Estimating demand elasticities under rationing

Eliminating rationing in the United Kingdom following the Second World War was a concern for policy-makers because of potentially large fluctuations in post-war prices and the impact on unrationed goods. This study shows that in using virtual prices, elasticities can be estimated from a ‘free’ demand system consistent with observed consumer choices. Substitution estimates without accounting for rationing are misleading. In contrast, using virtual prices and estimating a ‘free’ market system yield results similar to those of the pre-war period. Results show that food rationing affected expenditure across unrationed goods. Rationing on other services had little effect on expenditure across unrationed goods.     

Explaining forecasting bias: The case of real exchange rate variance

Recent tests of the rational expections hypothesis (REH), based on the assumption that agents are risk-neutral, have yielded conflicting results when applied to foreign exchange markets. Here a two-stage procedure which does not assumej risk-neutrality is derived from a model of a utility-maximizing importer who incurs an adjustment cost if he changes his import order. Although a short-run test (based on aggregate imports) leads to rejection of the REH in the majortity of cases, a longer-ren test (based on manchinery imports) is more favourable to the null huypthesis. The observed shot-run tendency to, in effect, ignore low levels of real exchange rate variation is found to be more likely when bilateral rates have remained relatively stable, when the importingj economy is relatively closed, or when governments have announced policies of intervention to stabilize bilateral rates.     

Utilization-focused performance reporting

How best to define performance measures is a much-debated issue. Mismatches between goals and indicators can lead to distortions that undermine impact-oriented steering. This article presents a model of goal and indicator development and explains its applicability, benefits and limitations.     

A study of trust over time within a social network mediated environment

Abstract

Trust is central to many marketing models; however, few studies have measured its components over time. Many longitudinal studies have relied on retrospective recall. This study builds a theory of trust development and undermining over time within the context of social-network media.An inductive study phase used phenomenological webnography to build a theory of trust development. 352 peer-review comments were analysed over six years. Outcomes of this phase informed subsequent deductive tests.Four dimensions of trust emerged – ability, benevolence, integrity and predictability – with different salience over time. Ability, a cognitive-based dimension, was important in initial trust-building. Integrity and predictability, linked to the brain’s emotion area, became important later. Undermining of trust was a shorter process than its development.     

Technology transfers and industry closures

There has been a shift of manufacturing industries from Organization for Economic Co-operation and Development (OECD) countries to emerging countries. In a competitive global economy increases in productivity in any country are generally welfare-enhancing. The established industrialized countries can suffer from the collapse of some industries, and from the associated increase in unemployment. We model this process and analyze the interactions between various rigidities that cause it, such as the minimum viable scale of an industry or the number of workers who lack the necessary skills to change jobs. When, under free trade, the technology transfer causes the manufacturing industry to collapse in the home country, it experiences a discrete drop in welfare and the price of the manufactured good rises sharply. Further transfers may reverse these results. The optimal level of protection is the minimum size required to operate. Conditions that make supporting an ailing industry worthwhile can be interpreted in several ways but the conclusion is inescapable: technology transfers fundamentally affect arguments for industry protection at home.     

Learning about hardiness and servant leadership by accompanying refugees at a united nations resettlement camp

The internationalization of curriculum has contributed to a number of models for study abroad programs, service learning, and global engagement. Some frameworks are intentionally grounded in program theories and objectives shared by multiple stakeholders and the mission of the sponsoring academic institution. This article describes an international program inspired by a partnership between a Jesuit University and the United Nations agency charged with the purpose of safeguarding the rights and well‐being of refugees. The international program was grounded in the practice of accompaniment and theoretical frameworks of hardiness and servant leadership. These principles are described in the context of the curriculum, objectives, activities, and outcomes. The article concludes with lessons learned and future direction for design and delivery.