Further reflections on the 'Hidden Theology' of Adam Smith

Abstract

A re-reading of the Thousand and One Nights in light of economic thought is attempted here. These stories characterize a bazaar economy as the dark side of medieval economics. The process-view of the bazaar is discussed in relation to Smith, Walras and the Austrian School. The tacit notions of ‘market price’ and ‘natural price’ are touched upon. Auctions are then elaborated with reference to Böhm-Bawerk. Moreover, the role of asymmetric information as a recurrent theme is interpreted in relation with Akerlof's approach. Finally, the collective function of the tales in fostering confidence in a less-than-well instituted bazaar economy is emphasized.     

Environmental purchasing and supplier management (EPSM): Theory and practice

The purpose of this research is to explore current literature and practice specifically in environmental purchasing and supplier management (EPSM) in order to understand current activities and also to suggest avenues for future research. First, an assessment of the current literature in environmental purchasing was completed which showed that most of the research in environmental purchasing is not grounded in theory, and is just beginning to appear in premiere business journals, as defined by the Financial Times journal list. This was followed by an examination of company practices in environmental purchasing by assessing a targeted cross-industry subsection of 68 corporate sustainability reports. This analysis revealed that the organizations studied are still in the relatively early stages of environmental purchasing and supplier management, and practices vary by industry predominantly because of external pressure towards environmental sustainability. The authors conclude that given the relatively early stage of development of environmental purchasing practice and research, there is significant opportunity in this area to develop theory and to influence practitioner behavior.     

Pioneering Advantages and Entrepreneurs' First‐mover Decisions: An Empirical Investigation for the United States and China

New ventures are often launched for the purpose of pioneering an innovative new product or service in the marketplace. Entrepreneurs or founders of new ventures thus often have to make the decision whether to be the market pioneer or the first mover. While being a first mover potentially is advantageous, it also involves taking risks and facing uncertainties. Entrepreneurs must assess the benefits and risks of pioneering in the first‐mover decision‐making process to realize the potential competitive advantages associated with being a pioneer. Previous research has shown how entrepreneurs perceive potential gains and losses associated with exploring opportunities as the key defining element of entrepreneurial decision‐making. Past studies have also indicated that cultural and business environmental factors affect both perceptions and decision‐making. However, studies to date have insufficiently addressed the relationship between entrepreneurs' perceived pioneering advantages/disadvantages and their first‐mover decisions, with little attention to cross‐national differences. This study includes hypotheses postulating how entrepreneurs' perceived advantages and disadvantages of pioneering affect the number of first‐mover decisions made by entrepreneurs in two different cultural contexts, the United States and China. We collect data from 152 U.S. entrepreneurs and 140 Chinese entrepreneurs over a four‐year period and carry out empirical tests on the hypotheses using Poisson regression models. Our results provide insight on how culture affects perceptions of advantages and disadvantages of pioneering, and how these perceptions impact the likelihood of making a first‐mover decision. We find that a higher level of perceived advantages will drive first‐mover decisions, whereas perceived disadvantages will deter first‐mover decisions. The negative effect of perceived erosion disadvantages on the number of first‐mover decisions was higher for Chinese entrepreneurs, consistent with the high risk‐aversion culture in China. However, this effect was not found for perceived uncertainty disadvantages, suggesting that the risk‐averse characteristics of Chinese entrepreneurs is an oversimplification, and that the Chinese cultural, business, and legal environment helps offset uncertainty disadvantages. We also find an interesting positive moderating effect of perceived advantage on the relationship between perceived disadvantages and the number of first‐mover decisions in China only. That is, if perceived advantages are low, Chinese entrepreneurs are more risk averse than U.S. entrepreneurs; but if perceived advantages are high, Chinese entrepreneurs are more risk‐seeking than U.S. entrepreneurs. This finding again challenges the risk aversion conclusion found by previous studies of Chinese managers.     

