An efficiency characterization of plurality rule in collective choice problems

We consider the problem of selecting alternatives from a set of feasible alternatives over which each agent is endowed with a strict preference. We show that there is one and only one rule that satisfies anonymity, neutrality, efficiency, tops-only, and reinforcement. The rule is known as plurality rule, which selects the alternative(s) most preferred by the largest number of agents. I would like to thank William Thomson for helpful suggestions and discussions. I am grateful to Biung-Ghi Ju, Hyungjun Kim, and Yan-An Hwang for detailed comments. I am also indebted to the Editor and an anonymous referee for valuable suggestions. As usual, I am responsible for any remaining deficiency.     

A noise-robust estimator of volatility based on interquantile ranges

This paper proposes a new class of estimators based on the interquantile range of intraday returns, referred to as interquantile range based volatility (IQRBV), to estimate the integrated daily volatility. More importantly and intuitively, it is shown that a properly chosen IQRBV is jump-free for its trimming of the intraday extreme two tails that utilize the range between symmetric quantiles. We exploit its approximation optimality by examining a general class of distributions from the Pearson type IV family and recommend using IQRBV^.04 as the integrated variance estimate. Both our simulation and the empirical results highlight interesting features of the easy-to-implement and model-free IQRBV over the other competing estimators that are seen in the literature.     

User-oriented design for the optimal combination on product design

This paper presents a new approach of user-oriented design for transforming users’ perception into product elements design. An experimental study on mobile phones is conducted to examine how product form and product color affect product image individually and as a whole. The concept of Kansei Engineering is used to extract the experimental samples as a data base for Quantitative Theory Type I and neural networks (NNs). The result of numerical analysis suggests that mobile phone makers need to provide various product colors to attract users, in addition to product forms. This paper demonstrates the advantage of using NNs for determining the optimal combination of product form and product color, particularly if the product into design elements. Based on the analysis of NNs, we can use 72 representative product colors of each mobile phone to develop a product color data base consisting of 16777216 (=256×256×256, True-Color model) colors with the associated product image. The design data base provides useful insights to save any amount of money and time for the new product development. The product designers can input a product image to work out an adequate color on a mobile phone. Furthermore, the design data base can be used, in conjunction with computer-aided design system or virtual reality technology, to build a 3D model for facilitating the design process of mobile phones. Although, the mobile phones are chosen as the object of the experimental study, this approach can be applied to other products with various design elements.     

A meta-regression analysis on the willingness-to-pay for country-of-origin labelling

Food quality and food safety issues arouse increasing interest and concern among consumers and policy-makers. Consequently, the importance of country-of-origin labelling (COOL) is increasing in business, policy and research. Numerous studies have reported a wide range of estimates for consumers' willingness-to-pay (WTP) for COOL using stated preference methods and, in particular, discrete choice experiments. We apply meta-regression analyses to synthesise the heterogeneous results of 204 WTP for COOL estimates extracted from 59 studies which used discrete choice experiments and were published between 2009 and 2020. Meta-regression analysis allows an adjusted summary proxy to be derived for the WTP for COOL and the determinants of heterogeneity in reported WTP estimates are also investigated. Our results suggest that there is a significant positive WTP for COOL, and also reveal that the reported WTP estimates are unaffected by publication bias. In addition, they show systematic variation in WTP estimates across the context and methodological characteristics of the studies. More precisely, we find that the region and the product (animal- vs. plant-based) analysed, as well as certain characteristics of the choice design (e.g., the number of attributes used, or the inclusion of an opt-out option) can have a significant impact on the estimated WTP for COOL. Finally, our results reveal significant differences in price premiums between various types of COOL (e.g., domestic vs. foreign). This highlights that results from individual primary studies should not be generalised without further consideration of the underlying study design.     

Enhancing value-in-use in the FinTech innovation context

The contribution of this study is its investigation of the engine driving consumer value-in-use through a resource—integration capability—value framework from the perspective of a resource-based view and a capability-based view. We analyze how business resources and consumer resources influence individual and collective value-in-use via the causal mechanisms of resource integration capability and relationship integration capability. The study surveys 511 respondents in the greater Taipei area and employs a structural equation model to examine eight hypotheses. The results show that the main causal path was that consumer resources had a positive impact on relationship integration capability. Relationship integration capability showed a primarily positive impact on collective value-in-use.     

Determinants of Taiwan's outward investment in Southeast Asia: Economic factors and institutional issues

This paper investigates the economic and institutional determinants of Taiwan's outward direct investment in six Southeast Asian countries from 1998 to 2017, applying the panel ARDL–Pooled Mean Group estimation. We specially examine the effects of institutional quality with five dimensions inclusively, using the Worldwide Governance Indicators. The results show the locational economic factors are the primary determinants in the long run. The tight and historic trading relation with Southeast Asia has a long-run positive effect. On the contrary, the institutional quality of the host countries has strong positive effects in both the long run and short run. Further, the paper displays the dynamics of this investment in the last 20 years. These results are important for Taiwan and Southeast Asia policy-makers in setting up the short-run and long-run policies to sustain their diversified economic growth.