Can incentives mitigate student overconfidence at grade forecasts?

Research shows that college students exhibit bias in their forecasts of exam performance. Most students are overconfident in their forecasts, academically weaker students are the most overconfident, and top-performing students are underconfident. The literature identifies negative repercussions of these biases, including inadequate preparation for exams. A recurring attribute of this literature is the absence of meaningful incentives for students to forecast accurately. We implement an extra credit scheme to incentivize accurate forecasts. Depending on how forecast bias is measured, the scheme mitigates bias by top-performing students and marginally mitigates bias by other students. Our results have several implications. First, we illustrate an extra credit tool instructors can use to incentivize students to make more thoughtful assessments of their future exam performance. Second, we show how the association between incentives and forecast bias differs across student groups. Finally, we show that results in this literature are sensitive to how bias is measured.     

Seasonal Homes and the Local Property Tax: Evidence from New York State

This study examines the growth of seasonal (i.e., second or vacation) homes and their impact on local property tax rates using evidence from towns and villages in New York State between 1990 and 2000. We find that a greater concentration of seasonal homes in a municipality is associated with a lower effective property tax rate in towns, and a higher rate in small and rural villages. An alternative measure of tax burden, property taxes as a percentage of median household income, is not related to the presence of seasonal homes in towns but is positively related in small and rural villages. Our findings for towns contradict the findings of an earlier study by Fritz (1982 ) that found that an increase in town property allocated to vacation homes was significantly associated with an increasing property tax rate, although our findings for villages supports his findings.     

Can highway investment policies influence regional growth?

If a highway investment policy instrument is to alter growth in the manner desired, two criteria must be satisfied: (1) the policy instrument must be implemented, and (2) the implementation must achieve the desired policy goal. A look at three decades of highway policy goals (slowing net population growth, reducing arterial congestion, and fostering city-specific population increases) and policy instruments (zoning and sewer restrictions, gridded networks, and highway facility construction or non-construction) provided insights regarding the extent to which Virginia's growth-oriented highway investment decisions satisfied these two criteria.Crucial to the first criterion is that a policy instrument will not be implemented if it lacks a supporting mechanism. For example, the policy instrument of gridded networks in this study lacked any ordinance, financial incentive, or training to facilitate its implementation. Crucial to the second criterion is that highway investments are not effective for achieving a growth-related policy goal. Development will continue in a region despite efforts to slow it by deleting new roads from master plans or will occur elsewhere despite efforts to target it in a specific area.     

Stakeholders,the natural environment and the future of Caribbean cruise tourism

Given the sheer complexity of effectively managing the web of potential stakeholders in any tourism development it is argued that for the future of Caribbean cruise tourism, the task is compounded by several key issues that warrant discussion. These include the economic dependency of the Caribbean region on tourism, the inequity of power relations between the various stakeholder groups and the lack of proven collaboration within this fragmented region of culturally diverse islands. This paper addresses these issues, discussing the importance of collaboration and planning for development, highlighting the disparate needs of the different stakeholders involved and drawing attention to the continuing paradox between maximising the opportunities presented by Caribbean cruise tourism whilst effectively managing its sustained development. Copyright © 2004 John Wiley &Sons, Ltd.     

Consumer responses to generic products

Plain-label generic products consisting of food and household staples and cigarettes have made significant inroads into the market shares previously held by the national brands of manufacturers and the private brands of wholesalers and retailers. Although the small number of published research studies analyzing purchasers of generic products have described the user as a member of an upscale professional, college-educated household, the research reported in this paper analyzed both demographic and lifestyle characteristics of generic users, non-users, and aware nonusers. Purchase behavior, product evaluation variation, and purchase probabilities for the three segments are examined. Acceptance of generic products appears to adversely affect the sales of national brands more than private brands, since most generic product purchasers had previously purchased national brands.     

Coupons and 'everyday low prices': price competition with multiple instruments

Abstract A simple two‐stage game is examined, where firms compete in prices by chosen pricing instruments. Those considered include a simple, uniform pricing technology and a promotional pricing technology like an advertised discount coupon. Consumers are separated by types, informed and uninformed. Therefore, a motive for price competition exists for the purpose of separating the two types of consumers. It is shown that the sustainability of an asymmetric choice of pricing instrument between the two firms will prevail in a duopoly market in equilibrium. Consequently, the coexistence of two different pricing schemes is viable even when firms are otherwise symmetric. JEL Classification: L1, L13
Coupons et « bas prix tous les jours >> : concurrence par les prix à l'aide de multiples instruments Ce mémoire examine un simple jeu à deux étapes dans lequel des entreprises se concurrencent par les prix à l'aide d'un instrument particulier. Les instruments considérés incluent une simple technologie de prix uniforme, et une technologie de prix de promotion sous la forme de l'annonce d'un coupon d'escompte. On divise les consommateurs en deux groupes – ceux qui sont informés et ceux qui ne le sont pas. Un des motifs pour ce genre de concurrence est de séparer les deux types de consommateurs. On montre qu'on peut soutenir un choix asymétrique d'instrument de tarification entre les deux entreprises dans un marché de duopole en équilibre. En conséquence, la coexistence de deux stratégies de prix différentes est viable quand les entreprises sont symétriques sous tous les autres rapports.     

Energy and capital: substitutes or complements? Some results for the UK industrial sector

This paper investigates the substitutability or complementarity possibilities between capital, labour and energy in the UK industrial sector, with particular attention to the captial-energy relationship. It is found, using the translog-cost-function approach, that capital and labour as well as energy and labour are substitutes. However, capital and energy are found to be complements.     

The role of business support organisations in the process of retailer internationalisation

In the field of international retail research, there has been little attention paid to the role of business support organisations in the process of internationalisation. Given the barriers to foreign market expansion, the focus of this study is to investigate the importance of facilitating factors, in the form of business support organisations, which can assist retailers in the process of international expansion. A qualitative research methodology was employed and the findings provide evidence relating to three important areas: firstly, the types of business support programmes available to retailers seeking to internationalise from the UK, secondly, the barriers encountered by retail companies expanding overseas, and thirdly, how government and private organisations can assist in helping retailers overcome these hurdles.     

Personality traits and economic activity

Following Lynn’s (1991) studying showing that the scores of undergraduate students in 43 countries on variables such as work ethic and achievement motivation predicted per capita income and economic growth rates in those countries, the present study explored whether the average scores of residents of the 50 states in the United States were associated with the gross state product. States whose residents scored higher on openness had higher gross state products while those whose residents scored higher in openness and lower on neuroticism had higher gross state products per capita.