Are New Homes Special?

This article describes alternative ways of identifying new homes and, using a large dataset of property sales in Las Vegas, Nevada, tests for the extent to which new homes sell at a price premium relative to otherwise similar existing homes. We also investigate whether the results differ across time and location, including before and after the housing bust. Our results suggest that price premia for new homes arise primarily in circumstances in which the supply of new houses is relatively low. In some cases rising to over 20% relative to otherwise similar existing homes. When new homes are plentiful, they are not special and the premium disappears.     

CHALLENGING THE EMPIRICAL EMPIRE

Many of the problems in the British public sector directly relate to the attempt to create a world fit for the central planner in which all tasks can be set down in a system of rules. The philosophy of 'empirical consequentialism' underpins this entire venture. This is the view that the empirically-proven consequences of an action are the most valid basis for moral judgment of the action and that these can be fully evaluated through expert research rather than democratic dialogue. A crucial policy challenge is to restore the value of 'tacit knowledge' in the public sector, allowing individuals to exercise choice and judgment responding to feedback in a process of trial and error.     

Meaningful activity and psychological models of non-employment

Study of the psychology of unemployment has been enhanced by the articulation of two models, one emphasizing personally generated activity: the ‘agency hypothesis’ of Fryer and Payne (1984); the other emphasizing ‘situational factors’: access to key categories of experience primarily provided by employment (Jahoda, 1982). This article broadens the debate to non-employment (unemployment and retirement) and points to a possible synthesis of models by considering the perceived nature of meaningful activity and factors involved in commitment to activity. It also proposes that if the processes involved in commitment are to be fully understood and a deeper understanding of the dynamics of adaptation and reaction to change is to be gained, then the dimension of ‘personal history’ of time-use needs to be added to those of ‘agency’ and ‘situational’ factors. A life themes, lifestyle approach is advocated as one way of undertaking this.     

The psychological impact of expatriate relocation on partners

Abstract This paper reports upon a study of the psychological impact of relocation on partners of fifty-eight expatriate and repatriate managers. The study examined associations for several factors, namely company assistance, culture shock experienced, perceived cultural distance between home and host countries and personal factors, with partners' psychological adjustment to relocation. The most important positive predictor of psychological adjustment was found to be company assistance. Also, general support for a process of phases in psychological adjustment to relocation was found, although not following the postulated curve. Increased recognition of the importance of the factors examined here and their role in the process of psychological adjustment to relocation is recommended for expatriates and their organizations alike.     

Spanish Household Demand for Seafood

Seafood is an important food commodity in Spain, the second largest consuming nation of seafood in the world. Today, several changes in demographics, socioeconomic factors, and lifestyle changes have affected demand for seafood products. Double‐hurdle models allow an examination of Spanish household expenditures on these products and explicitly account for the value of women's time. The empirical evidence shows that the set of statistically significant factors in the participation and expenditure equations is not the same for fresh and processed seafood goods. Income and household demographic variables are important determinants of both participation and expenditures on seafood products. In addition, the value of women's time affects expenditures on processed products, which include frozen, cured, and canned seafood goods.     

The Accounting Burdens Facing Small Firms: An Empirical Research Note

In recent years there has been much discussion regarding the burdens imposed on small firms by administrative requirements, and in particular those imposed by accounting requirements. The purpose of this note is to examine whether the relative burden of accounting requirements is general to small firms or specific to certain types of small firm. The main empirical finding of the note, using ordered probit analysis on a sample of 100 small firms, is that the relative burden of accounts as perceived by small firms is not contingent on the factors investigated.     

When east meets south: economic gains from India-APEC trade

As India, potentially one of the largest economies in the world, seeks membership to the Asia Pacific Economic Cooperation forum (APEC), a case for its inclusion in an expanded APEC is examined. The methodology and empirical design as developed in Marwah and Klein (1995) within the framework of a world trade matrix consists of seven regions divided into India, components of APEC, and the rest of the world. The growth of economic cohesiveness within APEC between 1965 and 1995 is quantitatively assessed by patterns of trade linkages through measures of bilateral reciprocity, multilateralism, and market diversification. Entropy indexes of the trade matrix are computed and used in the analysis. Since 1991, when massive economic reforms were implemented, India has experienced strong growth in exports and in imports, a departure from its previous performance. Furthermore, its external orientation has shifted positively and significantly since the reforms. Despite this, during the latest five years, India's integration with APEC hadn't changed to a level of statistical significance. The case for an expanded APEC, including India, is still somewhat prospective but the evidence is growing that it could prove beneficial to all the member countries. For India to benefit in this expanded APEC, it should continue to press its case for inclusion in the Asia Pacific Economic Cooperation forum (APEC).     

Valuing consumer safety

Snowboarding is quickly becoming a popular sport at alpine resorts. In contrast to alpine skiing, where injuries to the knee and thumb are most common, the wrist (and forearm) and ankle are the most frequently injured body regions for snowboarders. Unfortunately, the rapid international growth of the sport has not been matched by detailed epidemiological evaluation of the injuries specific to snowboarding or the countermeasures to prevent them. The aim of this paper is to critically review the literature describing injury prevention measures, or countermeasures, for snowboarding. In doing so, it provides an evaluation of the extent to which these countermeasures have been demonstrated to be effective or associated with the occurrence of new types of injuries. Few countermeasures specific for snowboarding were found to have been formally evaluated. The countermeasures to which some attention has been paid are boots, bindings, wrist guards, skill level and methods of falling. Skill level and the other injury countermeasures apply more generally across the sport. Recommendations for countermeasure implementation include: education for snowboarders, adherence to snow conduct and safety codes, preparing snowboarders for their activity and maintenance of parks and runs. Recommendations for improved data collections include: standardising and maintaining existing data collections, collecting information about equipment used by snowboarders and monitoring injury trends. Further biomechanical and epidemiological research needs to be undertaken on knee/ankle and wrist/forearm injuries. Evaluation of countermeasures needs to keep pace with the rapid developments in this field. Particular attention should be directed towards evaluations of the role of wristguards, boots/bindings, fall technique and lessons in preventing injuries. Given the rapidly increasing popularity of the sport, the need for the safety equipment to be evaluated would seem to be a priority, along with identification of the mechanisms of injury.     

HR practices from the perspective of managers and employees in multinational enterprises in China: Alignment issues and implications

China's significance as a destination for foreign direct investment (FDI) is a major factor in Asia-Pacific economic growth. This paper identifies important yet unexplored matters of human resource management (HRM) in multinational enterprise (MNE) subsidiaries in China. Specifically, the study explores the alignment issues between managers and employees with respect to their knowledge of HR practices, their experience of HR practices, and their perceived effectiveness of HR practices. Both interviews and a survey covering seven MNE subsidiaries operating in China finds a lack of alignment between managers and employees in each instance, for example, in their views of intended and actual HR practices and perceived effectiveness of these practices in the areas of performance assessment, recruitment and selection and career development. The implications of the differences for managers of MNEs operating in China are identified and discussed. The limitations of the study are acknowledged and areas for further study are also suggested.