Life Satisfaction and Longevity: Longitudinal Evidence from the German Socio‐Economic Panel

We investigate the relationship between life satisfaction and mortality using the German Socio‐Economic Panel, which allows us to follow around 15,000 people for more than two decades. Seventeen per cent of the respondents surveyed in 1984 died between 1984 and 2007. After controlling for initial health conditions, we find that people's life satisfaction at the beginning of the survey is deeply linked to their life expectancy: a ten per cent increase in life satisfaction is connected to a four per cent decline in the probability of death in the period studied. The relationship between life satisfaction and mortality is stronger for the married and the men but life satisfaction does not matter for the women. We find some suggestive evidence that links between life satisfaction and mortality could be operating via accidents and mental health. Finally, we show that the life satisfaction measured in 1984 extends to the rest of life: people who were happier in 1984 more frequently experienced high levels of happiness in the rest of their lives. These results suggest that life satisfaction is a powerful risk‐factor for later mortality and is more predictive of mortality than a host of other variables.     

Noxious Facilities, Environmental Damages, and Efficient Randomized Siting

This paper considers the efficient siting of a noxious facility that causes environmental damages (for example, increased pollution) in the host community. The analysis shows that there can be multiple efficient locations without transfers, and that an efficient location need not have the smallest WTA or WTP. In general, there exist randomized outcomes that are ex ante efficient and that Pareto dominate efficient outcomes. The analysis also shows that a community’s most preferred lottery never provides full insurance. Under some conditions, lotteries with no host compensation are Pareto superior to those with compensation.     

Organizational strategy and resource allocation for technological turnaround

Abstract
A major issue for organizations planning for technological turnaround concerns the question of how to internalize the new technology. This article reports the findings of an exploratory research that addressed this problem. A multiple case study approach has been used to study and analyze the different strategies and organizational approaches to absorb alien technologies (in-house development, intercompany co-operation, purchase of technology, contract research, joint-venture, acquisition). On the basis of the results, a propositional framework has been developed which offers managers a perspective to develop a strategy with respect to the appropriate organizational design to 'de-mature' technologically mature business units.     

Assessing the Effect of Personal Cultural Orientation on Brand Equity and Revisit Intention: Exploring Destination Branding in Latin America

ABSTRACT

Despite a growing body of work on destination branding, there are few studies to look at culture at the individual level and examine the potential impact of personal cultural orientation on destination brand equity. Based on Social Identity Theory, this study investigates tourists' personal cultural orientation (independent vs. interdependent) and its effect on destination brand equity (destination brand image, destination brand value, and destination brand quality) and revisit intention. All data were collected in Quepos, Costa Rica, using both person-administrated and online surveys. Results of this study reveal that personal cultural orientation impacts the destination brand image, destination brand value, and destination brand quality. In addition, the destination's brand value is positively related to the revisit intention. The theoretical and practical implications, as well as the future research directions, conclude the article.     

The Temporal Phases of Leisure Experience: Expectation,Experience and Reflection of Leisure Participation

While there have been studies whereby the methodology relied on evaluations of pre-, during, and postparticipation experiences, it is far more common that research on leisure does not consider the temporal phases of a leisure experience. Further, many of the studies that have attempted to encompass the multiple temporal phases of experiential leisure involvement have not focused on participants who had established significant leisure careers or long histories of recreation participation in a singular activity. The purpose of this study was to explore the temporal phases of a leisure experience in the context of individuals' in situ attendance at a niche music performance. These phases consisted of participants' expectations before the event, the actual experience during the event, and the memory of that experience after its completion. Because participants wanted to feel in control of their lives, personal reassessments and the prioritization of positive events sought to emphasize the value of their agency. Researchers found that the reconstruction of memory drives desire for future participation as well as the associative expectations of what is to come.     

A note on “Rethinking liquidity creation: Banks,shadow banks and the elasticity of finance”

Abstract

In their recent article, Yeva Nersisyan and Flavia Dantas proposed to amend the endogenous money theory to account for the activity of nonbank financial institutions (NBFIs) and of foreign banks. It is indeed argued that the traditional post Keynesian and circuitist approaches are overly narrow because they rely on a limited definition of money. Consequently, these approaches are focused on commercial banks (that create money) and regard other financial institutions as mere intermediaries that intermediate funds from surplus units (savers) toward deficit units (borrowers). Because it treats NBFIs as mere intermediaries, the authors argue that the traditional post Keynesian framework is no longer relevant for the analysis of the contemporary financial system. We believe that this critique is not justified. Using balance sheet analysis, we show that the destabilizing role of NBFIs can be taken into account within the traditional post-Keynesian framework.     

Risk assessments at the Royal Netherlands Air Force: an explorative study

In this paper, differences in the assessment of mission risks and mission benefits between operators and members of the management level in the transport helicopter branch of the Royal Netherlands Air Force (RNLAF) are studied. Results were obtained from a risk analysis that was conducted in accordance with RNLAF procedures. The analysis suggests that the two organizational levels have a coherent perception on risks despite their hierarchical position. Perceived measures of control – controllability – seem to induce the inclusion or the exclusion of what is appeared to be a risk. The analysis also suggests that risk management tools may obscure these perceptual differences. Risk management tools may therefore not be sufficient to attain safe operations. In discussions and future studies on risk management and on hierarchical differences in risk perception, this is something to take well notice of. Also, managers and others involved in risk management need to recognize the implications of using risk management instruments that are based on simplified models of risk. This research adds to the risk management theory because it connects multi-dimensional risk theory with actual organizational risk management practice.     

Managerial Incentives,Fraud, and Monitoring

In response to equity compensation contracts that encourage managers to commit fraud as well as provide productive effort, owners may choose to monitor the manager to limit the fraud. We examine the firm owners’ incentives to perform both ex ante monitoring, such as internal controls, and ex post monitoring, such as audits, in a model that includes the reputational damages caused when a fraud is discovered. We provide conditions under which the owner prefers either more or less monitoring, and examine the effect of additional monitoring on the optimal equity package and equilibrium level of fraud.