The drivers of customer attractiveness,supplier satisfaction and preferred customer status: A literature review

In this paper, we focus on the preferential treatment of buyers by their suppliers. As there is a lack of detailed information regarding the reasons that suppliers serve some buyers better than others, our research addresses a supplier's evaluation of customers and how this evaluation can be influenced by buyers. To give an overview of the drivers of preferential treatment by suppliers, the provided literature review covers three research fields that are considered crucial to this issue: (i) customer attractiveness, (ii) supplier satisfaction and (iii) preferred customer status. By integrating these research topics, we provide a state-of-the-art analysis and overview of the various drivers of preferential treatment, build a preliminary conceptual model and suggest several directions for future research. The identification of the drivers and the resulting conceptual framework can serve as a stepping stone for additional research in this new field.     

THE EFFECTS OF ORGANIZATIONAL FORM IN THE MIXED MARKET FOR FOSTER CARE

ABSTRACT ** : This paper uses proprietary quality of care data to examine the consequences of organizational form in privatized US foster care services. The contract failure hypothesis generically proposes that nonprofits should provide higher quality services, relative to for‐profits, when output is costly to observe. Advocates argue that the nonprofits offer important consumer protections when public services are contracted to private agencies. Contrary to expectations, we find that nonprofit firms do not offer higher quality services. We explore the possibility that monitoring efforts by state regulators or competition among foster care agencies effectively mitigate the influence of organizational form in this particular mixed market.     

Elderly consumers and their food store experiences

The population of the world is ageing and the number of people aged 60+years in the United Kingdom (UK) and Ireland is increasing. Advancing age brings about changes in consumers needs, wants and ability. One need which is continuous, regardless of age is the need for food. For some consumers age-associated changes can limit their access to food, thus compromising their nutrition and health. As a consequence there is a real need to provide older consumers with a more supportive environment by providing adequate opportunities to access a range of affordable food products. Access to food involves a process which includes the provision of adequate retail facilities within easy access to home, the selection and opportunity to purchase products, having the financial means to cover all the costs incurred and be able to prepare and consume the food. It is when access is restricted or limited that food provision becomes an issue of consumer disadvantage and warrants investigation. This is not the case for all consumer segments of the population, but one group proven to be affected are older consumers. The aim of this research was to determine the behaviour and experience of older consumers in Northern Ireland (aged 60+) during the food procurement process and to make some recommendations to minimise older consumer detriment.Data collection involved four focus groups with older consumers aged over 60. Each focus group consisted of eight to ten adults and was carried out in a familiar social setting. The qualitative findings are supported by preliminary results from a consumer questionnaire (n=791), which documents and explores quantitatively the experiences described in the focus groups. The consumer questionnaire was analysed using the Statistical Package for Social Science (SPSS) version 15.Both the qualitative and quantitative results have identified shopping patterns and motivations fuelling purchase decisions among this age group, and show that older people face a range of positive and negative experiences when accessing food. The majority of older consumers in Northern Ireland shop on a weekly basis in one of the UK multiple food retailers. Negative factors identified by this age group include a dependence on others in order to physically access food shops (35%) and also 35% face in-store difficulties such as store size and changing layout. Positive factors associated with food shopping include friendly and helpful staff and the provision of additional facilities; e.g. a post office or chemist. Whilst it is recognised that older consumers are not a homogeneous grouping, for the purpose of this paper they are considered as one group and recommendations are made to improve the food shopping experience of older consumers. Practical guidance has been proposed for food retailers and Government policy makers in an attempt to overcome the problems and limitations that restrict food access for this consumer group, e.g. by proving additional in-store assistance, minimising multi-purchase promotions and improving product labelling.     

Effectively Facilitating Gender Transition in the Workplace

Issues surrounding gender identity in the workplace are sensitive and complex. One of the more challenging scenarios for employers is facilitating the gender transition process. Effectively communicating with co-workers and clients about the change, modifying personnel documents at the appropriate time, and dealing with more mundane issues such as restroom usage and dress code represent the tip of the iceberg. This paper is a comprehensive review of the literature to help employers aptly manage the transition process, so as to retain employees’ sense of fair treatment and acceptance at work.