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.     

Digital Machines,Space, and Time: Towards a Behavioral Perspective of Flexible Manufacturing

Recently, the diffusion of digital machines has further enhanced firms’ manufacturing flexibility, but also opened questions on potential challenges and implications in the production process. To respond to these timely issues, this study adopts a behavioral perspective and comparatively explores how four different types of digital machines—characterized by increasing degrees of manufacturing flexibility—affect the perception and use of space and time for routines within the production plant. To this end, 45 digital manufacturing machines, sampled across 14 firms in the British and Italian motorsport industry, were qualitatively observed and compared. A model emerges where four key mechanisms reshape (1) the interactive space around the machine, (2) the innovation activities performed in the machine space, (3) the time within activities involving the machine, and (4) the time perception. Such mechanisms mediate the relationship between manufacturing flexibility and firm performance. Further, data show how increasing digitalization in the manufacturing process enhances the establishment of new routines as flexible machines get introduced in the production. Finally, theoretical and practical implications related to fostering a behavioral perspective in innovation and operations management studies are discussed.     

Is Dry Aging for Pork Relevant to Consumers?

Introducing a new product is tricky because of potential problems with consumer acceptance. Dry aging is a technique that could make meat more tender, but at the expense of the color that would become darker. This technique is widely used for beef, but it could be useful in the pork industry since the increasing offer of lean meat has reduced its natural tenderness. We investigate Italian consumer preferences for dry aging applied to pork loin and the effect of information on consumer acceptance. A sample of 264 consumers was surveyed in June 2014 in Bologna, Italy, using a hypothetical rank-based conjoint analysis. Data were analyzed using a rank-ordered logit (ROL) approach. Results suggest that consumers preferred dry-aged pork loin to fresh pork loin. They also preferred products labeled with Italian origin and having low fat content. Factors affecting the intention to purchase dry-aged pork loin are age and information on dry aging.     

From frozen continent to tourism hotspot? Five decades of Antarctic tourism development and management,and a glimpse into the future

Representing the main commercial activity on the Antarctic continent, Antarctic tourism is increasingly thrust into the limelight as both benefactor and detractor to the environmental and political integrity of Antarctica. In view of its unprecedented growth, questions arise about the limitations of future tourism development in Antarctica. This paper assesses Antarctic tourism development over the last five decades and evaluates its current and future status from the viewpoints of Antarctic tourism stakeholders. This assessment is informed by interviews with Antarctic tourism stakeholders and a Delphi study undertaken in 2007. The authors found that Antarctic tourism stakeholders are concerned about the increasing scale and diversification of Antarctic tourism and generally subscribe to a conservation imperative when expressing their hopes for the future use of Antarctica and the development of Antarctic tourism. In conclusion, the rapid development of Antarctic tourism requires structural, institutional and legislative changes if Antarctic tourism regulation is to remain successful.     

Disclosure Control of Business Microdata: A Density-Based Approach

For continuous key variables, a measure of the individual risk of disclosure is proposed. This risk measure, the local outlier factor, estimates the density around a unit. A selective masking method based on the nearest-neighbour principle and microaggregation is also introduced. Some results of an application to the Italian sample of the Community Innovation Survey are presented.     

National and Regional Impacts of an Increase in Value-Added Tax: A CGE Analysis for South Africa

The South African National Treasury expected a revenue shortfall of R48.2 billion in 2017/18 and proposed tax policy measures to raise an additional R36 billion in 2018/19. A key component to raise the additional revenue was a 1% point increase in the VAT rate to 15% effective from 1 April 2018. The increase in the VAT rate was not welcomed as it would increase the cost of living, especially for the poor. We investigate the potential economy-wide and regional impacts of raising VAT and increasing public spending on education and health. We do this by developing and applying a multi-regional model of the South African economy that includes detailed tax and spending features. In this model, when we increase VAT, the impacts are driven by the direct shock to the model, accompanied by differences in regional economic activity. We find that effects on GDP vary between regions but are generally negative.     

Actors' Heterogeneity in Innovation Networks

Several interpretations converge in defining innovation networks as formed by heterogeneous actors, mainly identified in universities, research centers, and business companies. While the issue of actors' heterogeneity has generated active debate in strategy and organization studies, there has been little discussion so far in exploring the role of this diversity in innovation networks.Drawn from previous literature, we identify six attributes of actors' heterogeneity which seem to matter for the development of collaborative innovation: goals, knowledge bases, capabilities and competences, perceptions, power and position, culture. This paper is aimed at pursuing issues in need of further investigation. In particular 1. how the interplay of diverse actors' attributes shapes the interaction process in the development of collaborative innovation; 2. if and how combinations of their attributes are more likely to generate certain consequences in interaction; and 3. the degree to which heterogeneity is preferable to homogeneity for the effectiveness of innovation networks. In a recursive relationship, we also call for more research on the mechanisms that lead actors' attributes to change as an effect of interaction as well as on the interaction capabilities actors apply to manage heterogeneity.