The competitive and anticompetitive aheories of advertising: an empirical analysis

Pairs trading is a popular dollar-neutral trading strategy. This article, using the components of the S&P 500 index, explores the performance of a pairs trading system based on various pairs selection methods. Whereas large empirical applications in the literature focus on the distance method, this article also deals with well-known statistical and econometric techniques such as stationarity and cointegration which make the trading system much more demanding from a computational point of view. Trades are initiated when stocks deviate from their equilibrium. Our results confirm, after controlling for risk and transaction costs, that the distance method generates insignificant excess returns. While a pairs selection following the stationarity criterion leads to a weak performance, this article reveals that cointegration provides a high, stable and robust return.     

The man-machine interface

The basic objective of this article is to define a composite measure of human capabilities that could also be used to measure the “skill” requirements of various manufacturing tasks. In the course of our research, however, we have come to the conclusion that most human workers (at least in the “semiskilled” categories) are not employed for their manual skills, or dexterity, but for a different purpose. Although our basic objective remains unchanged, our research focus has shifted to the emerging competition between human workers as machine process controllers in certain highly engineered environments, and the use of sensor-based, computerized systems for the same purpose.     

Volunteers and Pseudo-Volunteers: The Effect of Recruitment Method in Dictator Experiments

We report the results of experiments that test for behavioral differences between volunteer subjects recruited in the usual way and pseudo-volunteer subjects in experiments conducted during class time. In a series of dictator games, we find that psuedo-volunteers are more generous on average than their volunteer counterparts, and that non-monetary factors such as religious or altruistic preferences have a greater effect on the giving behavior of pseudo-volunteers.     

原型理论在化妆品广告中的运用

原型理论最早运用于文学研究,后来广泛运用于艺术、美学、影视、品牌策划、甚至企业管理中。在化妆品广告中有效地运用原型,可以赋予产品永恒的意义,从而更好地促进品牌形象的宣传,通过分析原型理论在化妆品广告中的运用,为化妆品广告设计者提供参考。     

浅论网络广告“病毒式营销”

随着中国互联时代的到来,网络作为新兴的广告媒体,日益成为企业及广告运营商关注的焦点。与传统的大众传播方式不同,网络广告具有成本低、即时性、开放性的特点,在企业新产品上市推广,促销及企业形象传播方面起着重要作用。本文试图从网络广告"病毒式营销"的概念、优劣势,以及运作时应注意的问题等方面做出阐述。     

The strategic nature of advertising in segmented markets

We develop a simple model in which firm-specific advertising has cooperative and predatory effects. Our model is set in a static market where firms are naturally segmented into two distinct submarkets: several large firms located in the core, with small firms operating as a fringe. We test the net effect of opposing market size (cooperative) and market share (predatory) effects of both fringe and core firm advertising on the advertising decisions of large firms in several US consumer industries. Empirically, fringe firm advertising leads to an increase in advertising efforts by large firms, implying strategic complementarity. On the other hand, increased advertising by core firms in an industry decreases advertising expenditures of other core firms, indicating they are strategic substitutes. Our findings imply that equilibrium levels of advertising can be greater with asymmetric, rather than symmetric, strategic interactions.     

Tourism and advertising: Evidence from Virginia beach

In recent years, the City of Virginia Beach, Virginia, has been spending more than two million dollars per year to promote tourism for the city. However, very little is known about the effects of such advertising on overnight visitors. On the basis of a survey of 1,200 overnight visitors during the summer of 1991, this study estimates the effect on tourism and the subsequent fiscal effect of tourism advertising expenditures. The study also calculates a rate of return from advertising from the perspective of a governmental revenue maximization objective function. This paper develops a travel cost model of the impact of advertising on overnight visitation to the city. The model provides, ceteris paribus, that advertising expenditures of 2.4 million dollars in 1991 resulted in an estimated 600,000 additional visitors. The paper concludes that if the City's objective is to maximize public profit, then it should expand its advertising budget. An earlier version of this paper was presented at the Forty-Fourth International Atlantic Economic Society Conference, Philadelphia, Pennsylvania, October 9–12, 1997. The authors are equally responsible for the contents of this paper.     

