Experimental Evidence for Attractions to Chance

Divide the decision-maker's future into: (i) a pre-outcome period (lasting from the decision until the outcome of that decision is known), and (ii) a sequel post-outcome period (beginning when the outcome becomes known). Anticipated emotions in both periods may influence the decision, in particular, with regard to an outcome that matters to the person, the enjoyable tension from not yet knowing what this outcome will be. In the experiments presented, lottery choice can be explained by this attraction to chance, and cannot be explained by either convex von Neumann–Morgenstern utility, or by rank-dependent risk-loving weights: attraction to chance is a separate motivator.     

On the Sustainability of Austrian Budgetary Policies

The question whether fiscal policies are sustainable in the long run has received much attention in the international political agenda. In this paper, we investigate whether Austrian fiscal policy has been sustainable during the last four decades. We apply several econometric approaches to test for the sustainability of fiscal policies. The results are ambiguous. For the period of 1960–1974, we find evidence for sustainable fiscal policies. For the period 1975–1999, the results indicate that Austrian fiscal policy was not sustainable in the long run. If Austrian policy-makers do not change their budgetary policy in the future, the long-term budget constraint of the state will be violated.     

Diffusion der Biogastechnologie in der Schweiz: eine GIS-basierte Multiagenten-Simulation

In this article we introduce a GIS-based multi-agent simulation model. It is used to study the spatial diffusion dynamics of agricultural biogas plants in Switzerland, which lags markedly behind those in the neighboring countries Austria and Germany. The investigation concentrates in particular on the impacts of economic factors and of locally available resources on the diffusion process. The model considers three different types of plants (100 kW_el, 200 kW_el, 1 MW_el). The results show that feed-in tariffs, cosubstrate prices and the revenues from heat sales are critical parameters. They indicate further that the present promotion policy fosters smaller plants, whereas larger plants are preferred only in few areas with high substrate densities. Finally, we find evidence that increased heat sales can significantly raise diffusion dynamics, and that the higher feed-in tariffs planned in Switzerland could actually overcompensate deteriorating cosubstrate prices.     

Public Debt and Generational Balance in Austria

Based on Austria's fiscal stance in 1995, wecompute the generational accounts for currently living as well as future generations.The results reveal the existence of an intergenerational imbalance in favor of currentlyliving generations. Total public sector liabilities may be more than five times as high asthe officially recorded level of public debt. Without any action, future generations would facelife-time net taxes that are about 65 percent higher than the tax burden of a current newborn.If the government could fully and permanently retain the expenditure cutting andrevenue raising effects of the 1996 fiscal consolidation package and the 1997 pension reform,then it might be able to significantly reduce the intergenerational liabilities. However,enacting both the recent tax reform 2000 and the reform of the family support scheme wouldincrease again the fiscal imbalance and intergenerational bias of fiscal policy in Austria.     

Using difference equations to find optimal tax structures on the SugarScape

The use of equations to describe agent-based model dynamics allows access to mathematical theory that is not otherwise available. In particular, equation models can be effective at solving optimization problems—that is, problems concerning how an agent-based model can be most effectively steered into a particular state. In order to illustrate this strategy, we describe a modified version of the well-known SugarScape model and implement taxation. The optimization problem is to determine tax structures that minimize deaths but maximize tax income. Tax rates are dependent upon the amount of sugar available in a particular region; the rates change over time. A system of discrete difference equations is built to capture agent-based model dynamics. The equations are shown to capture the dynamics very well both with and without taxation. A multi-objective optimization technique known as Pareto optimization is then used to solve the problem. Rather than focusing on a cost function in which the two objectives are assigned weights, Pareto optimization is a heuristic method that determines a suite of solutions, each of which is optimal depending on the priorities of the researcher. In this case, Pareto optimization allows analysis of the tradeoff between taxes collected and deaths caused by taxation. The strategies contained here serve as a framework for a broad class of models.     

RESEARCH ON THE MOTION PICTURE INDUSTRY: STATE OF THE ART AND NEW DIRECTIONS OFF THE BEATEN TRACK AWAY FROM THEATRICAL RELEASE

The motion picture industry has been subject of extensive academic research over the last decades. However, most scholars focused on the U.S. theatrical motion picture market. The number of research activities regarding even more profitable release windows, such as home video or television, has been substantially lower. Although international distribution is essential for a motion picture project to break even, there has been little significant re-search on most other markets. This paper aims at summarizing the current state of research on the motion picture industry, particularly from marketing and management perspective, revealing research gaps, and proposing recommendations for future research endeavors. Therefore, a three-pillar scheme is developed to systemize previous findings: Research on intraorganizational decision making, contractual relationships between national stakeholders, and international market competition are differentiated. Since these insights are mainly derived from U.S. theatrical exhibition, they can hardly be applied to other markets and exhibition windows. Thus, potential research areas are identified to expand knowledge of posttheatrical and international markets.     

Memory Effects of Different Relational Links between Brands and Sponsored Events

Sport sponsorship is an important marketing communication tool, and stakes in sponsorship deals are high. Therefore, sponsors strive to ensure that their investments are effective and protected from competitors—that is, ambusher marketers’ attacks. Still, little is known about how ambush marketing affects sponsor identification and misidentification of ambushers as sponsors. This study investigates levels of sponsor and ambusher identification in three experimental settings, controlling for the presence/absence of an ambusher, communication modality, and response formats. A field study in the context of a large sports event demonstrates the external validity of the findings. The results provide evidence of a nondestructive interference of ambush marketing, indicating that ambush marketing does not necessarily harm sponsor identification. Misidentification of nonsponsors as sponsors occurs because of the indirect link established between the event and the company through ambush marketing, but not as a consequence of other communication activities by a competitor with no link to the event. Finally, a combined sponsor–ambusher perspective indicates that sponsors do not necessarily have a consistent “official sponsor” advantage over ambushers. Findings are discussed with emphasis on implications for sponsors, ambushers, and marketing researchers.     

On Austrian Economics and the Economics of Carl Menger

This paper gives an overview of the work of Carl Menger, the founding father of the Austrian School of Economics. Menger’s theoretical and methodological positions are compared and contrasted with those of contemporary Austrian Economics. The idea of the unintended consequences of individual purposive actions is seen as a key to Menger’s economics. Although many elements of contemporary Austrian Economics can be found already in the work of Menger, we argue that there are some differences with respect to economic theorizing and economic policy recommendations. We propose to bring Austrian Economics closer to mainstream economics, especially with respect to the analytical tools to be used.     

Export-driven adjustment in portugal

Macroeconomic imbalances in the eurozone have decreased significantly since the beginning of the financial and economic crisis. In Portugal, the economic adjustment process is strongly being driven by growth in export activity. The recent improvement in price competitiveness has supported the positive export trend. However, there are structural challenges that limit the potential for growth in the tradable sector. To ensure that the adjustment process is sustainable, it needs to be backed up by targeted structural reforms. This article aims to contribute to the discussion about the reduction of macroeconomic imbalances in the eurozone by analysing the determinants of export growth in Portugal and the role played by the adjustment policies contained in the macroeconomic programme.