Probability and Mode of Acquisition Effects on Choices Between Hedonic and Utilitarian Options

We examine the effects of probability and mode of acquisition on choices between hedonic and utilitarian alternatives. The results suggest that the lower the probability of receiving the selected item, the more likely individuals will be to choose the more hedonic alternative in a choice set. Mode of acquisition (i.e., whether subjects are choosing in a windfall or a standard purchase situation) is also found to affect preferences, even when probability of acquisition is held constant. Hedonic options appear to be more popular as prizes than as purchases, whereas utilitarian options appear to be more popular as purchases than as prizes.     

Who takes part in film tourism? The analysis of determinants of visiting film locations

Film tourism is one of the fastest developing sub-segments of creative tourism in the 21st century. Many studies investigated tourists' motivation and behavior towards film tourism in the context of psychological and emotional motives and their involvement and experience. However, we still know very little about the structure of visitors of film sites. Utilizing primary data collected in Slovakia and adopting the econometric approach, the aim of this empirical study is to estimate the relationship between preferred trip parameters and the decision to include a visit to a film location in the travel plan. The results suggest that visits to film sites occur to a significant extent by chance, film tourism is additional, mainly to other segments of tourism, characterized as adventurous and explorative experiences. Visits to film locations occur mainly as trips by younger age groups and longer stays, mostly as self-organized trips, regardless of budget, frequency of travel, or gender.     

Taxes and Transfers 1997-2001

Significant change was made to both tax and benefits systemsduring the period 1997–2001. The impact of the changeswhich directly affect households is highly progressive, reflectinga significant increase in means-tested benefit levels. But theunderlying distribution of income has moved such that overallinequality of income has not fallen, and the government hasmade less progress on reducing poverty than it had hoped.     

Measuring economic uncertainty and its impact on the stock market

This paper proposes a novel measure of economic uncertainty based on the frequency of internet searches. The theoretical motivation is offered by findings in economic psychology that agents respond to increased uncertainty by intensifying their information search. The main advantages of using internet searches are broad reach, timeliness and the fact that they reflect actions, rather than words, which however are not directly related to the stock market. The search-based uncertainty measure compares well against a peer group of alternative indicators and is shown to have a significant relationship with aggregate stock returns and volatility.     

FINANCIAL FRICTIONS AND NEW EXPORTER DYNAMICS

This article studies the role of financial frictions as a barrier to international trade. We study new exporter dynamics to identify how these frictions affect export decisions. We introduce a borrowing constraint and working capital requirements into a standard model of international trade, with exports more working capital intensive than domestic sales. Our model can quantitatively account for new exporter dynamics in contrast to a model with sunk export entry costs. We provide additional evidence in support of our mechanism. We find that financial frictions reduce the impact of trade liberalization, suggesting that they constitute an important trade barrier.     

Long-run risk and hidden growth persistence

An extensive literature has analyzed the implications of hidden shifts in the dividend growth rate. However, corresponding research on learning about growth persistence is completely lacking. Hidden persistence is a novel way to introduce long-run risk into standard business-cycle models of asset prices because it tightly intertwines the cyclical and long-run frequencies. Hidden persistence magnifies endogenous changes in the forecast variance of the long-run dividend growth rate despite homoscedastic consumption innovations. Not only does changing forecast variance make discrimination between protracted spells of anemic growth and brief business recessions difficult, it also endogenously induces additional variation in asset price discounts due to the preference for early uncertainty resolution.