Europoly Money: How Do Tourists Convert Foreign Currencies to Make Spending Decisions?

This paper examines how tourists convert foreign currencies to make spending decisions. Six studies demonstrate how sequential (Study 1) and simultaneous (Study 2) exposure to nominally different (but economically identical) prices, and the manner in which tourists perform currency conversions (Studies 3–5) influence price perceptions and purchase intentions. Study 6 shows the effects using macroeconomic spending behavior from 1993 to 2008 spanning the introduction of the Euro. The general discussion concludes with a model of how numerical inputs are combined to make judgments as a function of the number of inputs available and their ease of use.     

Gambling: The misunderstood sport— a problem in social definition

Abstract

The prevailing social science perspective views gambling as a socially deviant activity with detrimental consequences for the individual and society. This paper presents an alternative perspective which views gambling as human play sharing much of the structural and functional components of acceptable sport activity. Gambling has conventional rules for defining participation, for determining legitimate winning and losing, and for judging expert performance. It also has regulatory commissions, standardized equipment, symbols, an element of sociability, and it promotes a collective validation of the basic values of society. This perspective allows the social scientist to examine gambling behavior in a theoretical framework which focuses on the features of gambling shared in common with other legitimate sport activity. This paper explores two popular forms of social gambling, race track and casino, showing how they reflect contemporary American culture while they provide recreation for players. We have found among recreational gamblers a well developed subculture that places their form of play directly in the mainstream of American values, despite the moral critics who proclaim gambling to be a major social problem. In fact, the gambling problem may be better understood as an ideological conflict between gamblers and the moral judges of the proprietary limits and functions of sports.     

The role of neighborhood characteristics in mortgage default risk: Evidence from New York City

Using a rich database of non-prime mortgages from New York City, we find that census tract level neighborhood characteristics are important predictors of default behavior, even after controlling for an extensive set of controls for loan and borrower characteristics. First, default rates increase with the rate of foreclosure notices and the number of lender-owned properties (REOs) in the tract. Second, default rates on home purchase mortgages are higher in census tracts with larger shares of black residents, regardless of the borrower’s own race. We explore possible explanations for this second finding and conclude that it likely reflects differential treatment of black neighborhoods by the mortgage industry in ways that are unobserved in our data.     

Determinants of the incidence of U.S. Mortgage Loan Modifications

This paper combines data on the performance of mortgage loans with detailed borrower, neighborhood, and property characteristics to examine the factors that determine the outcomes of seriously delinquent loans. We employ multinomial logit models in a hazard framework to explain how loan, borrower, property, servicer and neighborhood characteristics affect which of the following four outcomes results from a seriously delinquent loan: (1) the borrower cures the delinquency; (2) the borrower and lender agree to modify the loan; (3) the borrower suffers a liquidation (short sale, deed in lieu, foreclosure auction sale or REO); or (4) the loan remains delinquent. In particular, we focus on mortgage modification. We find that the outcomes of delinquent loans are significantly related to: current LTV, FICO scores, especially risky loan characteristics, the servicer of the loan, neighborhood housing price appreciation, and whether the borrower received foreclosure counseling.     

Household investment decisions and offspring gender: parental accounting

Numerous behavioural factors have been identified as having an impact on household stockholding decisions. Given there is both theoretical and empirical evidence to support the premise that offspring gender can influence specific types of parental preferences, I test the theory that offspring gender has an effect on parental investment decision-making. I find that offspring gender does influence household stock market participation. Specifically, I find that having only female offspring can significantly increase the probability of stockholding. Given stockholding can have large effects on household wealth levels and that family wealth levels affect intergenerational transfers, this finding could have important implications for understanding distributional welfare issues.     

A female ghetto? Women's careers in call centres

Although several studies have shown that women make up the majority of the call centre workforce, their role and position in this new and expanding industry has not yet been examined. This article makes a contribution to the research gap by exploring the extent and nature of the career opportunities open to women within call centres. Current portrayals of call centre work appear to indicate that these new workplaces offer very little in the way of either job satisfaction or potential for career progression. Indeed, on the basis of existing research evidence it could be concluded that call centres represent little more than female job ‘ghettos’. The article assesses this claim by drawing on women's own accounts of their work experiences and their perceptions of their prospects.