The epistemic claim to the life-world: Alfred Schutz and the debates of the austrian school of economics

The aim of this article is to make a contribution to the reflection on the “interpretive turn” within Austrian economics going back to Alfred Schutz’s notion of life-world sketched out in his first book The Phenomenology of the Social World. In the context of the discussions on how hermeneutics can enrich economics, the problem of objectivism in the production of knowledge is emphasized, i.e., the danger of substitution of social reality upheld by social scientists. Although Schutz’s links with the Austrian School are well known, specialized literature, has not found in Schutz’s work comprehensive solution to the problem that objectivism sets forth regarding the production of knowledge in social sciences. In this article we aim to recover the radical character that Schutz granted his project on phenomenological foundation of social science concepts based on a thorough philosophical analysis of the features of the life-world. We will argue that Schutz sets off based on the problem objectivism in the production of knowledge and offers an answer geared towards the epistemic claim to the life-world. In this regard Schutz draws up a solution that brings together both at the life-world level and at the scientific reflection level, the subjective and objective, the aprioristic and the historical aspects of experience in a phenomenologically based continuum. Finally, and deeply connected to these considerations, new conceptual elements are brought forth to think of the problem of social order.     

A review of consumer decision-making models and development of a new model for financial services

It is recognised that existing theories of Consumer Decision Making (CDM) are not well suited for financial services and there have been calls for development of a new conceptual model. This article reviews prominent models of CDM and identifies strengths and limitations. A new conceptual model that is applicable to financial services is developed. An important element of the model is the recognition that the components interact rather than a consumer following a linear progression through a series of stages. The new model better reflects the iterative decision-making process relevant to financial services and enhances marketers’ understanding of the process and thus their ability to influence it to increase the likelihood of positive outcomes for all. The model has three main components: inputs, processes and outcomes. Inputs include the purchase situation (contextual and environmental variables), consumer characteristics (psychological and social influences) and information sources (marketing mix and interpersonal). Processes include need arousal, information utility, criteria development and evaluation of alternatives. Outcomes include the decision (that may be to abort the purchase), the purchase itself and post-decision evaluation. Further research is required to test the relationships between the variables in different contexts, and thus enable refinement and/or validation of the model.     

Cost-effectiveness analysis of a sealing hemostat patch (HEMOPATCH) vs standard of care in cardiac surgery

Background: A recent randomized controlled trial showed that patients undergoing ascending aorta surgery treated with HEMOPATCH to control bleeding had a significantly better hemostasis success rate than with dry or wet gauze compression or similar standard of care (SOC).

Objective: To compare the cost-effectiveness using two different agents for hemostasis (HEMOPATCH vs dry or wet gauze compression or similar SOC) in cardiac surgery from the European hospital perspective.

Methods: A literature-based cost-effectiveness model estimating average cost per successful hemostasis event was developed based on the hemostasis efficacy difference (HEMOPATCH?=?97.6%, SOC?=?65.8%, p?<?.001). Additional clinically significant end-points studied in the trial (blood transfusions and surgical revisions) were also analyzed. It was assumed that each surgery utilized two units of HEMOPATCH (dimensions of 4.5?×?9?cm) and two units of SOC. Product acquisition costs for HEMOPATCH and SOC were included along with outcome-related costs derived from the literature and inflation-adjusted to 2017 EUR and GBP. Results are presented for an average hospital with an annual case load of 574 cardiac surgeries. One-way and probabilistic sensitivity analyses were performed.

Results: Considering only product acquisition cost, HEMOPATCH had an incremental cost-effectiveness ratio (ICER) of €1,659, €1,519, €1,623, and £1,725 per hemostasis success when compared to SOC for Italy, Spain, France, and the UK, respectively. However, when considering the cost and potential difference in the frequency of transfusions and revisions compared to SOC, the use of HEMOPATCH was associated with an annual reduction of six revisions and 60 transfusions, improving the ICER to €1,440, €1,222, €1,461, and £1,592, respectively. Sensitivity analysis demonstrated model robustness.

Conclusions: This analysis supports the use of HEMOPATCH over SOC in cardiac surgery in European hospitals to improve hemostasis success rates and potential cost offsets from reduced transfusions, complications, and surgical revisions.     

The role of top management teams in transforming technology-based new ventures' product introductions into growth

The literature highlights the importance of top management teams (TMTs) for technology-based new ventures' success in achieving growth, which is often achieved through product introductions. The human capital theory suggests that TMT members' skills, which are typically derived from their education and experience, can facilitate the transformation of new product introductions into growth. We also propose that multiple products that must be managed and brought to the marketplace smoothly and flexibly benefit from the lower coordination needs and conflicts that are typical of functionally homogeneous teams. Using a unique, multi-source dataset on 374 US technology-based new ventures during the period from 2005 to 2014, we find that new product introductions help technology-based new ventures grow only when the TMT has startup experience and is not functionally diverse. Our findings lead us to echo calls in the TMT literature to move away from simple direct-effect models to more situation-dependent analyses of TMT diversity.     

