WHEN IS A GOOD TIME TO RAISE THE MINIMUM WAGE?

I analyze changes in the target efficiency of the federal minimum wage over the past 25 years. Using static simulation methods I find that minimum wage target efficiency is currently close to its 25‐year peak—of the total monetary benefits generated by a 12% increase in the federal minimum wage, 16.8% would flow to workers in poverty. This exceeds the least target efficient year over this period by 4.7 percentage points and is only 0.6 percentage points below the peak. Furthermore, I find a very strong positive relationship between minimum wage target efficiency and the real federal minimum wage. The implication is that, from an efficiency standpoint, a good time to raise the minimum wage is when it is already high. This discovery raises the possibility that the minimum wage increases the employment of low‐skilled poor individuals relative to the employment of low‐skilled non‐poor individuals. Moreover, this discovery may bolster the rationale for an indexed minimum wage whereby it is prevented from falling to less efficient levels. (JEL J21, J31, J38)     

Does It Get Better? Recent Estimates of Sexual Orientation and Earnings in the United States

Using 2013–2015 National Health Interview Survey data, we reproduce a well‐documented finding that self‐identified lesbians earn significantly more than comparable heterosexual women. These data also show — for the first time in the literature — that self‐identified gay men also earn significantly more than comparable heterosexual men, a difference on the order of 10% of annual earnings. We discuss several possible explanations for the new finding of a gay male earnings premium and suggest that reduced discrimination and changing patterns of household specialization are unlikely to be the primary mechanisms.     

Conceptualizing Destination Brand Equity Dimensions from a Consumer-Based Brand Equity Perspective

This study develops a conceptual framework for destination brand equity that goes beyond image by adapting and expanding a multidimensional consumer-based brand equity scale for application within a tourism context. The empirical results, based on a consumer survey in Malaysia (n?=?326) measuring the brand dimensions of Korea, identify the relational linkages between four principle brand equity dimensions (brand awareness, brand image, brand associations, and brand loyalty), and overall customer-based brand equity. The importance of brand image, associations, and awareness is confirmed, and the mediating role of brand loyalty in building destination brand equity is highlighted.     

Tour Guide Management in Hainan,China: Problems,Implications and Solutions

There have been few efforts made to identify the positioning of exhibition host countries or cities, even though studies on the positioning of convention host destinations have been popular. Thus, the aim of this study was to assess the positioning of exhibition cities as perceived by a sample of exhibitors who participated in exhibitions held in Hong Kong. A total of 304 questionnaires were collected at the PATA Travel Mart 2006, the Hong Kong Jewelry and Watch Fair, Aircraft Interiors Expo ASIA 2006, MIPIM Asia 2006, and Electronic Asia 2006. The results of this study found that there is a strong competition between major exhibition host cities in Asia, including Hong Kong, Beijing, Shanghai, Singapore, Seoul and Tokyo. The respondents showed the highest preference for Hong Kong and Singapore as an exhibition host destination.     

Cave Tourism: Tourists' Characteristics,Motivations to Visit,and the Segmentation of Their Behavior

Geotourism is one among many types of ecotourism or nature tourism. Cave tourism within geotourism has gained popularity in Korea. The study's objectives include cave tourists' characteristics, segmenting them according to motivation factors, and finally identifying who they are. The sample population for this research consisted of tourists who have visited the Hwansun Cave in Samchuk City. Among a total of 547 questionnaires distributed, 537 questionnaires were used for further data analyses. On the basis of cluster analysis using the motivation factors, cluster 1 was named an “escape-seeking group”, cluster 2 was termed a “knowledge- and novelty-seeking group”, cluster 3 was called a “novelty-seeking group” and cluster 4 was termed a “socialization group”. Differences in socio-demographic variables, beliefs about cave tourism resources, preferred cave tourism products, satisfaction with this tour, willingness to participate in another cave tour and belief in the value of cave tourism resources were found among the four clusters. The study's findings were expected to be helpful in understanding who they are.     

Comparison of Japanese and North American Runners of the Ideal Marathon Competition Destination

The Honolulu Marathon has a significant economic impact on the state of Hawaii's economy. Some 25,000 runners registered for the 2007 Honolulu Marathon, making it the sixth largest in the world as well as the third largest marathon in the USA, trailing only New York (34,729) and Chicago (32,332). Of the 25,000 Honolulu Marathon runners, over 17,000 were out-of-state runners. This study asked out-of-state participants in the marathon to assess the attractiveness of Honolulu and its marathon compared with that of an ideal marathon. Data used in this study were collected by distributing a research instrument to marathon participants. The instrument consisted of 30 items to represent the destinational attributes for an ideal marathon location city based on an extensive review of the literature on the selection of sport tourism event destinations. Over 473 surveys were collected for this study. Examination and analysis of these results will be very helpful in determining what the marathon runners believe are the ideal attributes of a city to host a marathon. This information will provide marketing guidance to the organizers of the Honolulu Marathon based on a segmented analysis of participants' perceptions of the event as well as give assistance to community and event organizations interested in attracting and marketing similar events.     

Compound Mixed Poisson Distributions II

Market cycles play a great role in reinsurance. Cycle transitions are not independent from the claim arrival process: a large claim or a high number of claims may accelerate cycle transitions. To take this into account, a semi-Markovian risk model is proposed and analyzed. A refined Erlangization method is developed to compute the finite-time ruin probability of a reinsurance company. Numerical applications and comparisons to results obtained from simulation methods are given. The impact of dependency between claim amounts and phase changes is studied.     

Compound mixed Poisson distributions I

The concept of compound mixed Poisson distributions in actuarial science is used to represent such variables as the total amount of claims or losses payable by an insurer. In this paper, comprehensive collections of approximate forms are derived for the compound mixed Poisson distribution. The calculations involve use of several special functions and their properties. We believe that the results will serve as an important reference in actuarial science.     

The Postmodern Road to Socialism,After Hayek

The Australian policy of reconciliation between indigenous people and non-indigenous settlers is seen as a precursor to recent American efforts to solve its race relations problems via a policy of racial reconciliation. The empirical context of the problem of racial inequality in Australia is presented and the theoretical context of the Australian reconciliation process is discussed. Described is the concept of white privilege and explained is a context that views American policies on race relations as largely lacking new ideas and viable strategies for remedying racial and ethnic economic inequality. Qualitative findings are discussed based on interviews of Aboriginal and white intellectuals inside and outside Australian universities supporting an optimistic assessment of the likely success of racial reconciliation as a policy instrument in Australia. Less optimism is expressed for the success of that policy in the United States.