Tradable and non-tradable expenditure and aggregate demand for imports in an emerging market economy

Using an assumption of non-separability of non-tradable expenditure from imports, this paper examines the impact of the structural transformation undertaken after 2001 on imports and, in turn, the current account stance of Turkey. In this regard, an import demand function is derived under the assumption of non-separability, and is estimated using quarterly time series data from Turkey. The empirical results show that the assumption of non-separability cannot be rejected in the case of Turkey and the relative prices of non-tradable and tradable goods must be among the determinants of import demand in addition to the relative price of imports and real GDP. This result accordingly implies that recent increases in import expenditure are, to some extent, due to changes in the relative price structure in favour of non-tradable goods.     

Business process management in hotels: with a focus on delivering quality guest service

Quality & Quantity - In this study business process management as a tool of improvement service quality is introduced and it is examined that how it can be used to improve service quality in...     

The Ottoman dissolution and the İstanbul bourse between war and peace: a foreign exchange market perspective on the Great War

The participation of the Ottoman Empire in the First World War caused economic disruptions, huge budget deficits, surmounted inflation rates and excessive depreciation of Lira, the Ottoman currency. Based on the value of Lira against the currencies of Switzerland, Netherlands, Sweden that were not in the war, we focus on the effects of news about the war on the foreign exchange rates at the ?stanbul bourse from 1918 to 1919. Our results signify some dates, which match the announcements of the armistices and peace meetings, heralding continuous depreciation of Lira. Thus, the findings support the presence of an expectation on the dissolution of the Ottoman Empire with the peace, marked by the escalation of the loss in trust for the Lira and the power of the state in foreign exchange interventions.     

Network Imitation to Deal with Sociocultural Dilemmas in Acquisitions of Young,Innovative Firms

This article expands current acquisition literature to include sociocultural challenges on inter‐organizational levels following acquisitions of young, innovative firms. Socioculture here denotes network parties' shared values, belief systems, and practices. Three acquisitions illustrate their consequences. The young, innovative firms and their acquirers are part of different networks, have dissimilar motives for pursuing business, and work within different time frames. To potentially improve knowledge transfer and integration, the acquirer can learn from the innovative firm's network interactions; choose targets among its own network parties; organize its governance into a separate business unit; practice reverse value integration from the acquired party; and carefully promote practices that foster innovativeness. The article contributes to research on acquisitions of young, innovative firms through pointing to how values and practices are interlinked in networks, and how the imitation of the acquired party's network interaction may help to sustain its innovativeness and transfer knowledge between the acquirer and acquired party. © 2013 Wiley Periodicals, Inc.     

On the existence of expected multi-utility representations

We prove the following facts related to the expected multi-utility representation of an affine preorder: If the prize space is not compact and if the lottery set consists of all probabilities on the prize space, standard independence and continuity axioms do not guarantee the existence of a (continuous) representation. If the prize space is σ-compact and lotteries have compact support, a representation exists. When the preorder in question is bounded, this result extends to the set of lotteries that consists of all probabilities on the prize space. For the case of monetary lotteries, the boundedness assumption in this last result can be dropped, provided that the preference relation at hand is monotone and risk-averse.     

Productivity Changes and Changes in the Requirements of Imports in the Swedish Economy, 1957–1980: an Input–Output Study

The present paper reports on a study where Swedish input–output data are exploited for the first time to analyse changes over time in the requirements of labour, capital and imports per unit offinal output. Individual commodity groups and the whole of the economy are objects of analysis within the framework of the Leontief open static model. Total labour coeflcients declined for all but one of 26 commodity groups. Changes in the intermediate structure are in general of less importance than changes in direct labour coefficients. The hypothesis that imports were substituted for labour or labour-intensive domestic intermediates finds support in the data analysed. The increasing capital/labour ratios observed harmonize with the increasing costs of labour also registered for the period of study.     

Systems approach in landscape design: a studio work

Landscape architects design the environment, which is an organic part, an outdoor extension of the building, according to the various functions of buildings. One of the most important objectives in design is to create a strong organization which forms a whole by combining different parts. While creating this organization, it is essential to establish relationships, make the designed elements related and obtain a unique design product. This relationship can be established only with the systems approach. It is a difficult process. For this reason, it was aimed in this study to teach Landscape Architecture students how to achieve designs meeting both creative and user needs. Thus, students will learn how to create successful open spaces with the high level of use which is one of the most important problems nowadays. In this respect, this article has two purposes. The first purpose is to create a study diagram by suggesting the systems approach theoretically. Student works will be evaluated according to this study diagram. The second purpose is to investigate the contribution of the course conducted with the systems approach to the design education. In this study, the systems approach was explained to the students of the Department of Landscape Architecture at Karadeniz Technical University and they were made to design the residence and its immediate surroundings within the scope of the 3rd semester. Then, the effect of the systems approach on the creative and applicable designs of the students was determined with the survey study conducted. The results of this study reveal the importance of the systems approach for both design education and urban designers.     

Heterogeneity in the determinants of length of stay across middle age and senior age groups in thermal tourism

ABSTRACT

Water has been seen as a healing source of life for centuries. Even the placebo effect of thermal therapies increases consumers’ well-being. Especially with easy traveling options demand for thermal therapies are on the rise. Users of thermal therapies are mostly composed of seniors. Even though age groups in the senior market have heterogeneous needs, managers assume them to be homogenous. Measuring thermal tourism demand by the length of stay, this study analyzed the determinants affecting the length of stay of older thermal tourists. The length of stay is predicted to have been affected by age, purchasing power, physical distance, and seasonal preferences. Even though all of the above have an effect on the length of stay, we find that age is the main determinant deciding the duration. These results may serve as a starting point for policymakers and tourism managers to tailor strategies to increase income streams associated with length of stay.     

Perpetual growth,the labor share,and robots

ABSTRACT

The recent literature on the economic effects of machine learning, robotization and artificial intelligence suggests that there may be an upcoming wave of substitution of human labor by machines. We argue that these new technologies may lead to so-called perpetual growth, i.e. growth of per capita income with a non-progressing state of technology. We specify an exact parameter threshold beyond which perpetual growth emerges, and argue that ongoing technological change may bring the threshold in reach. We also show that in a state of perpetual growth, factor-eliminating technological progress reduces the role of labor in the production process and that this leads to a rising wage rate but ever-declining share of wage income. We present simulation experiments on several policy options to combat this inequality, including a universal basic income as well as an option in which workers become owners of ‘robots’.