Institutional attitudes to property investment in the UK — last waltz of the dinosaurs round the ‘prime property’ totem pole?

Summary

Institutions which own and develop property are just beginning to recognize that they are offering a product which no longer enjoys a guaranteed market with ever increasing returns. In the increasingly difficult and discerning letting markets of the 1980's they are having to accept that the price (both in rental and capital terms) of the product they own and offer will depend entirely on how it meets the needs of their customers, the tenants. Like many other quasi‐monopolists used to operating in protected markets in the past, they may find the process of adjusting to this new world goes further, last longer and hurts more than they expect. Against that background, the traditional distinctions between ‘prime’, ‘secondary’ and ‘tertiary’ property in the investment market, as well as the old dividing lines between the office, industrial and retail categories are beginning to break down. Hillier Parker, for example, have published research suggesting that rents of secondary shop properties grew much faster than ‘prime’ rents over the past five years. The lowest yields, and highest prices, rents and investment ratings must eventually come together to produce an explosion of relative value in the locations and buildings with the best record and prospect of growing tenant demand.     

Food Manufacturers’ Sustainable Product Launch Strategy: Game Theory Approach

This article constructs a manufacturers’ sustainable food product launch game theory based model to understand the decision-making. The results based on derivations and simulations of the egg industry show that the lead manufacturer and the follower manufacturer have different launch criteria for sustainable products. The lead manufacturer decides to launch a sustainable product when the relative maximum willingness to pay for the sustainable product is higher than the relative cost and/or the absolute value of the maximum willingness to pay for the sustainable product is sufficiently higher than the absolute value of the cost of the sustainable product. The follower launches primarily based on the degree of substitution. When consumers perceive that the sustainable product is differentiated and distinguishable enough from the conventional product, the follower is more likely to launch a sustainable product. The simulation results show that egg manufacturers, both the leader and the follower, under both the worst and best case scenarios will launch sustainable egg products to increase their profit. Our results are supported by industry data, which shows that both national and store brand manufacturers have increasingly marketed sustainable eggs over the past few years.     

The Effect of Extrinsic Product Attributes of Pineapple Juice on Consumer Intention to Purchase

This study aimed to investigate the extent to which consumer information concerning several attributes of the pineapple juice packaging, including the manufacturing process, influenced the consumer intention to purchase. It is suggested that high-pressure technology retains nutrients as vitamins and keeps sensory attributes closer to those of fresh foods. These advantages meet the increasing consumer demand for healthy products and a more differentiated food assortment. However, the benefits provided by these products are not always communicated to consumers. Although information about the technology (high-pressure) had been positively considered by consumers when fruit juice consumption was taken into account, fewer studies have focused on this aspect. The effect of 5 attributes of the package (information on manufacturing process, product definition, production information, price, and brand name) on the pineapple juice consumer intention to purchase was investigated by 96 fruit juice consumers. Information about technology (high-pressure) positively contributed to the consumer pineapple juice intention to purchase and showed to be essential when it is applied on pineapple juice production, being a useful approach when adequately communicated to consumers.     

Selling at the Farmgate or Traveling to Market

Using detailed survey data from Uganda, this article examines whether coffee producers sell to itinerant traders or directly to markets, where they can get a higher price but must incur a transport cost. We find that selling to the market is more likely when the quantity sold is large and the market is close by. Wealthy farmers are less likely to sell to the market, possibly because the shadow value of their time is higher. But if they have a large quantity of coffee for sale, they are more likely to sell it to the market. They are also more likely to travel to a distant market. These findings are consistent with their better ability to pay for public transportation. We find no evidence that the decision to sell at the farmgate is driven by a self-control motive.     

生态建设与消费产品贸易市场一体化的探讨

消费需求是生产建设的动力和目的,决定生态建设过程、设计、经营管理方式和人文社会背景特征:生态建设是以需求为核心的复杂动态、过程和系统。消费需求动态发生变化,整个生态建设的复杂系统也随之发生变化。消费产品贸易市场一体化改变贸易的数量、方式、成本、速度、场所、规则等,进而改变生态建设产品消费的数量、内容、特征等消费需求动态和时空演变规律。市场一体化通过改变需求动态对生态建设产生全方位的深刻影响。     

小型水利工程产权制度创新的SCP分析

在“结构行为绩效”的分析框架中,市场结构(S)决定市场行为(C),继而决定市场绩效(P)。小型水利工程产权制度创新实质上是一种市场结构的变化,通过SCP分析,可以看出小型水利工程具有垄断竞争市场结构,其产业化经营可以提高规模效率,并且有利于水资源的合理配置。工程供水价格的制定是促进小型水利工程产业化的重要一环,政府应该用价格杠杆引导和调节产业化经营。小型水利工程产业化的SCP范式分析结果给人们的启示是:水价要在政府的指导下合理制定,不应完全由市场定价;应该用政策引导和资金支持来提高水利工程经营者组织化和引导非农资本进入小型水利工程产业;对于小型水利工程的改制,应该采用政府引导、农民主动参与的方式,采取以点带面的方法,分地区、分阶段、有计划地实行。     

