The case for educated UK consumers: the National Consumer Council's consultation on consumer education

Consumer education is an integral part of the consumer empowerment mix. Over recent years the importance of consumer education as a vital tool for protecting consumers and making them better informed has been increasingly recognized in the UK. As part of the developing policy debate in the UK, the National Consumer Council (NCC), one of the key consumer champion bodies, has been arguing the case for a national strategy for consumer education. In order to establish whether a national strategy was needed and, if so, how a strategy could be structured and introduced, the NCC carried out a national consultation. In excess of 100 responses were obtained from a very broad range of organizations. This paper provides a review of the secondary data gathered for the NCC research. It was found that although there are many organizations and networks involved in consumer education in the UK, it lacks focus, is fragmented and is not efficient or coordinated. The research highlighted a need for a strategic approach to place educated and empowered consumers at the heart of the marketplace.     

The Fourth International Symposium on Intelligent Systems in Accounting,Finance and Management

The Fourth International Symposium on Intelligent Systems in Accounting, Finance and Management ranks as the oldest, on-going meeting on the use of artificial intelligence (AI) in business. The conference spotlights a wide range of issues with both theoretical/practical and behavioral/technological dimensions.     

The prepayment option on mortgage securities: A random coefficient approach

Using the Swamy (1970) model for pooled data and a Hildreth and Houck (1968) model for individual securities, this article investigates whether the parameters describing the prepayment behavior of the fixed-rate debt underlying mortgage-backed securities are better estimated as a stochastic behavior. Empirical results indicate that differences between securities are random. The Hildreth and Houck model yields additional information on randomness over time. The use of the aggregate data to estimate prepayment of individual securities, as opposed to use of the prepayment history of the individual security, may yield more reliable results.     

User voice and complaints as drivers of innovation in public services

User voice and complaints can serve as important inputs to innovation in public services. User knowledge can be harnessed to provide insights and ideas that prompt more effective service responses and add value to service delivery. However, the mechanisms for harnessing user voice and complaints are often not fully understood, and their potential is often underdeveloped. This paper elaborates a conceptual framework which maps the processes by which user voice and complaints might prompt effective public service innovation. Six practical real-world examples are then presented and analysed to illuminate discussion of some critical success factors for consumer-knowledge-enabled innovation.     

Understanding the Change–Cynicism Cycle: The Role of HR

Employee change cynicism is an unintended consequence of organizational change, which can undermine the effectiveness of change initiatives. Based on social information processing theory, we examine the impact of two human resource roles (administrative expert and strategic change agent) on the relationship between the quantity of organizational change and employee change cynicism. Using multilevel data from 1,831 employees in 70 organizations, we find employees who are exposed to more organizational change report higher levels of change cynicism. However, the strength of the organizational change–cynicism relationship is affected by the role of HR in the employees’ organizations. When HR undertakes an administrative expert role, change is more likely to generate change cynicism. When HR undertakes a strategic change agent role, change is less likely to generate change cynicism. Our results suggest that organizations need to think carefully about the role of HR during organizational change and encourage HR to adopt a strategic change agent role. © 2015 Wiley Periodicals, Inc.     

Eudaimonic well-being,inequality, and health: Recent findings and future directions

The theoretical and philosophical underpinnings of a eudaimonic model of well-being are examined, and its empirical translation into distinct dimensions of well-being is described. Empirical findings have documented aging declines in eudaimonic well-being, but there is considerable variability within age groups. Among older adults who remain purposefully engaged, health benefits (reduced morbidity, extended longevity) have been documented. Eudaimonic well-being also appears to offer a protective buffer against increased health risks among the educationally disadvantaged. Neural and genetic mechanisms that may underlie eudaimonic influences on health are briefly noted, and interventions designed to promote eudaimonic well-being are sketched. Needed future research directions include addressing problems of unjust societies wherein greed among privileged elites may be a force compromising the eudaimonic well-being of those less privileged. Alternatively, and more positive in focus, is the need to better understand the role of the arts, broadly defined, in promoting eudaimonic well-being across all segments of society.