Economic uncertainty and growth performance: a macroeconomic modeling analysis for Pakistan

This paper investigates the effects of economic uncertainty on growth performance of Pakistan through developing a small macroeconomic model. The GARCH method has been used for construction of economic uncertainty variables related to macroeconomic policies. The structural outcomes clearly indicate that economic policy uncertainty affects negatively on real and nominal sectors of Pakistan. The forecasting of model and different policy uncertainty simulation shocks also indicated that an adjustment in economic policies due to change of policy objectives create uncertain environment in country, which not only deteriorates the investment climate of country, it also affects the economic growth. Our study concludes that economic uncertainty not only reduces the current investment and economic growth, it also affects the future decision of investment and economic growth. This study suggests that sustainable and steady economic policies always reduce economic uncertainty and promote the confidence of economic agents, which help in achieving the targets of investment, trade and economic growth. Our study also maintains the predictability and reliability of government policies for the accomplishment of macroeconomic goals and economic development of country.     

A qualitative investigation into the donor lapsing experience

• Donor attrition is costing charities a fortune. Previous research has examined the relative importance of the antecedents to donor loyalty versus lapsing. This study qualitatively builds on this. It reports the results of workshops and interviews that took lapsers and donors back through their donor and lapser journeys. It drills down into and unpacks their experiences—inclusive of the (previously undocumented) lapsing experience itself. It reveals striking similarities between the cancellation of a direct debit and other more conventional purchase decisions. Most worryingly, it seems that most people stop supporting a given charity because they had never really had any loyalty to it in the first place. Charities are not meeting people's needs as donors. There is a distinct lack of understanding between charities and their donors, and donors are lapsing because charities give them little reason to stay. The authors conclude with practical recommendations for the management of attrition.

Copyright © 2009 John Wiley & Sons, Ltd.     

Playing at markets: A New Austrian perspective on macroeconomic policy

The New Austrian (also called Neo-Mengerian) paradigm emphasizes the importance of nonequilibrium and emergent processes in explaining the social world. In this paper I analyze macroeconomic policy from a New Austrian perspective. I define macroeconomic policy broadly, encompassing not only policy relating to business cycles and growth, but to any policy aimed at directly manipulating emergent variables. Such policy is fundamentally incoherent, since it attempts to divorce social outcomes from the processes that generate them and give them meaning. A New Austrian approach to macroeconomic policy, which focuses on the rules structuring nonequilibrium-emergent social processes, avoids this problem.     

Reproducing the Firm: Routines,Networks, and Identity

Firm survival or reproduction does not occur as a matter of course. Especially under circumstances in which uncertainty and equivocality prevail is firm reproduction potentially problematic. Uncertainty prevails when there is insufficient or inadequate information to assess a situation, equivocality when the information available is multiinterpretable. Firm routines, social networks in a firm, and an organization’s identity can explain how a firm reproduces. We offer suggestions as to which of these will contribute to firm reproduction under what circumstances.     

Universities and the Knowledge Market

British universities have suffered from the indiscipline of price-lessness. But the days when the state can finance them in the luxury to which it has accustomed them have ended. Yet Dr Brian Salter holds out hope by showing they can tap substantial sources of funds by selling their services and strengthening themselves as centres of research and scholarship.     

A Comparison of Ecolodge Patrons' Characteristics and Motivations Based on Price Levels: A Case Study of Belize

Ecolodges are an increasingly popular accommodation form. This study determined the demographic and trip characteristics, as well as the travel motivations of ecolodge patrons at three different price levels: budget, mid-price and upscale. Six ecolodges were studied in the Cayo District of Belize. Of 480 questionnaires distributed at the ecolodges, 331 valid surveys were returned (68.9% response rate). The clients of the Belizean ecolodges had some demographic characteristics similar to those of ecotourists found in other studies: middle-aged, highly educated, and employed with high levels of income. This study found consistency amongst the three groups in the most important travel attraction motives, with tropical forests and wilderness/undisturbed nature ranked highest by all groups. The study also showed consistency amongst the three groups with regards to travel social motives, with learn and explore nature the top-ranked social motive by all groups. The study found significant differences amongst the price levels on many variables, including: age, country of residence, education, employment status, income, party composition, trip length, length of stay at the ecolodge and level of ecolodge experience. There were important differences found in travel motivations and the importance of ecolodge attributes. The mid-price group was the hardest to please; they wanted a lower price, yet desired the quality, services and programmes of the upscale group.     

The moderating effects of national culture on escalation of commitment

This study tests the cross-cultural sensitivity of three determinants of escalation of commitment: agency conditions, negative framing, and self-justification. A multiple-case experiment, using a sample of 1208 managers and MBA students surveyed over several years in nine countries investigated the moderating effects of national culture. We find that the effect of negative framing on escalation of commitment is significant, but unaffected by differences in national cultures. The adverse selection problem arising from agency predictions has a stronger effect in high-individualism countries than in low-individualism countries, and managers in higher long-term orientation countries are more likely to escalate projects with potential long-term payoffs.     

The super-alertness of central banks

The Review of Austrian Economics - This paper applies Kirzner’s theory of entrepreneurial alertness to central banking. As opposed to entrepreneurs operating within the market, central banks...     

Listing Specialization and Pricing Precision

This paper investigates the relationship between property pricing precision (deviation from an expected property value) and specialization in the listing process by agents. It is hypothesized that financially constrained, risk-averse sellers prefer finer gradations of pricing precision, i.e., less deviation from expected property value, and that a set of agents will rise to meet this preference. The findings in this work indicate that agents specializing in listing properties increase pricing precision. The contributions of this work are twofold: (a) it provides a unique and heretofore uninvestigated metric as its dependent variable, thus allowing for further investigation into the brokerage intermediation process beyond the scope of price and marketing time, and (b) it provides an identifiable agent trait that can allow for a better matching of sellers’ preferences with agents’ abilities.