MEASURING THE PERFORMANCE OF A COMMUNIST COMMAND ECONOMY: AN ASSESSMENT OF THE CIA ESTIMATES FOR THE U.S.S.R.

There are major methodological and practical problems in comparing the performance of capitalist and communist economies. They have been most carefully analysed for the former Soviet Union, for which there was a huge research input, mainly by the CIA. The CIA effort had considerable merit, particularly in assessing Soviet rates of growth. Unfortunately, it was terminated in 1991, partly because it suffered from unduly harsh criticism, partly because its political relevance waned. However, the CIA archives remain an important source for the study of comparative economic growth. It would be extremely useful if they were opened to scholars, a serious loss if they were destroyed.     

The Effect of Overconfidence and Underconfidence on Consumer Value

Although the effect of knowledge miscalibration (i.e., the inaccuracy in subjective knowledge relative to objective knowledge) on consumer purchase decisions has been investigated, its effect in the usage stage of consumption is little understood. This paper examines the effect of knowledge miscalibration in terms of both overconfidence (i.e., when subjective knowledge is inflated) and underconfidence (i.e., when subjective knowledge is deflated) on the dimensions of consumer value (i.e., efficiency, excellence, play, and aesthetics). The paper makes the case that overconfidence and underconfidence should be treated separately as they trigger different consumption consequences. Several hypotheses are tested through two studies: a covariance‐based study (Study 1) and an experimental study (Study 2). In Study 1, overconfidence and underconfidence are measured, while in Study 2 they are experimentally manipulated. Findings of both studies show that underconfidence negatively influences efficiency, excellence, and aesthetics, and overconfidence negatively influences play. Also, Study 1 finds a negative effect of underconfidence on play and Study 2 finds a negative effect of overconfidence on excellence and aesthetics. Findings reveal that knowledge miscalibration negatively impacts consumers’ usage experiences. This implies that in designing product or service experiences suppliers benefit from ensuring that consumers achieve a reduced level of knowledge miscalibration.     

Constancy and integrity: (un)measurable virtues?

Positive psychology seeks to establish a classification of character strengths and virtues based on objective measures, and so to provide guidance on how good character might be developed. However, it offers no substantive theory of the good life. A short critique of this approach is offered, and an alternative mode of empirical enquiry is explored following Alasdair MacIntyre's philosophy. The virtues of constancy and integrity as they appear in the career narratives of leaders in Scottish banking illustrate this mode of enquiry. Empirical enquiry into these virtues reveals a process of interpretation, which is dependent on an understanding of structures in virtue ethics and an understanding of the way that particular agents pursue their own ideas of human flourishing in some particular social milieu. One consequence of this is that, while behavioural tendencies or dispositions might be measurable through statistical method, virtues are not.     

Physical Activity of Remote Indigenous Australian Women: A Postcolonial Analysis of Lifestyle

In the context of rising chronic diseases amongst Indigenous peoples, there are calls for the adoption of more healthy “lifestyles.” In this context, this paper explores thoughts about physical activity from 21 Indigenous families through the voices of women and girls living in remote rural communities in the Torres Strait and Northern Peninsula Area, Australia. Speaking back to physical activity as a lifestyle “choice,” three consistent themes emerged: shame, gendered positioning, and welfarism. In conclusion, the perspectives of Torres Strait islanders and Northern Peninsula Area communities suggest that there are deeply embedded ways of thinking about the body, familial obligations, and the provision of and access to being active that are not consistent with Western health policies predicated upon individuals shouldering responsibility for “taking exercise.”     

Demand for Sport

This article reviews international literature on the demandfor professional sport. The first part presents a conceptualframework for understanding the sources and determinants ofthe demand for professional sporting contests. The second partreviews empirical evidence on key determinants of attendanceat sporting events, and on other sources of demand, such asbroadcasting, sponsorship, and merchandising. The review concludesthat there is still much to be learned about demand for professionalsport, and that there are no simple lessons to be drawn fromexisting literature. But important messages do emerge from studiesof demand for attendance with regard to effects of uncertaintyof outcome, quality of contest, and quality of viewing.     

Escalation effects and the player draft in the AFL

This study investigates escalation effects in the Australian Football League (AFL). We use a sample of players selected in the AFL player draft (National Draft) between 1986 and 2002, and test for escalation effects by examining whether a player's draft order affects his subsequent utilisation by the club to which he was drafted. Utilisation is represented with measures of games played and tenure. Limited evidence of an escalation effect is found. Any relation between a player's draft order and his games played and tenure at the club to which he was drafted is concentrated in the early years of his career, and this apparent relation can be explained by the information about a player's ability that is contained in the player's draft order and by incentives for clubs to provide greater playing experience to higher ability players. Escalation effects in the AFL competition are therefore much weaker than have been found in studies of the US National Basketball Association (NBA). It is suggested that differences in the structure of the competitions may explain why the escalation effect in the AFL would be weaker than in the NBA.     

Quantifying and interpreting world development: macromeasurement before and after Colin Clark

This article is an appraisal of the contributions of Colin Clark to the art of macroeconomic measurement. It traces his place in the historical tradition in this field, provides biographical background and analyses his contributions to national income measurement, international comparisons, agricultural development and the impact of population growth.     

A dynamic almost ideal demand system incorporating consumer expectations

In this paper a theoretical framework is presented for the analysis of the effects of psychological, perceptual or expectational factors on household expenditure within a complete demand system. The model was estimated using the Consumer Sentiment Index, which represents an index of consumer perceptions of economic conditions. Evidence was found for significant expectational effects on five of nine expenditure categories—food at home, alcohol, housing, durables and other services. The direct expectation effects were found to be small in size. The results demonstrate the model's potential usefulness as a framework for modelling consumer behavioral responses to expectations and for evaluating the welfare implications of policy-induced changes in expectations.     

Subprime Lenders and Mortgage Market Completion

Without a subprime market, some borrowers by virtue of poor credit history, unstable income, and other characteristics are unable to qualify for a mortgage. With a subprime market, there is a more complete credit supply schedule with the market pricing for poorer credit quality in the mortgage rate. By completing the capital market, subprime lenders reduce borrowing constraints. The result is a social welfare gain. Low-credit applicants otherwise denied funding are able to qualify by paying higher interest rates in exchange for offering more equity or lower loan-to-value ratios. This prediction is consistent with the subprime applicants financing or refinancing their mortgages at relatively low loan-to-value ratios.