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In a technology driven world, technology acquisition decisions as to when and which new technologies to acquire are becoming increasingly critical for firms to survive and grow. The issue of technology acquisition is addressed with three different focuses in the current dissertation. / In the first essay, we extend the results of some existing literature. Existing literature suggests that, in an oligopoly, identical firms acquire the same technology at two different dates under Nash or pre-commitment equilibrium, which assumes infinite information lag between two firms. The set of equilibrium dates turn out to be different under subgame perfect or pre-emption equilibrium that assumes zero information lag. We show that allowance for asymmetry between firms leads to the same equilibrium dates under Nash and subgame perfect equilibrium. / In the second essay, a two-period technology game is considered to study the effect of expectations regarding technological progress on a firm's technology adoption decision in a duopoly. It is shown that expectations of better future technology retard adoption of the currently available technology. Uncertain future progress is shown to have either no effect or negative effect on the adoption of the currently available technology when a Nash or open-loop equilibrium holds. However, under subgame perfection, uncertainty may actually encourage adoption of the current technology, contrary to what literature suggests. / In the third essay, a stochastic mathematical programming framework is used to build a decision model to solve for technology decisions facing rapid and uncertain technological progress. In our scenario-based approach, we allow uncertainties in both technological developments as well as in output product market demands. Furthermore, the acquisition costs of the technologies are assumed to be concave to reflect economies of scale in acquisition. An efficient procedure to solve the problem is proposed and implemented. Our numerical results show that the expectation of future technologies impacts the acquisition of the current technology in a negative way, and highlights the importance of incorporating expectations in a technology acquisition model.

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This thesis presents a series of integrated models for simultaneous optimization of location, capacity, product range, and production technology decisions in production-distribution systems. The interactions between these decisions can be significant. This thesis draws its motivation from these interactions. In order to benefit from the capital and/or employment subsidies, preferential tax rates, and free trade zones provided by governments, firms need to take the interdependencies between their location, capacity and technology decisions into account. These decisions could be further complicated due to varying scale and scope economies inherent in different production technologies. / The models proposed in this thesis are based on two fundamentally different but equally central approaches. The first approach builds on traditionally popular integer programming formulation in facility location theory, in which two such models presented in this thesis. The first one assumes that there are a number of dedicated production technologies for each product whereas, the second one assumes that a set of flexible technologies is also present. Analytical properties of the models are described, which lead to the development of exact and heuristic solution procedures. Results of several sets of computational experiments are also reported. The second approach is based on continuous approximation (also known as continuum mechanics), which has not been used to its potential in the literature. The third model in this thesis is proposed for a system with single product. It is based on the use of continuous functions in representing spatial distribution of cost parameters and decision variables. In this model, the focus is to compute the service regions leaving the precise plant locations to a subsequent analysis. This model lends itself to closed form solutions and allows derivation of a number of insights on the impact of several cost factors on facility design decisions. Then, it is utilized in an analytical framework to analyze several plant focus decisions of firms in a multi-product environment. The closed form solution is used to analyze several product and market focus strategies, which have provided several insights into more sophisticated plant focus decisions and into the impact of different production technologies on these decisions.

Interest in the supply chain management concept by the construction research community arose from the successful implementation by manufacturing sectors to resolve firm and industry performance problems. Construction industry policymakers have appropriated the concept. Researchers tend to develop normative models to improve industry performance through supply chain integration. Such models are based upon the assumption of an homogeneous industry which is fragmented and composed of numerous small to medium sized enterprises. Policymakers are seeking positive economic models however policies are not based upon an explicit detailed understanding of the nature of the industry nor an explicit model of firm and industry performance. The positive economic model accepts that the industry is specialised and heterogenous with varied structural and behavioural characteristics across individual markets. The greatest difficulty with supply chain management in terms of construction research theory and practical application is that currently too little is known about these characteristics and how to describe them. / Procurement modelling across the supply chain is fundamental to describing the underlying structure and behaviour of the industry. The industrial organisation economics theory was examined for its contribution and the structure-conduct-performance methodology was modified to develop a project oriented industrial organisation economic model for procurement in the construction supply chain. The model defines entities such as firms, projects, markets and firm-firm relationships and their relative associations. The model was static and nomothetic in approach and lacked the capacity to represent the duality of structure and behaviour of entities and individual procurement and project scenarios. The object-oriented methodology was used to address this and reinterpret the construction supply chain using the Unified Modelling Language. The model is interdisciplinary and merges industrial organisation economics and object-oriented methodology. Structural and behavioural model views of real world procurement in construction supply chains were developed based upon six major building projects in an Australian city. On thousand two hundred and fifty three procurement relationships were mapped using data collected from forty seven structured interviews and forty four questionnaires. / The data analysis was qualitative and quantitative. Data display techniques were used to describe common themes and differences to develop an ideographic view of procurement. A statistical categorical data analysis provided a nomothetic view by comparing observed procurement results versus likelihood of expected results. The findings indicate that classifications of objects within the supply chain procurement model provides clues to structure and behaviour. Eight structural organisation maps of key construction industry commodities describe typical channels according to the type of commodity and the major groupings within the commodities. Supply chains can be classes according to attributes including uniqueness, property sector, importation and specialisation. Supplier firms can be classed by: commodity significance and countervailing power. The procurement relationships between firms can be classified based upon risk and expenditure, transaction significance and negotiation attributes. There are patterns of behaviour in the industry reliant upon a set of “if / then” type rules. This study concludes that the perception of the industry as fragmented, unstructured, unpredictable and high risk is a simplistic view of what is in reality a complex set of varied and numerous markets with degrees of predictability. Contrary to the traditional view, procurement is a strategic activity. This study highlights numerous research opportunities particularly in the area of interdisciplinary construction industry studies.

