Behavioural adaptation to climate change among winter alpine tourists: an analysis of tourist motivations and leisure substitutability

Understanding market responses to climate change impacts has important implications for the sustainability of Australia's winter tourism destinations. Utilising a framework incorporating push–pull tourist motivations and the theory of leisure substitutability, this study sought to explore how winter tourists in Australia will adapt to changes in snow cover in Australia's alpine regions under future climate change scenarios. The results of a questionnaire completed by 231 respondents indicated that tourist motivations were related to behavioural adaptation, and that there is a general preference among the current winter market for spatial substitution in the event of poor snow. Those motivated by recreation specialisation or snow-related attributes were likely to opt for spatial substitution, while tourists motivated by self-expression and après ski activities displayed resilience to poor snow conditions. The results demonstrate a clear division between leisure-driven tourists who valued participation in sport, and experience-driven tourists, who displayed higher resilience to reduced snow under projected climate change scenarios. These results have practical implications for winter tourism destinations, both in terms of targeting experience-driven tourists in the case of reduced snow as well as the longer term sustainability and viability of winter tourism destinations.     

Using web and mobile technology to motivate pro-environmental action after a nature-based tourism experience

Nature-based tourism provides an ideal context for motivating pro-environmental action, as it draws travellers interested in the natural world and showcases unique, and often threatened, environments. This study examines efforts to motivate environmentally related behaviour in tourists' everyday lives using a technology-based intervention following an elephant seal viewing tour at California's Año Nuevo State Park. A total of 362 visitors completed pre-tour and post-tour surveys, with 94 visitors completing a final survey three months after the tour. We found that, although the intervention had little influence on conservation action overall, it was effective for a social media-related action. Post-tour conservation actions were significantly affected by emotional connection to wildlife during the tour and repeat visitation to either the same or another state park. We found that visitors' connectedness to nature increased during the three-hour tour, but returned to pre-visit levels three months later. Practical implications include that parks should encourage repeat visits, suggest an assortment of other experiences that support connecting to nature, and link their conservation messaging to visitors' close, personal, and emotional experiences with fauna. We suggest that one simple, yet effective, way to do this is through maintaining the visitor–park experience through a social media community.     

A global compass for the great divergence: Emissions versus production centres of gravity 1820–2008

We construct the world's centres of gravity for human population, GDP and CO₂ emissions by taking the best out of five recognised data sources covering the last two centuries. On the basis of a novel distortion‐free representation of these centres of gravity, we find a radical Western shift of GDP and CO₂ emission centres in the nineteenth century, in sharp contrast with the stability of the demographic centre of gravity. Both GDP and emissions trends are reversed in the first half of the twentieth century, after World War I for CO₂ emissions, after World War II for GDP. Since then, both centres are moving eastward at an accelerating speed. These patterns are perfectly consistent with the lead of Western countries starting the industrial revolution, the gradual replacement of coal by oil and gas as alternative sources of energy and the progressive catch‐up of Asian countries in the recent past.     

Auditors' Use of Formal Advice from Internal Firm Subject Matter Experts: The Impact of Advice Quality and Advice Awareness on Auditors' Judgments

When subject matter experts are consulted during an audit, the quality of the expert's advice depends upon their ability to fully understand and incorporate client‐specific facts into their advice. Public Company Accounting Oversight Board (PCAOB) inspection reports suggest that auditors are neglecting to perform the required work to assess the quality of experts' recommendations. This study examines how characteristics of the audit, notably staffing decisions, can impede auditors' ability to discern advice quality. In an experiment, we examine how receiving advice of different levels of quality (lower or higher incorporation of relevant client facts) and awareness at the planning stage of the use of a subject matter expert (a priori aware or unaware) impacts auditors' effort, utilization of the advice, and judgment accuracy. We find that awareness of an expert being employed led to a social facilitation effect such that auditors who were a priori aware put forth more effort prior to receiving the expert advice and were initially in less agreement with management's aggressive revenue recognition position than auditors who were unaware. Upon receiving the expert advice, auditors who were a priori aware were more accurate than auditors who were unaware. These results should interest both audit regulators and practitioners by demonstrating how the timing and communication of consulting decisions affect auditors' assessments of advice received from subject matter experts.     

The GCC’s Fixed Exchange Rate: A Major Anomaly for OCA Analysis

From the standpoint of traditional optimal currency area (OCA) analysis, the Gulf Cooperation Council (GCC) countries are a major anomaly. They successfully maintained pegged exchange rates among themselves for two decades while failing to meet a number of major OCA criteria. Contrary to the optimistic predictions of some of the most enthusiastic advocates of endogenous OCA analysis, intra‐regional trade has remained low and there is little synchronisation of their business cycles or harmonisation of their fiscal positions. We argue that their success in operating a fixed rate regime has been due to a combination of high oil revenue, the heavy use of foreign workers and the limited extent to which their economies rely on market forces. These are conditions that are not met by most other countries.     

AN EXACT FORMULA FOR DEFAULT SWAPTIONS’ PRICING IN THE SSRJD STOCHASTIC INTENSITY MODEL

We develop and test a fast and accurate semi‐analytical formula for single‐name default swaptions in the context of a shifted square root jump diffusion (SSRJD) default intensity model. The model can be calibrated to the CDS term structure and a few default swaptions, to price and hedge other credit derivatives consistently. We show with numerical experiments that the model implies plausible volatility smiles.     

Factors Affecting Group-Oriented Travel Intention to Major Events

Large-scale, major social events, such as music and cultural festivals and international sporting events, are an important motivator of tourism activity and an increasingly significant component of destination marketing. Despite the growing consumption trend of group-oriented travel behavior and the economic significance of large-scale, event-based tourism, a theoretical gap exists in understanding what drives potential attendees' desire to attend these events, particularly in groups. A theoretically developed conceptual model is empirically tested using survey data from 170 Australian respondents planning to attend, and travel in a group, to a major social event. The results support the model showing that travel motivations (configured as a Type II multidimensional model), affective destination image, and enduring involvement in the event category influence group-oriented travel behavior to major events. Managerial implications and recommendations for future research are also presented.     

What Should be Taught in Intermediate Macroeconomics?

A lack of consensus remains on what should form the theoretical core of the undergraduate intermediate macroeconomic course. In determining how to deal with the Keynesian/classical divide, instructors must decide whether to follow the modern approach of building macroeconomic relationships from micro foundations, or to use the traditional approach based on aggregate models of the macroeconomy. In this article, the authors discuss the advantages and shortcomings of each approach in the context of course objectives. Because there is significant heterogeneity in textbook coverage, the authors summarize some of the approaches taken in current intermediate-level textbooks, which should serve as a useful starting point for new instructors. The authors also discuss how each approach can be extended to analyze the recent recession in the United States.