The epistemic claim to the life-world: Alfred Schutz and the debates of the austrian school of economics

The aim of this article is to make a contribution to the reflection on the “interpretive turn” within Austrian economics going back to Alfred Schutz’s notion of life-world sketched out in his first book The Phenomenology of the Social World. In the context of the discussions on how hermeneutics can enrich economics, the problem of objectivism in the production of knowledge is emphasized, i.e., the danger of substitution of social reality upheld by social scientists. Although Schutz’s links with the Austrian School are well known, specialized literature, has not found in Schutz’s work comprehensive solution to the problem that objectivism sets forth regarding the production of knowledge in social sciences. In this article we aim to recover the radical character that Schutz granted his project on phenomenological foundation of social science concepts based on a thorough philosophical analysis of the features of the life-world. We will argue that Schutz sets off based on the problem objectivism in the production of knowledge and offers an answer geared towards the epistemic claim to the life-world. In this regard Schutz draws up a solution that brings together both at the life-world level and at the scientific reflection level, the subjective and objective, the aprioristic and the historical aspects of experience in a phenomenologically based continuum. Finally, and deeply connected to these considerations, new conceptual elements are brought forth to think of the problem of social order.     

A review of consumer decision-making models and development of a new model for financial services

It is recognised that existing theories of Consumer Decision Making (CDM) are not well suited for financial services and there have been calls for development of a new conceptual model. This article reviews prominent models of CDM and identifies strengths and limitations. A new conceptual model that is applicable to financial services is developed. An important element of the model is the recognition that the components interact rather than a consumer following a linear progression through a series of stages. The new model better reflects the iterative decision-making process relevant to financial services and enhances marketers’ understanding of the process and thus their ability to influence it to increase the likelihood of positive outcomes for all. The model has three main components: inputs, processes and outcomes. Inputs include the purchase situation (contextual and environmental variables), consumer characteristics (psychological and social influences) and information sources (marketing mix and interpersonal). Processes include need arousal, information utility, criteria development and evaluation of alternatives. Outcomes include the decision (that may be to abort the purchase), the purchase itself and post-decision evaluation. Further research is required to test the relationships between the variables in different contexts, and thus enable refinement and/or validation of the model.     

Cost-effectiveness analysis of a sealing hemostat patch (HEMOPATCH) vs standard of care in cardiac surgery

Background: A recent randomized controlled trial showed that patients undergoing ascending aorta surgery treated with HEMOPATCH to control bleeding had a significantly better hemostasis success rate than with dry or wet gauze compression or similar standard of care (SOC).

Objective: To compare the cost-effectiveness using two different agents for hemostasis (HEMOPATCH vs dry or wet gauze compression or similar SOC) in cardiac surgery from the European hospital perspective.

Methods: A literature-based cost-effectiveness model estimating average cost per successful hemostasis event was developed based on the hemostasis efficacy difference (HEMOPATCH?=?97.6%, SOC?=?65.8%, p?<?.001). Additional clinically significant end-points studied in the trial (blood transfusions and surgical revisions) were also analyzed. It was assumed that each surgery utilized two units of HEMOPATCH (dimensions of 4.5?×?9?cm) and two units of SOC. Product acquisition costs for HEMOPATCH and SOC were included along with outcome-related costs derived from the literature and inflation-adjusted to 2017 EUR and GBP. Results are presented for an average hospital with an annual case load of 574 cardiac surgeries. One-way and probabilistic sensitivity analyses were performed.

Results: Considering only product acquisition cost, HEMOPATCH had an incremental cost-effectiveness ratio (ICER) of €1,659, €1,519, €1,623, and £1,725 per hemostasis success when compared to SOC for Italy, Spain, France, and the UK, respectively. However, when considering the cost and potential difference in the frequency of transfusions and revisions compared to SOC, the use of HEMOPATCH was associated with an annual reduction of six revisions and 60 transfusions, improving the ICER to €1,440, €1,222, €1,461, and £1,592, respectively. Sensitivity analysis demonstrated model robustness.

Conclusions: This analysis supports the use of HEMOPATCH over SOC in cardiac surgery in European hospitals to improve hemostasis success rates and potential cost offsets from reduced transfusions, complications, and surgical revisions.     

