Pricing the Groove: hedonic equation estimates for rare vinyl records

ABSTRACT

This contribution adds to the economic literature on the market value of rarity in markets for cultural collectible goods by studying the price of rare audio recordings (chiefly vinyl) sold on the online marketplace Discogs. Community-based variables serve as proxies for (inverse) rarity and (potential) demand. Results show that the elasticity of price with respect to our measure of inverse rarity (demand) ranges between ?0.120 and ?0.140 (0.150 and 0.160). In addition, effects of hedonic characteristics such as the popularity or collectibility of an artist can be identified. Finally, the study provides evidence for premia for rarity at the top end of the distribution of prices.     

Understanding Japanese tourists’ shopping preferences using the Decision Tree Analysis method

This study was designed to assess the factors affecting Japanese tourists’ shopping preference and intention to revisit Korea. The analytical method applied in this study was Decision Tree Analysis, which is under-utilized in tourism studies. A total of 300 questionnaires were collected on the basis of on-site survey method and used for data analysis. Among interesting findings, three groups including ‘respondents who were satisfied, accompanied, and spent US$50–300 on shopping’, ‘respondents who were satisfied, accompanied, and had a shopping expenditure of US$300–1000’ and ‘respondents who were satisfied, accompanied, and had a shopping expenditure of US$1000–5000,’ showed a high level of intention to return to Korea for the purpose of shopping. In addition, two groups ‘those who were interested in shopping in Korea, preferred a shopping mall as a shopping destination, and had an educational level of below high school’ and ‘those who were interested in shopping in Korea, preferred a shopping mall as a shopping destination, and had an educational level of a college graduate or above’ showed a higher level interest in merchandise than in shopping venue attractiveness.     

The role of family decision makers in festival tourism

This study assessed the role of family decision makers in participating in a festival according to five stages of festival participation. A survey process was conducted using two sampling groups: the sample for families with children and the sample for families without children. According to the results of the study, a number of marketing implications were generated. For example, the husband was revealed to more actively join transportation-related activities including driving, deciding travel routes, automobile safety checks, and filling up with gasoline. The wife was a strong decision maker in selecting restaurants or menus in the festival tourism management process. Likewise, the role of the wife is very significant, from suggesting the festival participation at the first stage to determining a revisit to the festival at the last stage. However, the children or joint decision-making patterns were not distinctive as they are said to be in other tourism literature. Findings of the study are expected to offer valuable insights for all festival stakeholders including festival vendors, local government, local residents, and festival organizers.     

Case for Evaluating Protection in an Economy-wide Perspective

‘Whether protectionism spreads, imposing major harm on the world economy, depends on three factors: the costs and benefits of trade for domestic political actors; these actors’ access to and control over the process of government; and the extent to which international commitments and obligations to trade policy are viewed as binding by national governments’ —Costs and Benefits of Protection (Paris: OECD Secretariat, 1985)     

Impacts in Uganda of rising global food prices: the role of diversified staples and limited price transmission

This study assesses the potential impact of rising world food prices on the welfare of Ugandan households. While Uganda experienced sharply higher food prices in 2008, as a landlocked, food‐exporting country the causes of those price changes were mainly regional and indirect rather than directly transmitted from global markets. Using trade volumes, food prices, and household survey data we describe how Uganda, unlike some other countries, is partially shielded from direct impacts of global food price movements. Although the majority of Ugandans are net food buyers, the adverse impact at household‐level of rising global prices is moderated by the relatively large quantity and range of staples consumed that come from home production. Moreover, several of these are not widely traded. Some population groups in Uganda are vulnerable to rising food prices, however, primarily those for whom maize is an important staple, including those dependent upon humanitarian relief and the urban poor. Only a relatively small group of Ugandan households will benefit directly and immediately from rising food prices—the significant net sellers of food crops constituting between 12% and 27% of the population. In this assessment we do not estimate the level and extent of wider second round effects from these higher prices.     

Promoting corporate sustainability in small and medium‐sized enterprises: Key determinants of intermediary performance in Africa

This study explores the key determinants of intermediary performance in promoting corporate sustainability in small and medium‐sized enterprises in Africa. Despite being a critical link in the delivery of sustainability support services to small and medium‐sized enterprises, intermediaries have only received limited research attention. Research exploring intermediaries of corporate sustainability in small and medium‐sized enterprises have focused broadly on their roles but narrowly on performance. Those exploring intermediary performance have often focused on larger companies, sometimes, neglecting the specifics of small and medium‐sized enterprises, especially in African countries. Improving intermediary performance in promoting corporate sustainability requires an in‐depth understanding of the factors that determine their performance. As a qualitative study, interview responses from 32 experts working in National Cleaner Production Centres in four African countries were analysed using inductive thematic approach. The findings suggest that programme constraints, external profile, small and medium‐sized enterprises context, impact strategy, and service networks are the key determinants of intermediary performance in promoting corporate sustainability in small and medium‐sized enterprises. These determinants facilitate and inhibit intermediaries’ ability to promote corporate sustainability in small and medium‐sized enterprises. The implications concern the need for intermediaries and small and medium‐sized enterprises to manage these determinants in promoting corporate sustainability.     

Mitigation of Moral Hazard and Adverse Selection in Venture Capital Financing: The Influence of the Country's Institutional Setting

A venture capitalist (VC) needs to trade off benefits and costs when attempting to mitigate agency problems in their investor‐investee relationship. We argue that signals of ventures complement the VC's capacity to screen and conduct a due diligence during the preinvestment phase, but its attractiveness may diminish in institutional settings supporting greater transparency. Similarly, whereas a VC may opt for contractual covenants to curb potential opportunism by ventures in the postinvestment phase, this may only be effective in settings supportive of shareholder rights enforcement. Using an international sample of VC contracts, our study finds broad support for these conjectures. It delineates theoretical and practical implications for how investors can best deploy their capital in different institutional settings while nurturing their relationships with entrepreneurs.     

Presidential Election 2022: A Euroclash Between a “Liberal” and a “Neo-Nationalist” France Is Coming

Intereconomics - The main question surrounding the re-election of Macron is the uncertain balance of France’s flexilateral policy vis-à-vis the EU in a post-Brexit and COVID-19 context:...     

Chief executive officers' sustainability orientation and firm environmental performance: Networking and resource contingencies

Although the existing literature supports the relationship between chief executive officers' (CEOs') sustainability orientation (SO) and entrepreneurial behaviour, empirical studies exploring how SO drives firm environmental performance (FEP) are lacking. In addition, the potential moderating effects of firm-level factors on this relationship are less understood. We contribute to filling this gap by examining the moderating effects of political connections and financial slack on the relationship between SO and FEP. Using data obtained from 297 small and medium-sized enterprises (SMEs) in Ghana, our results reveal that SO is positively related to FEP. In addition, our results show that the effect of SO on FEP is negative when firms have stronger financial slack and when firms are highly politically connected.