Asymmetric impact of oil prices,exchange rate,and inflation on tourism demand in Pakistan: new evidence from nonlinear ARDL

This study scrutinized the asymmetric impact of oil prices, exchange rate, and inflation on tourism demand in Pakistan using [Shin, Y., Yu, B., & Greenwood-Nimmo, M. (2014) Modelling asymmetric cointegration and dynamic multipliers in a nonlinear ARDL framework. In Festschrift in honor of peter schmidt (pp. 281–314). New York, NY: Springer] nonlinear autoregressive distributed lag (NARDL) model. The NARDL bounds test examined the existence of cointegration in study variables, including CO₂ emissions, institutional quality, oil prices, exchange rate, inflation, and tourism demand. The evidence proposes that disregarding the intrinsic nonlinearities may misinform inference. The estimated NARDL model affirmed long-run negative and significant effect of CO₂ emissions on tourism demand, while institutional quality was positively associated with tourism demand. Furthermore, the findings of the study also suggested long-run asymmetric relationship between oil prices, exchange rate, inflation, and tourism demand.     

Fads and the Crash of '87

This paper examines changes in return-generating processes before and after the crash of '87. We find that the process for daily returns of size-sorted portfolios changed from an ARMA(1, 2) in the pre-crash period to a MA(1) in the post-crash period. The change is explained by a “fads” model similar to that proposed by Poterba and Summers [17]. The analysis suggests that the crash may have been related to speculative fads that prevailed prior to the crash. The fads component in stock prices then disappeared after the crash. Other possible explanations are also discussed.     

Multiple equilibria in Tullock contests

We find the sufficient conditions for the existence of multiple equilibria in Tullock-type contests, and show that asymmetric equilibria arise even under symmetric prize and cost structures. We then present existing contests where multiple equilibria exist under reasonably weak conditions.     

Eliciting Willingness‐to‐Pay through Multiple Experimental Procedures: Evidence from Lab‐in‐the‐Field in Rural Ghana

This paper has the objectives of (a) comparing estimated willingness‐to‐pay (WTP) across three elicitation mechanisms (a Becker‐DeGroot‐Marschak [BDM] auction, a kth price auction, and a choice experiment [CE]) and (b) examining how these vary by participation fee. The product under consideration is kenkey made with nutritious maize, biofortified with vitamin A, which gives it a distinct orange color, in contrast to the white and yellow varieties that are traditionally consumed. We use an experiment consisting of 14 treatment arms, conducted in rural Ghana. Our estimation strategy explicitly accounts for the censored (typically at the market price) nature of the bids in the auctions, and the apparently lexicographic choices of several individuals in the CE. We find no evidence of economically meaningful (defined by the minimum currency unit of five pesewas) differences in WTP (although they may be statistically significant) across elicitation mechanisms, or by participation fee, a result that is in contrast to that found in much of the literature. A secondary finding is that the provision of nutrition information positively and significantly affects the marginal WTP for the new maize.     

Group Contests with Internal Conflict and Power Asymmetry

We investigate simultaneous inter‐ and intra‐group conflict in the shadow of within‐group power asymmetry and complementarity in members' group‐conflict efforts. A more symmetric group faces a higher degree of internal conflict, and might expend more effort in external conflict when the group‐conflict effort technology is highly complementary. Depending on the degree of complementarity, the stronger player's relative contribution to external conflict might be higher in a more asymmetric group and, as a result, it is possible for the weaker player to earn a higher payoff. In the absence of any complementarity, the rent‐dissipation is non‐monotonic with the within‐group power asymmetry.     

The effect of foreign ownership restrictions on stock price dynamics

The Effect of Foreign Ownership Restrictions on Stock Price Dynamics. —This paper uses Finnish data to explore the impact of foreign ownership restrictions on the dynamic properties of domestic stock prices. These restrictions create unrestricted stocks (foreign and domestic ownership) and restricted stocks (domestic ownership). Unrestricted share prices are significantly more volatile than those of restricted shares but their means are not significantly different from each other. The returns on the two types of shares are found to be generated by an error correction model. These results support the hypothesis that the unrestricted share prices tend to overshoot relative to equilibrium with the arrival of new information.     

A generalized model for forecasting technological substitution

This paper presents a generalized mathematical model for forecasting technological substitution under a wide variety of circumstances. Some of the existing models are shown as special cases of the generalized model. Methods are also suggested for improving the reliability of the model by taking corrective measures on the available data and following a step-wise forecasting procedure.     

Public-private partnerships in micro-finance: Should NGO involvement be restricted?

This paper examines public–private partnerships in micro-finance, whereby NGOs can help in channelizing credit to the poor, both in borrower selection, as well as in project implementation. We argue that a distortion may arise out of the fact that the private partner, i.e. the NGO, is a motivated agent. We find that whenever the project is neither too productive, nor too unproductive, reducing such distortion requires unbundling borrower selection and project implementation, with the NGO being involved in borrower selection only. Further, we compare and contrast two alternative credit delivery mechanisms, the linkage mechanism (which is the focus of this paper), with the ‘Grameen’ one.     

Designing a reverse logistics network for optimal collection, recovery and quality-based product-mix planning

This study proposes an integrated, reverse logistics supply chain planning process with modular product design that produces and markets products at different quality levels. A mixed integer programming (MIP) model formulates the overall planning process required to maximize profit by considering the collection of returned products, the recovery of modules and the proportion of the product mix at different quality levels. This paper proposes the collection of returnables (end-of life, defective, product under warranty) through retail outlets combined with the recovery of modules from the collected products using a network of recovery service providers. The proposed modular product design approach would create a design criterion that provides an improved recovery process at a lower cost. This study uses a total supply chain view that considers the production, transportation and distribution of products to customers, while a numerical problem illustrates the applicability of the models.     

Religiosity and Voluntary Simplicity: The Mediating Role of Spiritual Well-Being

Although there has been considerable theoretical support outlining a positive relationship between religiosity and voluntary simplicity, there is limited empirical evidence validating this relationship. This study examines the relationships among religious orientations (Allport and Ross in J Pers Soc Psychol 5(4):432–443, 1967) and voluntary simplicity in a sample of Australian consumers. The results demonstrate that intrinsic religiosity is positively related to voluntary simplicity; however, there is no relationship between extrinsic religiosity and voluntary simplicity. Furthermore, this research investigates the processes through which intrinsic religiosity affects voluntary simplicity. The relationship between intrinsic religiosity and voluntary simplicity is sequentially mediated by communal/personal well-being and environmental well-being. The findings not only identify a prosocial role of intrinsic religiosity in motivating voluntary simplicity, but also indicate that secular pursuits that enhance communal/personal well-being and environmental well-being may also motivate voluntary simplicity.