A method for reducing information asymmetry in destination–airline relationships

We propose a measure of business risk in air travel demand at the route level that can reduce information asymmetry during route development negotiations between tourism destinations and airlines. Aviation-exposed risk (AER) conveys information about the level of uncertainty with regard to air travel demand from an airline’s perspective. Using AER, tourism destinations and air service development teams can evaluate their risks from the perspective of the airline and its network. From there, an assessment can be made as to the value of air services in certain circumstances, including whether a direct underwrite or risk share between airlines and destinations is viable and necessary. By applying a portfolio analysis to an airline’s network, we find evidence that AER does indeed mimic the actual capacity distribution of the network. This provides support for AER as a useful risk measure to be used in practice.     

The public house and its role in society's margins

The aim of this conceptual paper is to explore the contribution of the British public house (pub) to marginalised sections of the community. There is a long tradition that celebrates the pub's quasi-egalitarian ethos as welcoming people from all walks of life. However, increased financial pressures on the pub sector dictate an evolution in this role, especially towards disadvantaged sections of society. This situation merits further examination by researchers, managers and policy makers. The paper draws on evidence from different traditions of research including management, sociology, history and geography, to develop a conceptual framework highlighting the issues facing these stakeholders in today's business environment.     

COMPETITION VERSUS STABILITY IN BANKING

COLLECTED WORKS OF WALTER BAGEHOT: THE ECONOMIC ESSAYS, VOLUMES IX—XI, edited by Norman St John Stevas