A NEW APPROXIMATE GLS ESTIMATOR FOR THE REGRESSION MODEL WITH MA(1) DISTURBANCES

This paper introduces a new approximate GLS estimator for the regression model with MA(1) disturbances, which outperforms both the Balestra (1980) and the Park and Heikes (1983) approximations and which is almost as efficient as the exact GLS estimator.     

Self-selection and intermunicipal migration in Canada

"This paper investigates individual intermunicipal migration behaviour in Canada within the context of a human capital model that adjusts for the migrant's selectivity in computing expected income gains. In addition to the typical regional determinants of migration, housing and labour market characteristics are found to influence intermunicipal migration significantly, the effects differing with age. Structural coefficients remained more or less stable during the decade 1971-1981. It is shown that the failure to adjust income gains for selectivity bias results in an underestimation of the migration-impacts of income gains and municipal-specific factors."     

Using website information to reduce postpurchase dissonance: A mediated moderating role of perceived risk

A significant body of research is dedicated to decreasing the product return rate by applying management measures that identify the factors and causes of returns. These studies examine how consumers' product return behavior can be explained by studying the information on retailers' websites. However, these studies have not shown how website information (WI) is linked to product returns. The study by Lee's work observed how product returns are motivated by consumers' need to mitigate postpurchase dissonance (PPD). However, a clear understanding of the relationship between WI and PPD is lacking. Therefore, our research examines the impact of WI on PPD in the product returns context. In our research, PPD serves as a key factor in understanding the linkage between WI and product returns. Our results showed that higher‐quality WI is associated with a lower level of PPD. In addition, a lower perceived risk (PR) or attractiveness of alternatives strengthens the association between WI and PPD. We also observed that PR partially mediated the moderation effect of the attractiveness of alternatives. These findings will help e‐retailers better understand customers' PPD, easing the process of reducing product returns.     

INCOME,CONSUMPTION AND SAVING IN URBAN AND RURAL INDIA*

The main purpose of the study is to determine the savings potential of urban and rural households in India and in the process determine the possible savings and consumption functions separately for urban and rural areas. Four different possible functions have been used for determining the savings behaviour of the households both at the aggregate level and at the per capita level. The rural households, according to the results, have an extremely low rate of saving with income elasticity of saving of less than unity. For the urban households on the other hand, the income elasticity of saving is high enough to suggest the possibilities of considerably high savings potential. To understand the consumption behaviour of these households, the long-run and the short-run marginal propensities to consume and the marginal propensities to consume out of‘permanent’ or ‘normal’ income and ‘transitory’ income have been worked out. For the urban sector none of these give encouraging enough results and the analysis has been extended to examine whether other factors like prices and household assets are of any significance. Whereas for the rural sector, Milton Friedman's theory of ‘permanent’ or ‘normal’ income is somewhat substantiated, other factors like ‘transitory’ income, prices and assets appear to inthence urban consumption behaviour though no single one of them substantially enough. A negligible effect of ‘permanent’ income on urban consumption behaviour is, on the other hand, very clearly suggested by the results. Household consumption and savings have next been projected using the above results to determine the possible levels for the next three years. The results suggest that the rate of domestic savings likely to be achieved by the end of the Third Five Year Plan (1965–66) falls short of the targets laid down.     

Bayesian inference and prediction in the single server Markovian queue

The use of stochastic models and performance measures for the analysis of real life queuing scenarios are based on the fundamental premise that parameters values are known. This is a rarity since more often than not, parameters are usually unknown and require to be estimated. This paper presents techniques for the same from Bayesian perspective. The queue we intend to deal with is the M/M/1 queuing model. Several closed form expressions on posterior inference and prediction are presented which can be readily implemented using standard spreadsheet tools. Previous work in this direction resulted in non-existence of posterior moments. A way out is suggested. Interval estimates and tests of hypothesis on performance measures are also presented.     

The structure of Islamic economics: A comparative perspective on markets,ethics and economics

A comparative examination of mainstream economic doctrines and their recent developments is undertaken with a view to find out how ethics has been treated in these. The principal focus here is to identify the new paradigm that can treat ethics endogenously in preference formation, the market and the economic order. The quest for this paradigm leads us to an examination of Islamic economics. Islamic economics is presented in terms of its epistemological roots. Thereby, a general systems view of interactions, integration and creative evolution among economic and social possibilities is shown to lead to the paradigm of Islamic political economy. Some Islamic financial and economic instruments are examined to bring out the pervasive causality of the principle of universal complementarity across diversity in a general systems perspective of Islamic political economy as premised on its epistemological roots.     

Liberalization and the Changing Inter‐industry Wage Structure of the Organized Manufacturing Sector in India, 1973/74–2003/04

This paper examines the inter‐industry wage structure of the organized manufacturing sector in India for the period 1973/74–2003/04 by estimating the growth of average real wages for production workers by industry. Using wage data on 51 three‐digit industries, our estimation procedure obtains estimates of growth of real wages per worker that are wholly deterministic in nature by accounting for any potential structural break(s) associated with the reforms. Our paper identifies three distinct regimes—pre‐reform, first phase reforms and second phase reforms, over which real wages have grown at varying rates for each industry. Our findings suggest that the inter‐industry wage differences have become more pronounced in the post‐reform periods. The paper provides new evidence from India on the need to consider seriously the hypothesis that industry affiliation is potentially an important determinant of wages when studying any relationship between reforms and wages.     

The impacts of marketing and operations capabilities on financial performance in the UK retail sector: A resource-based perspective

Drawing upon the resource-based view (RBV) of the firm, this study investigates the relationships among marketing capability, operations capability, and financial performance. Using archival data of 186 retail firms in the UK, we find that that marketing capability has a significant impact on operations capability, and that operations capability is significantly and positively related to retail efficiency. The results also suggest that operations capability fully mediates the relationship between marketing capability and financial performance. The findings of this study provide practical insights for practicing managers to consider when developing functional capabilities in order to achieve superior financial performance.     

Making the Most of B2C Wireless

Companies in Europe and the US have made little effort to explore the potential of wireless devices (mobile phones and personal digital assistants) as a communication channel with consumers. This is mainly because of their uncertainty about the wireless "killer applications" and the timing and capability of next-generation wireless technologies. This article argues that they are being too cautious and that the best way to approach the opportunities is not to find a single "killer application". Rather, companies need to identify what the authors call a "killer experience". This should be designed around customer needs (rather than an existing industry value chain), supported by a multichannel platform. It should make the most of wireless's unique time and location advantages and involve wireless-specific features. Existing technologies are already sufficiently advanced to make this possible. The article is based on research earlier this year.     

Health and Sickness: A Buddhist View and Implications for Social Marketing

It is known that while health-care issues are highly important consumer concerns and closely tied to well‐being and quality of life, the perspective on the consumer often becomes clouded amid increasingly complex processes. This paper explores how Buddhist principles can permeate the marketing strategies of health-care organizations to deliver a positive, healing influence and thoughtful and sensitive services with an ethnographic study of a Nichiren Buddhist organization. It offers a vision for health-care marketing in crafting a message for severely ill patients to find meaning in life and live as fully as possible while accepting the presence of the illness.