The welfare implications of advertising and extension under uncertainty

This paper specifies an adoption model based upon Bayesian learning and exogenous information generation. Formulae for welfare effects are derived and calibrated using Green Revolution agricultural data. The effects of intervention through the dissemination of new information are then estimated numerically. The simulations indicate that gains to intervention can be substantial. Intervening with slowly adopted marginal technologies is as beneficial as intervening with superior technologies. Taken from Shampine [Am. J. Agric. Econ. 2 (1998).], which examined intervention in the presence of learning externalities, the results suggest that if adoption is slow, and information is the primary constraint, the gains to intervention are generally substantial relative to the costs.     

关于当前契税征管工作的几点思考

近几年来,我国房地产市场持续火爆,为契税征收工作带来前所未有的机遇。征地费用的提高、建材价格上涨,增加了房地产建筑成本,居民消费理念的变化促使高档商品房、豪华别墅大力兴建,城镇居民收入的增加及流动性资金过剩促使居民投资房地产、购买产权商铺意识强烈,这些因素均促进了房地产业的快速发展和契税收入大幅增长。从我市的情况来看,2005年到2007年,     

The Hotelling rule in non-renewable resource economics: A reassessment

Harold Hotelling's 1931 contribution is known for providing a basic principle—the Hotelling rule—to the economics of non-renewable resources. Nearly 90 years later, empirical tests conclude the rule lacks empirical validity, requiring strong amendments to describe the long-term, aggregate behaviour of its target object. On the basis of Hotelling's unpublished archival material, this paper revisits the place given to the Hotelling rule in non-renewable resource economics. Our reconstruction shows that Hotelling's 1931 paper has been misinterpreted: from the outset, the Hotelling rule was not valid for mineral resources. In contrast, the consideration of two inherent geological constraints, alongside exhaustibility, offered the opportunity for an alternative basic framework, capable to generate bell-shaped and U-shaped equilibrium trajectories for supplies and prices, respectively. Inspired by this unknown aspect of Hotelling's work brought to light by our archival investigation, we sketch this alternative basic model, enabling non-renewable resource economics to circumvent the empirical shortfalls of the Hotelling rule.     

Optimal advertising of auctions

We study a symmetric independent private values auction model where the revenue-maximizing seller faces a cost cn of attracting n bidders to the auction. If the distribution of valuations possesses an increasing failure rate (IFR), the seller overinvests in attracting bidders compared to the social optimum. Conversely, if the distribution is DFR, the seller underinvests compared to the social optimum. If the distribution of valuations becomes more dispersed, both, a revenue- and a welfare-maximizing seller, attract more bidders.     

Personalized pricing and advertising: An asymmetric equilibrium analysis

We study personalized price competition with costly advertising among n quality-cost differentiated firms. Strategies involve mixing over both prices and whether to advertise. In equilibrium, only the top two firms advertise, earning “Bertrand-like” profits. Welfare losses initially rise then fall with the ad cost, with losses due to excessive advertising and sales by the “wrong” firm. When firms are symmetric, the symmetric equilibrium yields perverse comparative statics and is unstable. Our key results apply when demand is elastic, when ad costs are heterogeneous, and with noise in consumer tastes.     

粗糙集技术在人才招聘中的应用

人才是企业的灵魂,招聘决策的优劣直接影响到今后企业发展的前途。将启发式数据挖掘中的粗糙集技术引入企业CEO的智能决策中,利用粗糙集理论,通过预加工、数据约减等步骤从企业现有员工数据库中收集员工属性信息,消除多余的属性,并由此确定决策要求,协助人事经理拟定录用员工的具体条件。     

Cooperation in a Stochastic Transboundary Fishery: The Effects of Implementation Uncertainty Versus Recruitment Uncertainty

This paper examines how non-binding cooperative agreements on fisheries management can be sustained when the management plans in participating countries are implemented imperfectly, and compares the effects of implementation uncertainty and of recruitment uncertainty on the potential for cooperation. The model developed assumes two countries that share a fish stock. Reproduction depends on how much fish each country leaves behind after harvesting and hence on random variation in each country’s achieved abandonment level. A self-enforcing agreement is proposed that accounts for the random variation. The agreement is illustrated with a numerical example. A self-enforcing cooperative solution can only be sustained when uncertainty is not pronounced and when the two countries control close to equal shares of the fishery. Even when a cooperative agreement can be achieved, frequent phases of reversion to non-cooperative harvest levels are needed to support the agreement. A comparison of the effects of recruitment and implementation uncertainty on implicit cooperation indicates that implementation uncertainty is more likely to hamper cooperation.