Goals,rationality criteria and market functioning ∗

The behaviours of economic operators may be directed by goals and rationality criteria other than those postulated by neoclassical theory. Under certain conditions, the existence of deviant goals and rationality criteria, far from being eliminated by the process of ‘natural selection’, has a profound effect on market functioning. It alters the ‘natural selection’ criterion and thereby influences the market trajectory. It can also favour the development of specific mechanisms of co-ordination. Our hypothesis is illustrated by an analysis of the cultural markets.     

Adventure Sports and Tourism in the French Mountains: Dynamics of Change and Challenges for Sustainable Development

Despite their historical links, there have always been profound contradictions in the relationship between sport and tourism in France and Europe in terms of behaviour and development models. The end of the 1980s and the beginning of the 1990s marked a certain narrowing of this divide, with a gradual blurring of the boundaries between tourism and sport, and an increasing hybridisation of activities and reference models. This change was due on the one hand to the increasing demand for 'active tourism', breaking with the cultural and geographical conformism of conventional holidays and trips, and on the other hand to the appearance of 'leisure sports' held in new esteem following the development of a whole range of new or revived activities (climbing, mountain biking, canyoning, parascending, rafting, hydrospeed), which no longer resisted 'touristification.' In this process, the crisis which affected winter sports in France during the second half of the 1980s played a far from negligible role by stimulating a systematic search for diversification in the supply of tourism 'products', with respect both to seasonal aspects and to the target clientele and activities. Thus, while a crisis was shaking the foundations, the renewal in the supply of leisure sports was contributing to a revival of mountain tourism, particularly in the summer. The result of this upheaval was that leisure sports, which until then had been largely marginal to tourism, were placed at the very centre of the touristic system.     

Generalized measures of wage differentials

This paper considers measures of wage differentials not solely determined by mean comparisons but summarizing differences across complete wage distributions. The approach builds on considerations of risk or inequality aversion and on standard expected utility concepts. In an application to the gender pay gap in Luxembourg the disadvantage of women persists according to the proposed measures: lower mean wages for women are not compensated by differences in higher moments of wage distributions (e.g., by less dispersion) at least for realistic assumptions about women preferences toward risk and inequality. The paper also illustrates an original empirical model for wage distributions in the presence of covariates and under endogenous labour market participation.     

Measuring the duration of emotional experience: the influence of actual duration and response format

In a number of retrospective studies it has been found that the duration of emotional experience is highly variable and several determinants that account for this variability have been identified. However, two issues that may have consequences for the measurement of emotion duration have been left unaddressed. First, it is unclear whether people are capable of remembering the duration of their actual emotional experience. Second, it is uncertain whether estimates of the duration of emotional experience are influenced by the format of the response scale. Participants watched joy- and sadness-sustaining movie fragments of different durations. At the end of the day they were asked to estimate the duration of each fragment or the duration of their emotions during each fragment on a relatively short-range or long-range scale. Regardless of whether fragment or emotion duration was estimated, estimates were (a) largely accurate and (b) higher on long-range compared to short-range scales.     

The influence of ad-evoked feelings on brand evaluations: Empirical generalizations from consumer responses to more than 1000 TV commercials

It has been observed that ad-evoked feelings exert a positive influence on brand attitudes. To investigate the empirical generalizability of this phenomenon, we analyzed the responses of 1576 consumers to 1070 TV commercials from more than 150 different product categories. The findings suggest five empirical generalizations. First, ad-evoked feelings indeed have a substantial impact on brand evaluations, even under conditions that better approximate real marketplace settings than past studies did. Second, these effects are both direct and indirect, with the indirect effects largely linked to changes in attitude toward the ad. Third, these effects do not depend on the level of involvement associated with the product category. However, fourth, the effects are more pronounced for hedonic products than utilitarian products. Finally, these effects do not depend on whether the products are durables, nondurables, or services, or whether the products are search goods or experience goods.     

Effective strategic management the prospective approach

La prospective recognizes that the future is the raison d'être of the present, that it is multiple and uncertain, and that it is a way for everyone to take control of their own future. This article looks at the role of such qualitative prospective analysis in the business planning and forecasting context, and, from the experience of application of this analysis over a decade or more, draws ten golden rules for effective strategic management.     

The impact of development of customer online banking skills on customer adviser skills

The object of this article is the development of customer banking skills as a result of using online banking and its impact on the competence of customer advisers in face‐to‐face customer contacts. The main results show that online banking enables customers to develop a range of banking skills.     

DEBIASING STRATEGIES IN SUPPLY MANAGEMENT DECISION‐MAKING

Human judgment and decision making under uncertainty are vulnerable to decision biases leading to deviations from the standard assumptions of the rational paradigm in economics. This fact is currently not widely reflected by research on decision making in sourcing contexts. However, supply managers are aware of the judgment and decision challenges that result from existing and increasing levels of uncertainty in the external, upstream supply chain, and deploy decision supporting strategies for debiasing their judgments. The analysis of supply management decisions using 441 data units from 133 embedded cases from 15 buying organizations revealed high levels of such debiasing strategies. However, the seemingly most effective mitigation strategy recommended in the general debiasing literature ‐ creating awareness of the underlying mechanics causing decision biases ‐ was only employed by one buying organization, indicating a need to further investigate debiasing strategies specifically in supply management contexts.     

Probability Logic for Type Spaces

Using a formal propositional language with operators “individual i assigns probability at least α” for countably many α, we devise an axiom system which is sound and complete with respect to the class of type spaces in the sense of Harsanyi (1967–1968, Management Science, 14 159–182). A crucial inference rule requires that degrees of belief be compatible for any two sets of assertions which are equivalent in a suitably defined natural sense. The completeness proof relies on a theorem of the alternative from convex analysis, and uses the method of filtration by finite sub-languages. Journal of Economic Literature Classification Numbers: D80, D82.