Inflation and its impact on investment decisions in the hospitality industry

The impact of inflation is more severe in the hospitality industry than in some others because of its high level of capital investment. Proper evaluation of investment returns can only be made if inflation is considered in the evaluation process. This article presents an approach based on the net present value method of investment evaluation which incorporates the anticipated level of inflation and provides for the uncertainties of future cash flows.     

OPTIMALLY UNIFORM COMMODITY TAXES IN A NON LINEAR DEMOGRAPHIC DEMAND MODEL

This paper derives a sufficient condition for optimally uniform commodity taxes within the demographically generalized RNLF'S demand functional form framework. This paper, besides admitting child subsidies, allows for non linear equivalence scales and demographically varying utility and demand functions. The derived condition is shown to yield some recent uniformity results as special cases.     

The Social Welfare Impact of Indonesian Dairy Policies

The Indonesian dairy sector remains highly regulated, in spite of trade and investment policy reforms elsewhere in the economy. The regulations, aimed mainly at fostering development of local industry, include an import ratio requirement (BUSEP), import tariffs; an import licensing scheme, and restrictions on investment in milk processing The paper shows that the current policy mix has resulted in a significant increase in numbers of dairy cattle and dairy farmers, and in fresh milk and end-product output. However, this policy mix imposes costs. The analysis indicates that the economy, and in particular domestic consumers, would gain if dairy trade and investment restrictions were lessened. The gradual movement towards a more deregulated dairy sector is a necessary condition for improved efficiency and a strengthening of Indonesia's competitive position in the world dairy market.     

On the Technically Efficient Organization of an Industry: A Study of U.S. Airlines

In nonparametric analysis of production efficiency, the focus of attention is typically on the individual firm. In this article, we evaluate efficiency in resource utilization at the industry level. We propose an integer programming model to measure the extent of input saving possible if the observed output level of the industry is allocated to an optimal number of identical firms. This approach is applied to data for U.S. airlines covering the period 1970–84. Our results confirm that there were too few airlines prior to deregulation and suggest that there were too many firms during the early years of the post-deregulation era.     

Reviews

“REDUNDANCY AND RECESSION” Danson, M. (editor) 1986: Redundancy and Recession: Restructuring the Regions? Norwich: Geobooks £25.00.

“BUSINESS FINANCE” International Management Centre, Buckingham for the Local Government Training Board 1986: Business Finance for Economic Development Officers. LGTB/Coventry Open Tech Unit. £48.50.

“NEW FIRMS” Johnson, P. 1987: New Firms, An Economic Perspective, London: Allen and Unwin £20.00.     

Using accounting earnings and aggregate economic indicators to estimate firm-level systematic risk

Review of Accounting Studies - We revisit the literature on using accounting earnings to estimate firm-level systematic risk, using macroeconomic indicators rather than listed-firm indexes to...     

Correction to: using accounting earnings and aggregate economic indicators to estimate firm-level systematic risk

Review of Accounting Studies - A Correction to this paper has been published: https://doi.org/10.1007/s11142-021-09637-1     

Increasing Cognitive Response Sensitivity

Abstract

Traditional cognitive response elicitation procedures may not be sensitive enough to elicit the stylized and subtle thoughts that are generated during exposure to certain types of ads. When these types of thoughts are the focus of an advertising researcher's work, it is critical that he or she develop a procedure that has the sensitivity to draw them forth without being reactive. A laboratory study examines two different procedures to do this: pre-exposure exercises and directed post-exposure instructions. The results suggest that each procedure raises measurement sensitivity, but that there is no advantage in combining them. General guidelines are then presented for developing stylized cognitive response elicitation procedures.