Eliciting Willingness‐to‐Pay through Multiple Experimental Procedures: Evidence from Lab‐in‐the‐Field in Rural Ghana

This paper has the objectives of (a) comparing estimated willingness‐to‐pay (WTP) across three elicitation mechanisms (a Becker‐DeGroot‐Marschak [BDM] auction, a kth price auction, and a choice experiment [CE]) and (b) examining how these vary by participation fee. The product under consideration is kenkey made with nutritious maize, biofortified with vitamin A, which gives it a distinct orange color, in contrast to the white and yellow varieties that are traditionally consumed. We use an experiment consisting of 14 treatment arms, conducted in rural Ghana. Our estimation strategy explicitly accounts for the censored (typically at the market price) nature of the bids in the auctions, and the apparently lexicographic choices of several individuals in the CE. We find no evidence of economically meaningful (defined by the minimum currency unit of five pesewas) differences in WTP (although they may be statistically significant) across elicitation mechanisms, or by participation fee, a result that is in contrast to that found in much of the literature. A secondary finding is that the provision of nutrition information positively and significantly affects the marginal WTP for the new maize.     

Better with coffee: Synergies and library patronage

Agglomeration effects are a relatively well‐studied phenomenon in the marketing literature, but few works have attempted to quantify the benefits to a library of having another business nearby. Taking advantage of a closure for renovations, we quantify the causal effect of having an open Starbucks on the gate count at a nearby college library. We estimate about a 10% increase in foot traffic at the library associated with the coffee shop being open. At the same time, we see no increase in demand for other library services, implying that the appeal may be to a group of more casual users of the library as a “third place.”     

Mental mapping and heritage visitors’ spatial perceptions

Visitors’ activities tend to be spatially oriented in destinations. Mental mapping is a useful method for revealing how visitors spatially perceive tourism destinations. However, studies of this kind are under-researched in the tourism field. Therefore, this study investigates the ways in which visitors spatially perceive the World Heritage Sites (WHSs) of Macau through the use of mental maps drawn by a sample of 400 respondents. Comparisons of the mental maps revealed that respondents possessed a relatively limited spatial knowledge of the WHSs, and this recognition varied according to the gender, place of origin, travel mode, type of trip, social interaction with local people and length of stay. While the real-life world of visitors was identified by the mental mapping approach, some suggestions for formulating strategies are provided.     

Problem‐Solving Orientations,Financial Self‐Efficacy,and Student‐Loan Repayment Stress

Using data acquired from a four‐time longitudinal survey, we tested a model linking two measures of self‐agency, i.e., problem‐solving orientations and financial self‐efficacy, to student‐loan repayment stress. Of those participants who responded at Wave 4 (N = 855) of a longitudinal study, 396 who had acquired student loans were included in our structural equation model's Mplus analysis. After we controlled for gender, college financial education, ethnicity, and participant annual income, we found that both financial self‐efficacy and negative problem‐solving orientation were related to perceived difficulty. More specifically, those participants with a greater financial self‐efficacy at Wave 4 perceived less difficulty in paying off their loans, while those with a more negative problem‐solving orientation perceived more difficulty in paying off their loans. We also found perceived difficulty to be directly related to the actual difficulty of repaying a loan, and this perceived difficulty was, in turn, associated with loan‐specific stress. We provide implications for financial education.     

Market ambiguity and individual investor information demand

We examine whether ambiguity in the market leads to an increase in information demand by individual investors. Drawing on the asset-pricing model proposed by Mele and Sangiorgi (2015), which incorporates market ambiguity, we measure individual information demand using daily Google searches and measure market ambiguity using a metric based on the market trades of institutional investors. We find that individual investors increase their information demand during periods of greater market ambiguity. We also provide evidence that information demand from individual investors spikes around earnings announcement days primarily when market uncertainty is driven by net-selling activity. Overall, these results suggest that the disagreement among institutional investors either represents uncertainty or contributes to the uncertainty related to a stock, leading to increased demand for information from individual investors.     

The structure of consumer confidence and real value added growth in retailing in the Netherlands

Consumer confidence is a determinant of the willingness to buy and thus of sales in retailing. The main purpose of this study is to investigate whether the structure of consumer confidence in the period 1987-2000 differs from the 1972-87 period. The main finding is that, in the 1972-87 period saving had a precaution motive and in the 1987-2000 period saving had a transaction motive. In the 1972-87 period, the utility and ability of saving were determined by the development of household wealth; and in the 1987-2000 period, the utility and ability of saving are determined by the level of household wealth. The perceived inflation is related more strongly to the perceived development of the general economic situation in the 1972-87 than in the 1987-2000 period. Empirical evidence is found that consumer confidence also influences real sales of retailers.     

INTRODUCTION / THE STATUS OF WOMEN ECONOMISTS IN US UNIVERSITIES AND THE WORLD / THE STATUS OF WOMEN ECONOMISTS IN UK UNIVERSITIES / THE STATUS OF WOMEN ECONOMISTS IN CANADIAN UNIVERSITIES / THE STATUS OF WOMEN ECONOMISTS IN CHINA'S UNIVERSITIES

Abstract

These Explorations, by eight authors from Canada, China, the US, and the UK, examine the current status of women in economics (with an eye mainly toward their status in the academic branch of the profession). The four sections of the work analyze results of surveys that show the distribution of academic positions among women economists in universities in Canada, the UK, the US, and China. The work also provides a short history of the development of committees and groups interested in furthering the status of women in the economics profession and suggests ways to improve the efforts of such groups and the status of women economists.     

Bruce Bendinger (editor), Advertising: The Business of Brands,Chicago: The Copy Workshop, 2001

Abstract

Advertising: The Business of Brands is a “non-genre” text, to borrow a term from film criticism. Genre films, such as Westerns or romantic comedies, follow certain formulas and have recognizable forms (Kaminsky 1991). Similarly, advertising principles texts used in introductory courses are part of a genre that, until now, has included certain recognizable and expected forms. The genre of ad principles texts carries certain expectations about scope, writing style, and layout. These texts provide an overview of the field; are written in a linear, narrative style by the same author or set of authors; and are hardbound books of up to 26 chapters in length. The layout incorporates an abundance of colorful ads and a generous amount of white space for visual appeal.