The role of top management teams in transforming technology-based new ventures' product introductions into growth

The literature highlights the importance of top management teams (TMTs) for technology-based new ventures' success in achieving growth, which is often achieved through product introductions. The human capital theory suggests that TMT members' skills, which are typically derived from their education and experience, can facilitate the transformation of new product introductions into growth. We also propose that multiple products that must be managed and brought to the marketplace smoothly and flexibly benefit from the lower coordination needs and conflicts that are typical of functionally homogeneous teams. Using a unique, multi-source dataset on 374 US technology-based new ventures during the period from 2005 to 2014, we find that new product introductions help technology-based new ventures grow only when the TMT has startup experience and is not functionally diverse. Our findings lead us to echo calls in the TMT literature to move away from simple direct-effect models to more situation-dependent analyses of TMT diversity.     

Do social networking sites contribute for building brands? Evaluating the impact of users' participation on brand awareness and brand attitude

Social networking sites (SNSs) have attracted increasing attention from brands, which look at the platform as a privileged communication channel to reach their audiences. Despite their growing adoption, few research efforts have been devoted to evaluate SNSs' concrete implications for the brands. The current study addresses this opportunity, proposing a model that evaluates the impact of users' participation in SNSs on brand awareness and brand attitude, the two main pillars of brand knowledge. The study focuses on brand like pages in Facebook, the most used SNSs platform for brands. An online quantitative survey with brand like page users of leading brands in Facebook was implemented. Confirmatory factor analysis was used to estimate the measurement model and structural equation modelling was used to test the proposed research hypotheses. The results identify a significant, positive and direct impact of users' participation on brand awareness. Brand attitude also substantially benefits from users' participation, but this relationship is mediated by brand awareness. The findings help to validate SNSs' significant role on building brand knowledge and to position users' participation at the core of brands' SNSs objectives. Furthermore, the study provides a practical research framework, easily adapted for monitoring purposes and managerial guidance. Future research directions are discussed.     

A two-country NATREX model for the euro/dollar

This paper develops a NATREX (NATural Real EXchange rate) model for two large economies, the Eurozone and the United States, which are fully specified and allowed to interact. The theoretical framework, grounded on dynamic disequilibrium modelling approach in continuous time, provides the basis for empirical estimation. The model is estimated in its structural form as a simultaneous nonlinear differential equations system for the 1975–2003 period. The estimated parameters are then used to derive the simulated Euro/USD NATREX series in- and out-of-sample that offers the benchmark against which the misalignements of the actual real exchange rate are measured.     

Searching for Relationship Value in Business Markets: Are We Missing Something?

Economic value has always been the main consideration in decisions regarding alternative courses of action in management. The relationship perspective that became popular in service and business marketing research and practice involves the application of the value concept to business relationships. Recent research in marketing on the value of relationships has been concerned with identifying the various dimensions of relationships content that can, in principle, give origin to costs or benefits for the parties involved. The way in which parties in a business relationship perceive and interpret value and how their perceptions affect their behaviors have not been at the center of this research. We will argue in this paper that perceptions impact parties' behaviors and the way business relationships develop, and report findings of a longitudinal study of how buyers and suppliers perceive and interpret value of business relationships. We then revisit the concept of value and formulate three propositions regarding the meaning of value in the context of supplier-customer relationships.     

Loan managers’ decisions and trust in entrepreneurs in different institutional contexts

Loan managers’ trust in entrepreneurs can be a useful tool for overcoming entrepreneurial firms’ opaqueness. Nevertheless, the possibility for loan managers to leverage trust can be affected by differences in the regulative institutions within the banks (type of bank) and by place-bound normative institutions (social context). By relying on semi-structured interviews and a survey of 450 bank-entrepreneur relationships, this study finds that a positive impact of trust in lending relationships is sensitive to different place-bound normative institutions and to the regulative institutions within the banks. The results are robust with respect to potential endogeneity issues.     

The salient role of institutions in Women’s entrepreneurship: a critical review and agenda for future research

Institutions play an important role in women’s and men’s entrepreneurial behaviors. This article provides a systematic review of institutions and women’s entrepreneurship literature through an institutional lens, with a particular focus on informal and formal institutions. The article sets out to explore institutions for women’s entrepreneurship, illustrating why having an institutional perspective of women’s entrepreneurship contributes to a deeper understanding of the phenomenon. To reach this aim, we analyze and classify the scholarship by explanatory factors and type of informal and formal institutions. The article suggests that gender roles, as an informal institution, influence the creation of both informal and formal institutions, and in turn, the women’s entrepreneurial behaviors is based on gender roles. Finally, a theoretical model is developed, which allocates women’s entrepreneurship in the center and shows the role of institutional environment in their decision to start new ventures. Implications for future research are finally discussed.