新时期关于绿色食品开发的探讨

在经济、农业、生态环保等因素的共同作用下,绿色食品开发进入全新时期,并且面临着大众消费认知不足,产品结构不合理,开发投入有限,假冒伪劣问题严重,品牌缺乏等问题,必须尽快采取合理对策来解决这些问题。对此,必须做好开发规划,同时增加开发投入,规范市场发展并重视品牌打造,从多个方面推动绿色食品开发的稳定发展,探索高效的开发模式。     

Recessionary period activities in forest sector firms: Impacts on innovativeness

The Global Financial Crisis (GFC) provides a unique setting to study innovativeness and customer orientation in forest sector firms. Considerable research has focused generally on innovativeness in forest sector firms, but little attention has been given to the actions of firms to the chaotic market environment during the GFC. Our objective is to clarify how a customer orientation and the practice of developing new markets during a market downturn results in enhanced knowledge-based resources, manifested as increased innovativeness. Our longitudinal design includes data representing 2012 and 2015 from 89, US-based forest sector firms. Responding firms are more focused on process than product innovativeness. During the GFC, responding firms concentrated more on foreign market development than on domestic market development. Firms with a stronger customer orientation in response to the GFC realized higher innovativeness post-GFC. Also, firms actively developing new foreign markets in response to the GFC realized higher process innovativeness. Our results support a stronger customer focus for forest sector firms as it translates to increased innovativeness and potentially improved product development. In addition, allocating resources to foreign market development during financial downturns can be a strategy to build innovativeness.     

Sales location among semi‐subsistence cassava farmers in Benin: a heteroskedastic double selection model

In much of rural Africa, high transaction costs limit farmers’ market participation and thus their potential for income growth. Transaction costs can affect not only whether a farmer sells product but also whether sales occur at the farm gate or at a market. If production behavior is related to a chosen sales location, then analysis of interventions can be improved by explicit consideration of the decision of where to sell. This article develops a double‐selection model that explains consumption and production decisions by semi‐subsistence farmers who first decide whether to be a seller and then whether to sell at the farm gate or at an off‐farm location before deciding on production and consumption. The study tests the validity of this dual‐criteria model against a single‐criterion model in which a grower first decides to be a seller and then decides production, consumption, and sales location simultaneously. The results suggest that the dual‐criteria model provides more information than the single‐criterion model using a sample of cassava producer in Benin.     

Concept Optimisation in Innovation Through Conjoint Analysis

Abstract

The objectives of this study were to identify the optimal extrinsic and intrinsic attributes for a range of chilled nutrientenriched orange juice beverages; and to evaluate the contribution of advanced concept optimisation research techniques to new product design and the strategic marketing of innovative functional beverages. A conjointbased survey was administered in both Dublin and Cork between May and September 2004. The results suggested that firms should not rely solely on functionality to leverage a competitive advantage when developing functional beverages. Advanced concept optimisation research techniques contribute towards effective knowledge management in the new product development (NPD) process.     

Firm Dynamics with Tradable Output Permits

We study firm dynamics, firm value, equilibrium permit prices and market efficiency in a natural resource industry that is managed with tradable output permits. New firms must purchase capital and output permits before they enter. Active firms must consider the economic cost of capital and the cost of owning the permit when contemplating exit. The value of the capital used in the production process has nonseparable effects on permit prices and market efficiency. Costly investment reversibility (in the firm's productive capital) and uncertainty reduce permit prices and prolong the abandonment of unproductive capital. Policies to improve economic performance are identified.     

遂昌县竹炭产业发展面临的问题及其对策

剖析浙江省遂昌县竹炭产业发展中面临的诸如企业主思想观念落后、企业规模偏小竞争实力不强、土地和资金短缺、林产品市场体系发育不健全等问题。在明确遂昌竹炭业今后发展基本思路的同时,提出了加强学习,进一步转变观念;组建以现有龙头企业为核心的企业集团;切实推进产品结构的调整和优化;有效应对和化解企业发展中遭遇的瓶颈因素等相应的对策,以促进遂昌县竹炭产业的快速发展。     

国际石油市场变异与中国的能源战略

石油及其制品,无论作为生产中的中间投入,还是用于居民生活消费,都是一次性消费品,石油交易在本原上应属于产品市场.由于期货市场的发展,国际石油市场投机性增强,属性发生变异-从产品市场演变为具有产品市场和虚拟经济市场双重性的市场,并形成经济泡沫.在这样的市场上,消费者要被迫按资产价格购买消费品.这类泡沫很难消除,中国宜调整能源战略,以适应形势,抵御损害,使自己立于不败之地,并谋求长治久安之计.     