The Toyota manufacturing system, aptly referred to as Lean manufacturing, has received a reasonable appreciation and awareness over the past decade in South African industry. This production phenomenon constitutes an organizational culture that encourages world-class production success through the liberation of factory resources, while employees are empowered and encouraged to contribute ideas for the improvement of processes and products. However, despite lean awareness and the crucial role of employee participation in the suggestion of ideas in world-class organizations, the performance level of lean manufacturing in South African industry is largely devoid of the Kaizen suggestion tool, particularly in the automotive companies of the Eastern Cape. The aim of this research was to proffer appropriate recommendations, improved awareness, understanding and practice for the improvement of the Kaizen suggestion principle in the automotive companies of the Eastern Cape. The research primarily focused on the ‘management/employees’ paradigm within the organisational context. The methodology employed in the study included a thorough review of the relevant literature and a questionnaire, which was developed and administered to both the management and employees of the thirty automotive components suppliers in Eastern Cape. The target companies constituted the units of analyses and therefore provided the opportunity for a detailed investigation of the links between management and employees as well as a submission of ideas for operational and organisational processes as established in the literature review. Epistemologically, the research is objectivist and paradigmically, positivist. However, some qualitative aspects of the data were relevant to the study and, therefore, were used in a complementary manner. The case approach utilized mixed methods by applying a range of data collection techniques and evidence from multiple sources while the sampling technique was sequential, involving both purposive and stratified random sampling. The study reveals the apparent lack of a systematic mechanism for the practice and administration of the Kaizen suggestion tools in most Eastern Cape automotive companies. This demerit is found to have negatively affected maximum employee participation and involvement in organizational decision making within the Province. The study has established a basic level of awareness and understanding among employees / employers relations that the Kaizen suggestion scheme is a vital tool for delivering strategic objectives in the management of decision making and organizational growth. The study strongly advocates the inclusion of employee suggestion systems as part of the organizational process.

This thesis generalizes stochastic portfolio theory in two different aspects. The first part demonstrates the functional generation of portfolios in a pathwise way. This notion of functional generation of portfolios was first introduced by E.R. Fernholz, to construct a variety of portfolios solely in the terms of the individual companies' market weights. I. Karatzas and J. Ruf developed recently another approach to the functional construction of portfolios, which leads to very simple conditions for strong relative arbitrage with respect to the market. Both of these notions of functional portfolio generation are generalized in a pathwise, probability-free setting; portfolio generating functions, possibly less smooth than twice-differentiable, involve the current market weights, as well as additional bounded-variation functionals of past and present market weights. This generalization leads to a wider class of functionally-generated portfolios than was heretofore possible to analyze, and to improved conditions for outperforming the market portfolio over suitable time-horizons. The second part develops portfolio theory in open markets. An open market is a subset of the entire equity market, composed of a certain fixed number of top-capitalization stocks. Though the number of stocks in open market is fixed, the constituents of the market change over time as each company's rank by its market capitalization fluctuates. When one is allowed to invest also in money market, an open market resembles the entire 'closed' equity market in the sense that most of the results that are valid for the entire market, continue to hold when investment is restricted to the open market. One of these results is the equivalence of market viability (lack of arbitrage) and the existence of num\'eraire portfolio (portfolio which cannot be outperformed). When access to the money market is prohibited, the class of portfolios shrinks significantly in open markets. In such a case, we discuss the Capital Asset Pricing Model, how to construct functionally-generated portfolios, and the concept of universal portfolio in open market setting.