Kalyanam and Shively [1998. Estimating irregular pricing effects: a stochastic spline regression approach. Journal of Marketing Research 35 (1), 16–29] and van Heerde et al. [2001. Semiparametric analysis to estimate the deal effect curve. Journal of Marketing Research 38 (2), 197–215] have demonstrated the usefulness of nonparametric regression to estimate pricing effects flexibly. The empirical results of these two studies, however, also revealed that nonparametric regression may suffer from too much flexibility leading to nonmonotonic shapes for price effects. In this paper, we show how the problem of nonmonotonicity can be dealt with without losing the power of flexible estimation techniques. We propose a semiparametric approach based on Bayesian P-splines with monotonicity constraints imposed on own- and cross-price effects. In an empirical application, we illustrate that flexible estimation of own- and cross-price effects can improve the predictive validity of a sales response model substantially, even when price response curves were constrained to show a monotonic shape, as suggested by economic theory. We also discuss the consequences from an unconstrained estimation of price effects. 相似文献
This article investigates empirically the determinants of central banks’ reserve holdings for a large panel data set of developing
and transition countries covering the period from 1975 to 2003. It estimates both a static and a dynamic relationship and
applies estimators for homogeneous and heterogeneous panel data. Thereby, it examines the extent to which conclusions of panel
data studies on the determinants of international reserve holdings are robust to the inclusion of dynamics as well as to the
consideration of heterogeneity across countries. The results show that the neglect of dynamics and heterogeneity in country
behaviour may lead to misleading inferences. Independently of the chosen estimation method, the findings suggest that trade
openness and external debt are robust determinants of the level of reserves. Central banks take precautionary measures against
the downside of the increasing international economic integration. 相似文献
In this article we describe a holistic, ecological framework that takes into account the surface structures and pedagogical approaches in the studio and how these elements are connected to the construction of design knowledge: epistemology. In our development of this framework, we came to understand how disciplinary underpinnings and academic culture shape the ways that studio is enacted. Using practice theory, we illustrate our framework with two examples—one in Industrial Design and another in Human Computer Interaction—that demonstrate the ways in which the studio can act as a bridge between academic and professional communities. We came to see the studio as a unique practice community that connects academic and professional contexts. We argue that successful implementation of studio-based learning involves an awareness of disciplinary canons, ontological approaches to knowledge, and the academic constraints on studio-based approaches to learning. 相似文献
We investigate the incentives of private firms to adopt new technologies. Econometric investigation is performed on a pooled sample of individual US airline firms over the period 1971 to 1986 for which extensive information on available jet aircraft technology and fleet choice have been recorded. Given the incidence of successive commercial aircraft innovations and variation in production attributes across firms, we are able to consider a wider array of ‘time-dependent’ and ‘time-independent’ adoption influences than in previous firm-level studies. To the extent that our study provides useful general insights into adoption decisions by firms, the results have implications for US global competitiveness policy. One key finding is that firms subject to increased product market competition exhibit a higher propensity to adopt technological innovations. 相似文献
In this paper we briefly recall what is meant by economic sociology, basing our definition principally on the works of R. Swedberg and M. Cranovetter. We then focus on the questions and problematics which are more particularly relevant to the history of economic and sociological thought in such a way as to make explicit the kind of past in relation to which economic sociology is most pertinent. We shall thus be induced to correct certain explanations and to propose a slightly different perspective on the origin of economic sociology. This historical work enables us to formulate a definition of economic sociology based on two key concepts - economic institution and economic action - and allows us to articulate what economic sociology actually is, rather than merely describing what it is not. Finally, we show that these propositions are not without interest in relation to the present-day economic sociology that tends to go by the name - made fasionable by Granovetter and Swedberg - of ‘New Economic Sociology.’ 相似文献
The increase in demand for nature-based tourism brings economic and educational benefits but risks the introduction of invasive species. Increasing the length of tourist trips can better balance these benefits and risks by maintaining revenues while reducing the number of unique contacts with tourists. Changing the relative prices of trips can induce tourists to take longer trips. We hypothesized that providing information about the negative externalities of tourism could improve the effectiveness of such pricing strategies.
We administered one of two discrete choice surveys to tourists considering a trip to the Galapagos. One of the surveys described the Galapagos as a fragile ecosystem susceptible to invasive species; the second described it as a standard nature-based destination. For each sample, we estimated the probability of the tourist choosing a short versus long trip, given the tourist's personal information and trip options presented to him. We then simulated the demand for trips using three pricing strategies. We found that providing information on invasive species significantly increased the efficacy of strategic pricing. We propose using a two-prong approach to tourism management: educate potential tourists about the islands’ vulnerabilities, and simultaneously increase the per-day cost of short trips relative to that of longer trips. 相似文献
We explore the interdependence of leverage and debt maturity choices in Real Estate Investment Trusts (REITs) and unregulated listed real estate investment companies in the U.S. for the period 1973-2011. We find that the leverage and maturity choices of all listed real estate firms are interdependent, but in contrast to industrial firms, they are not made simultaneously. Across the different types of real estate firms considered, we find substantial differences in the nature of the relationship between leverage and maturity. Leverage determines maturity in non-REITs, whereas maturity is a determinant of leverage in REITs. We suggest that the observed differences reflect the effects of the REIT regulation, rather than solely being a function of real estate as the underlying asset class. We also present novel evidence that the relationship between leverage and maturity in both firm types can be used to moderate the effects of other exogenous financing policies. 相似文献