. This paper was accepted by Vishal Gaur, operations management.
Students select majors like supply chain management largely because they want to obtain a high‐paying job at graduation. They expect that after 4 or 5 years of studies, they will be ready to achieve early‐career success. Data, however, reveal that students often are not prepared. Recruiters are noticing. In various studies, employers say that a large majority of graduates are not workplace ready. We argue that this readiness gap results from a mismatch between academia's focus on knowledge transfer and employers’ expectations that new hires possess real competencies.
To remedy this readiness gap, we redesigned our curriculum to adopt a deliberate practice pedagogy. What have we learned? Deliberate practice is hard work. Both faculty and students must learn and practice new behaviors. The good news: deliberate practice helps students acquire real expertise that recruiters value. This article makes the case for deliberate practice and outlines a proven path to transformation.
Many higher education institutions are calling for more experiential learning to improve learning outcomes and better prepare students for the workplace. The need for enhanced experiential education in business schools, and in the decision sciences, is especially important. However, there is a lack of common practical understanding of how to implement this type of learning in business education. We address this gap using deliberate practice as a conceptual framework. Deliberate practice is a proven training technique for developing high levels of expertise. In spite of growing evidence of its relevance to higher education, two obstacles inhibit its widespread adoption by business educators. First, due to its origins as a one-on-one coaching technique, deliberate practice is difficult to apply in traditional university classrooms. Second, because the curriculum must be designed from the start to implement deliberate practice principles, instructional design guidelines are needed to direct the efforts of faculty. To overcome these obstacles, we develop an eight-step instructional design model called SPARRING that incorporates all deliberate practice principles into one framework. We then discuss 13 pedagogical techniques that instructors can use in and outside of class to implement deliberate practice in business education. Using the SPARRING model, we show that these techniques can deliver an authentic and effective deliberate practice experience. We also discuss the application of the SPARRING model at the program and school levels. At a time of major disruptions in higher education, the SPARRING model offers a new pathway for traditional residential universities interested in teaching real-world skills valued by employers in a manner not easily replicated by artificial intelligence.
K E Y W O R D SDeliberate practice, Experiential education, Instructional design model I hated every minute of training, but I said, "Don't quit. Suffer now and live the rest of your life as a champion."
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