Do casinos pay their customers to become risk-averse? Revising the house money effect in a field experiment

The house money effect predicts that individuals show increased risk-seeking behavior in the presence of prior windfall gains. Although the effect’s existence is widely accepted, experimental studies that compare individuals’ risk-taking behavior using house money to individuals’ risk-taking behavior using their own money produce contradictory results. This experimental field study analyzes the gambling behavior of 917 casino customers who face real losses. We find that customers who received free play at the entrance showed not higher but significantly lower levels of risk-taking behavior during their casino visit, expressed through lower average wagers. This study thus provides field evidence against the house money effect. Moreover, as a result of lower levels of risk seeking, endowed customers yield better economic results in the form of smaller own-money losses when leaving the casino.     

Causal complexity for passengers’ intentions to re-ride

This study explores the relationship among service range, ride convenience, motivation to ride, satisfaction with facilities, service satisfaction, and intention to re-ride. The conveyance of interest is the Puyuma Express because its transport service last year carries out the overall electrified era in eastern Taiwan and its vast passenger capacity breaks the record over the past 128 years. The very high passenger capacity includes passengers who are on their first ride but, to a much greater extent, passengers who are re-riding. This fact motivates this research. This work involves a carefully designed questionnaire, and uses both web-based and paper-based questionnaire surveys to collect data. The number of valid samples thus obtained was 228. Multiple regression analysis (MRA) and fuzzy set qualitative comparative analysis (fsQCA) are utilized to test proposed research framework. The two methods yield completely different results. MRA reveals that satisfaction with facilities, service satisfaction, ride convenience, and service range are together responsible for the strong intentions of passengers to re-ride. FsQCA identifies seven complex antecedent paths that are responsible for strong intentions to re-ride. The latter explains outcome more comprehensively than the former. The motivation to ride is an important condition in fsQCA and should not be eliminated as MRA suggests. This empirical study elucidates the causal complexity for passengers’ intentions to re-ride, and contributes to theory and practice in the domains of both transportation marketing and consumer behavior.     

Investment cooperation of Russia and France: Influence of sanctions

The article analyzes the current state of Russian–French investment relations and their prospects, and highlights the factors determining them. Special attention has been paid to sectoral and regional aspects of French investment in Russia.     

Money-based underlying inflation measure for Russia: a structural dynamic factor model approach

We estimate a dynamic factor model for the cross section of monetary and price indicators. We extract the common part of the dataset’s fluctuations and decompose it into structural shocks. We argue that one of the shocks identified has empirical properties (in terms of impulse response functions) that are fully in line with the theoretically expected relationship between money growth and inflation, confirming that the process identified has the capacity for economic interpretation. Based on this finding, we decompose recent inflationary developments in Russia into those that are associated with changes in monetary stance and other shorter-lived shocks.     

International project finance: review and implications for international finance and international business

This literature review analyzes the global phenomenon of international project finance (PF) as both a management and finance instrument, allowing practitioners to realize large scale infrastructure projects in high risk contexts. After describing the characteristics of PF, its historical origins and its unique benefits for empirical inquiry, I summarize the findings of academic research from an interdisciplinary perspective. Based on this integration of Finance, Management and International Business research, I discuss the theoretical implications for each field that emanate from PF. Finally, I identify possibilities for future research and propose a more balanced, interdisciplinary academic treatment of PF.     

Exchange rate volatility and bilateral exports of Malaysia to Singapore,China, Japan,the USA and Korea

This study examines the impact of exchange rate volatility on bilateral exports of Malaysia to Singapore, China, Japan, the USA and Korea. Exchange rate volatility is estimated by an autoregressive conditional heteroscedasticity model. The Johansen cointegration method and the dynamic ordinary least squares estimator are used in the estimations. There is some evidence of exchange rate volatility to have significant impact on real total exports in the long run, but more evidence of exchange rate volatility is found to have significant impact on sub-categories of real total exports in the short run. The impact of exchange rate volatility differs across bilateral exports. The impact of exchange rate volatility on exports can be negative or positive. Generally, exchange rate volatility is not harmful to bilateral exports of Malaysia.     

Model misspecification effects for biased samples

The model misspecification effects on the maximum likelihood estimator are studied when a biased sample is treated as a random one as well as when a random sample is treated as a biased one. The relation between the existence of a consistent estimator under model misspecification and the completeness of the distribution is also considered. The cases of the weight invariant distribution and the scale parameter distribution are examined and finally an example is presented to illustrate the results.