大区地调中心专业发展趋势分析——以中国地质调查局西安地质调查中心为例

做实做强,是每一个企业、每一项事业所追求的主要目标。这在社会化大生产分工越来越细的今天,愈发明显。地质勘查单位也不例外,要有自己拿手的专业,并做到"人有我优,人优我特"的专业成绩,才有可能在激烈的竞争中站住脚。实践证明,"大而全"或"小而全"的经营模式已经落伍,而科学地选择专业,加强专业建设,应当成为当今地勘单位关注的重点。中国地质调查局西安地质调查中心重视专业建设,形成了行之有效的专业管理模式,笔者对此进行了调查研究,并对大区地调中心专业发展的趋势进行了分析。     

世纪初农民分化的实证追踪研究——以山东省为例

随着社会市场化改革的深化,中国农民已成为变化最大的社会群体,同质性农民的分化日益明显,这既促进了农村市场经济的发展,又不可避免地出现了一些新问题。对农民分化的态度决定着农村经济发展的走向。本文旨在通过对2003年、2005年和2007年山东省农民分化的实证追踪研究,把握农民分化的真实情况,估量农民分化的历史趋势。     

浙江省林产品贸易现状及其国际竞争力提升途径

浙江既是经济大省又是资源小省,入世后国际市场国内化、国内市场国际化趋势日趋明显。如何有效利用国际国内两个市场、两种资源,扩大木质林产品进口缓减资源短缺压力,同时提高非木质林产品市场竞争能力扩大出口,是今后浙江林业发展的重要战略选择。本文通过对1997～2002年浙江主要林产品进出口情况进行分析,认为浙江林产品进出口贸易具有:⑴进出口规模小,但增长幅度快;⑵进口林产品以木质资源为主,具有较强的资源补缺作用;⑶出口林产品结构不断优化,附加值不断提高等特点。在分析林产品国际贸易环境新变化的基础上,提出了提升浙江省林产品国际竞争力的具体途径。     

Influence of Informed Buyers in Markets Susceptible to the Lemons Problem

It is shown that the presence of informed buyers is necessary but not always sufficient for producers to use prices as signals of product quality. A sufficiently high fraction of informed buyers eliminates the lemons problem. A small fraction of informed buyers mitigates the lemons problem, provided that buyers' prior belief of high quality is sufficiently pessimistic: price reveals high quality at a signaling cost which increases with market power. However, if buyers' prior belief of high quality is optimistic when the market is poorly informed, then the lemons problem is not overcome.     

Does Production Labeling Stigmatize Conventional Milk?

Production labeling is a common approach for differentiating otherwise similar products in the marketplace. While these labels may convey positive messages to consumers about the new product, they may simultaneously stigmatize the conventionally produced product by highlighting perceived problems. The net economic result for producers can be negative since consumers may decrease their willingness to pay for the conventional product that dominates the market, while the new product has a relatively small market share. This experimental research identifies this stigma effect in the case of milk, where the introduction of rBST-free and organic milk reduces consumers' willingness to purchase conventional milk.     

企业行为对地理标志林产品品牌竞争力的影响

基于结构方程模型,从企业行为角度(即企业的管理制度、组织协调和营销活动3个方面)对地理标志林产品品牌竞争力的影响因素进行实证研究。结果表明:管理制度、组织协调、营销活动等企业行为与提升地理标志林产品品牌竞争力具有显著正相关关系;就中介作用而言,品牌传播力在组织协调与品牌竞争力之间起完全中介作用,而管理制度、营销活动与品牌竞争力之间起部分中介作用。因此,针对企业层面提出企业应不断完善内部管理制度、重点管理地理标志林产品的质量、充分发挥企业组织的协调功能、及时优化企业林产品市场营销策划、积累地理标志林产品品牌传播力等建议。     

Driving forces behind vineyard abandonment in Slovakia following the move to a market-oriented economy

The abandonment of farmland has become a widespread phenomenon in post-socialist countries that have seen revolutionary changes in their economic systems. The phenomenon is notable in vineyard areas, where abandonment leads to the loss of the unique character of vineyard landscapes. This paper assesses the extent of vineyard abandonment in Slovakia and analyses the driving forces behind it. We used statistical and Corine Land Cover data to map the change in vineyard areas in Slovakia and analyse the pressure of underlying driving forces. Special attention was paid to small-scale, traditionally managed vineyards that were not changed by agricultural collectivisation and are now considered to be traditional agricultural landscape structures. These areas were mapped using Google Earth aerial photography combined with field research. A case study of the Svätý Jur area provided a detailed analysis of the changes, driving forces and perceptions of local residents. This area is representative of a historical vineyard area that has been deeply affected by the country's political and economic transformations. We found that over the past 20 years almost half the vineyard area in Slovakia has been abandoned or converted to arable land. The import of cheap grape must and wines, increased production costs and insufficient agricultural subsidies have made viticulture unprofitable. Local farmers perceive financial instruments and an inadequate market as limiting factors for farming, together with weak support from local government and the expansion of unsuitable housing. While 65% of local people said they would engage in viticulture if it was more profitable, 31% showed no interest in farming at all. Abandonment of the vineyards is continuous process resulted from the economical and cultural changes after the transition to market-oriented economy. Government support should be directly aimed to protection and management of traditional small scale vineyards and their historical, cultural, biodiversity, and aesthetical values.