A two-country NATREX model for the euro/dollar

This paper develops a NATREX (NATural Real EXchange rate) model for two large economies, the Eurozone and the United States, which are fully specified and allowed to interact. The theoretical framework, grounded on dynamic disequilibrium modelling approach in continuous time, provides the basis for empirical estimation. The model is estimated in its structural form as a simultaneous nonlinear differential equations system for the 1975–2003 period. The estimated parameters are then used to derive the simulated Euro/USD NATREX series in- and out-of-sample that offers the benchmark against which the misalignements of the actual real exchange rate are measured.     

Dynamic Interplay of Visual and Textual Identification Strategies in Employees’ Magazines

This article explores how an organization’s identity is strategically communicated through texts and images in the employees’ magazines of a global Danish company with a worldwide readership of over 18,000 employees. Drawing on an interdisciplinary methodological framework related to organizational identification theory and social semiotics, it proposes a multimodal analysis model through which several identification strategies are explored at the level of each semiotic mode and at the level of their interplay. The article explains how identity is strategically communicated in accordance with the potential and constraints of texts and images. It claims that by exploring how these semiotic modes reinforce, complement or subvert each other, the identification strategies can be more thoroughly addressed. Shedding light on how the multimodal interplay contributes to communicate identity, this model can also be employed by communicators in order to nuance and improve their strategic communicative practice. By examining the semiotic modes’ complex interconnectivity and functional differentiation in the strategic communication of identity, this article expands the existing research work as the usual textual focus is extended to a multimodal one.     

Do social networking sites contribute for building brands? Evaluating the impact of users' participation on brand awareness and brand attitude

Social networking sites (SNSs) have attracted increasing attention from brands, which look at the platform as a privileged communication channel to reach their audiences. Despite their growing adoption, few research efforts have been devoted to evaluate SNSs' concrete implications for the brands. The current study addresses this opportunity, proposing a model that evaluates the impact of users' participation in SNSs on brand awareness and brand attitude, the two main pillars of brand knowledge. The study focuses on brand like pages in Facebook, the most used SNSs platform for brands. An online quantitative survey with brand like page users of leading brands in Facebook was implemented. Confirmatory factor analysis was used to estimate the measurement model and structural equation modelling was used to test the proposed research hypotheses. The results identify a significant, positive and direct impact of users' participation on brand awareness. Brand attitude also substantially benefits from users' participation, but this relationship is mediated by brand awareness. The findings help to validate SNSs' significant role on building brand knowledge and to position users' participation at the core of brands' SNSs objectives. Furthermore, the study provides a practical research framework, easily adapted for monitoring purposes and managerial guidance. Future research directions are discussed.     

The new public corruption: Old questions for new challenges

This paper focuses on corruption in public procurement. It describes the contemporary face of corruption by investigating the role of public accountability in the fight against corruption. The paper describes a specific episode of corruption relative to the awarding of government contracts for big events, such as the celebration of the 150th anniversary of Italian unification. Relying on the philosophical insights of Rousseau, Popper, Kant and others, the study suggests the need for enabling a democratic control and constructing a public ethics for the common good.     

Electronic Finance: Reshaping the Financial Landscape Around the World

In recent years, the emergence of electronic finance—especially online banking and brokerage services, and new trading systems—has reshaped the financial landscape around the world. This paper reviews these developments and finds that they are greatly impacting the structure of and competition in financial services industries and will have a large impact on incumbents. Its assessment of how e-finance, and globalization more generally, affects countries highlights the need for changes in four financial sector policy areas—safety and soundness, competition policy, consumer and investor protection, and global public policies—to mitigate risks and reap as much as possible the potential benefits of e-finance.     

Chaos and the exchange rate

Chaotic exchange rate models are structural models built in discrete time (difference equations), and show that with orthodox assumptions (PPP, interest parity, etc) and introducing plausible nonlinearities in the dynamic equations, it is possible to obtain a model capable of giving rise to chaotic motion. However, none of these models is estimated, and the conclusions are based on simulations: the empirical validity of these models is not tested. In this paper, a continuous time (the exchange rate is obviously a continuous variable) exchange rate model is built as a non-linear set of three differential equations and its theoretical properties (steady state, stability, etc,) analysed. The model is then econometrically estimated in continuous time with Italian data and examined for the possible presence of chaotic motion. This paper also shows that the continuous time estimation of economic models built as systems of nonlinear differential equations is a very powerful tool in the hands of the profession.