Anticipatory Savoring and Consumption: Just Thinking about That First Bite of Chocolate Fills You Up Faster

Two laboratory studies examine how consumers adjust their eating to the size of the portion they expect to receive. Participants who knew in advance that they would receive six pieces of chocolate waited less time before eating each piece and ate more pieces than participants who expected to receive only two pieces when they started, even though both groups were ultimately offered six pieces. In the second study, natural variance in how long participants waited before tasting the chocolates was negatively related to how many additional pieces they thought they could eat after finishing the last piece. These results suggest that increasing the interval prior to taking the first bite of a piece of chocolate reduced overall consumption. When consumers focus their attention on eating, the interval before taking the first bite captures anticipatory savoring—psychologically looking forward to the actual consumption experience.     

A Comparative Analysis of Real and Accrual Earnings Management around Initial Public Offerings under Different Regulatory Environments

While earnings management around IPOs has been researched in a number of settings, there has been a relative absence of work that analyses the impact of the regulatory environment on such activities. We find that the regulatory environment does impact the real and accrual earnings management activities of IPO firms. Our results show that IPO firms listing on the lightly regulated UK Alternative Investment Market (AIM) have higher (lower) levels of accrual‐based and sales‐based (discretionary expenses‐based) earnings management around the IPO than firms listing on the more heavily regulated Main market in the UK.     

Labour Market Deregulation in Australia: The slow combustion approach to workplace change

Since the beginning of the 1990s Australia has experienced a gradual but far-reaching process of labour market deregulation. Labour market deregulation has proceeded primarily through the dismantling of the distinctive system of awards-the main avenue of external, protective regulation in Australia for much of the 20th century. This paper examines labour market deregulation and its implications for the Australian workforce. It situates the changes in terms of their institutional starting point in the award system and the growing pressures in the 1980s for increased labour market flexibility. It argues that labour market deregulation is amplifying existing trends to growth in precarious employment, wage dispersion and the development of a low-pay sector amongst full-time employees. In addition, it is sponsoring a significant fragmentation of working-time arrangements.     

Steps to Space; opportunities for astrotourism

Recent years have seen the emergence of the astrotourist following the $20 million trip by Dennis Tito to the International Space Station (ISS) in 2001. Although this is the preserve of the hyper-elite, within the next decade it is likely that there will be more affordable opportunities on sub-orbital reusable vehicles pioneered by the Virgin group. This paper offers an overview of recent developments in the space tourism industry as a whole and offers definitions for the new sector of astrotourism. Drawing on motivational theory, the study examines the motivations and experiences that astrotourists have demonstrated through interviews reported through the media. However, parallels are demonstrated with the existing terrestrial space tourism industry, which has been largely ignored to date. Consequently the paper also examines the management of these sites and the challenges this niche presents. There is also evidence of a travel career being marketed by space tourism travel agents, dubbed by one interviewee as ‘steps to space’. This builds on potential tourists' existing aspirations for space experiences allied to these companies' credentials in adventure tourism. Whilst sharing parallels to the work of Pearce (1982), the focus of this career on one particular theme is of interest. This theoretical bridging is useful for observing tourism organisations at work, and furthermore uncovers the massive potential that developments in space tourism present for the tourism industry as a whole.     

Farmer Compensation and its Consequences for Environmental Benefit Provision in the Higher Level Stewardship Scheme

The Environmental Stewardship Scheme (ESS) provides payments to farmers for the provision of environmental services based on forgone agricultural income. Consequently, farmers with a relatively low opportunity cost of agricultural land will be particularly attracted to apply for entry into the ESS within a given payment region. This article tests whether there exists a significant relationship between Higher Level Stewardship (HLS) Scheme entry and agricultural yields. Empirically, HLS participation is found to be negatively related to cereal yields at the farm level. This could be associated with ‘auspicious selection’ of land into the Scheme, with greater ‘value for money’ provided by the higher entry of land with lower agricultural forgone income but higher environmental benefit within the region.     

Mathematical optimisation of drainage and economic land use for target water and salt yields*

Land managers in upper catchments are being asked to make expensive changes in land use, such as by planting trees, to attain environmental service targets, including reduced salt loads in rivers, to meet needs of downstream towns, farms and natural habitats. End‐of‐valley targets for salt loads have sometimes been set without a quantitative model of cause and effect regarding impacts on water yields, economic efficiency or distribution of costs and benefits among stakeholders. This paper presents a method for calculating a ‘menu’ of technically feasible options for changes from current to future mean water yields and salt loads from upstream catchments having local groundwater flow systems, and the land‐use changes to attain each of these options at minimum cost. It sets the economic stage for upstream landholders to negotiate with downstream parties future water‐yield and salt‐load targets, on the basis of what it will cost to supply these ecosystem services.     

Input usage,output mix and industry deregulation: an analysis of the Australian dairy manufacturing industry*

In this paper we estimate a Translog output distance function for a balanced panel of state level data for the Australian dairy processing sector. We estimate a fixed effects specification employing Bayesian methods, with and without the imposition of monotonicity and curvature restrictions. Our results indicate that Tasmania and Victoria are the most technically efficient states with New South Wales being the least efficient. The imposition of theoretical restrictions marginally affects the results especially with respect to estimates of technical change and industry deregulation. Importantly, our bias estimates show changes in both input use and output mix that result from deregulation. Specifically, we find that deregulation has positively biased the production of butter, cheese and powders.     

How will EMU affect cohesion?

The new policy environment of EMU affects economic, political and social cohesion in different ways: the policy mix and menu will be reconfigured; it will provide for more macroeconomic stability in cohesion countries; economic competition will intensify and change patterns of specialisation; and comparison of living standards will become easier, which puts pressure on policymakers to reduce inequalities. This article assesses the significance of these effects and their likely consequences in the short, medium and long run. Then the salient cohesion issues as regards eastern enlargement are discussed. Finally, policy conclusions are drawn, mindful of the considerable uncertainties that warrant further research. joint editor of the Journal of Common Market Studies. He has just moved to the European Institute of the London School of Economics and Political Science, UK. He is also Visiting Associate Professor at the University of Aveiro