Differentiating ambiguity: an expository note

Ghirardato et al. J Econ Theory 118:133–173, 2004 propose a method for distinguishing between perceived ambiguity and the decision-maker’s reaction to it. They study a general class of preferences which they refer to as invariant biseparable. This class includes CEU and MEU. This note presents some examples which illustrate their results. Research supported by ESRC grant no. RES-000-22-0650. For comments and discussion we would like to thank Klaus Nehring and a seminar audience at ESEM, Vienna 2006.     

An ecological economic simulation model for assessing fire and grazing management effects on mesquite rangelands in Texas

In the southern Great Plains of North America, fire exclusion has contributed to many rangelands converting from native grassland to woody shrublands dominated by mesquite (Prosopis glandulosa Torr.) and cactus (Opuntia spp.), threatening ecosystem health and human livelihoods in the region. Prescribed fire is the least expensive method of treating mesquite and other undesirable plants, but its role is as a maintenance treatment to prolong the life of more expensive brush control treatments. Using a simulation model of a hypothetical 1000 ha ranch, we evaluate the biological and economic implications of management scenarios involving the regular application of summer fire to reduce mesquite and cactus over a 30-year time period. We compared the model output with experimental data to corroborate model output before evaluating various management scenarios over a range of stocking rates. Scenarios included (a) varying initial range condition, (b) different frequencies of summer burning, and (c) different initial amounts of mesquite brush. Model simulations corroborated field data sufficiently well to give confidence in the output of the model. In our simulations the option of not treating to reduce brush and cactus had a major negative impact on range condition, secondary productivity and profitability. In contrast, all simulated fire treatments improved range condition, productivity and profitability except when initial range condition was poor. Initial range condition and stocking rate were the major factors affecting both productivity and profitability. Compared to other factors over which managers have short-term control, frequency of burning and the initial amount of mesquite cover, had a relatively minor impact. Simulations indicated that the highest level of profit consistent with maintaining or improving range condition was attained when individual animal production was 92-95% that of the maximum production per animal, a situation invariably associated with relatively low stocking rates.     

Towards a spirituality-based platform in tourism higher education

This conceptual paper contributes to tourism knowledge by proposing a spirituality-based platform in tourism higher education. Through this platform, the authors show how tourism education that supports discussion on spiritual development can help to create global citizens who are able to understand their potential as social, cultural and environmental stewards. This paper reviews recent developments shaping tourism education and examines the contemporary tourism educational landscape that supports a spirituality-based educational approach. The 7th platform of tourism studies is offered through a spirituality-based approach to knowledge and examples are given of how we can develop such a platform in tourism higher education.     

The Role of Water in Manufacturing

Water's role in manufacturing technologies has received limited attention. A KLEM model of the sector's technology is extended to include two facets of water use: intake and recirculation. Three annual cross-sectional surveys on plant-level water use are pooled and combined with census data to estimate this extended model for the Canadian manufacturing sector over the period 1981–1991. While Canada's water allocation regulations influence private water withdrawals, statistical tests support representing water intake as a variable input. Water intake is found to be a substitute for water recirculation, energy, labour and capital. The relationship between water intake and recirculation is stronger when water intake is process-related rather than related to cooling and steam production. Technological change has been biased in the direction of increased water intake and decreased water recirculation.     

Economists tackle the challenges of a pandemic

Business Economics - The COVID-19 pandemic radically and rapidly changed the world, including the world of business economists. Eight NABE members employed in a wide variety of fields discuss how...     

Enhancing financial performance by pharmacy innovation

Antecedents and consequences of customer orientation have been the subject of significant empirical investigation. Although several studies have explored employee variables as antecedents to customer orientation, work ethic has received little research attention. Additionally, there have been incongruent findings related to the effect of customer orientation on performance, as some have found it to be direct or indirect via innovation. This study explores overall work ethic as an antecedent to customer orientation and innovativeness as the missing link between customer orientation and performance among Canadian retail pharmacies. The results show support for the influence of work ethic on customer orientation, and the role of innovation as a mediating variable. This study advances the understanding of work ethic, customer orientation, innovation, and performance in Canadian retail pharmacy.     

Sustainable development and profit? A sensemaking perspective on hybrid organisations and their founders

This article explores the sensemaking process of the individual entrepreneurs behind hybrid organisations that seek to both initiate environmental/social change and also generate profit. The work sheds light on how founders of six such organisations set-up initially in between 1978 and 1991 make sense of themselves and their firm and how this impacts on their business strategies. We examine the life-stories of these individuals to illuminate their perspectives on their experiences, motives and values. We suggest that both ambition and altruism motivate individuals to become involved in these firms, echoing the paradox of firms seeking both social change and value creation. The work enhances our understanding of both sensemaking theory and success factors for hybrid organisations and strategizing more broadly.