Reviews

Retirement Communities: An American Original, by Michael E. Hunt, Allan G. Feldt, Robert W. Morans, Leon A. Pastalan, and Kathleen L. Vakalo. New York: Haworth Press. 1984. ISBN 0–86656–267–2. 278 pp. $29.95.

Senior Settlers: Social Integration in Retirement Communities, by Nancy J. Osgood. New York: Praeger Publishers, 1982. ISBN 0–03–059792–7. 296 pp. $29.95.

Life After Work: Retirement, Leisure, Recreation, and the Elderly, ed. Nancy J. Osgood. New York: Praeger Publishers. 1982. ISBN 0–03–060437–0. 372 pp. $32.95.

Work and Retirement, by Stanley Parker. London: George Allen & Unwin. 1982. ISBN 0–04–658238‐X. 203 pp. $9.95 paper, $28.50, cloth.

Adults and Their Leisure: The Need for Lifelong Learning, by John R. Verduin, Jr., and Douglas N. McEwen. Springfield, Ill: Charles C. Thomas. 1984. ISBN 0–398–04985–8. 170 pp. $17.50.     

Social Interaction and Beer Consumption

The aim of this article is to describe young consumers’ attitudes and conduct regarding beer consumption, analyzing the consumer as an individual (addressing internal factors) and in a collective (external factors). The research was designed in Brazil involving 52 participants, divided into 16 focus groups, and the respective data was transcribed and analyzed. The findings show three distinct types of consumers were identified. The authors termed these the Inductor, the Induced, and the Sophisticated. The article details how each type of consumer can be distinguished through different attitudes and factors. The results suggest that, rather than thinking of beer consumption as an individual item, beer consumption should be thought of as different types, involving different behavior, attitudes, and social interaction. The article demonstrates originality and value to put forward the notion that beer consumption should not be defined as an individual item. The framework offered in this article will assist future researchers to consider consumption of different types and brands of beer, based on social interaction.     

Leader political skill and casino dealer morale: the mediating role of follower perceptions of leader–member exchange

Our study investigated the follower perceptions of leader–member exchange (FPLMX) as a mediator between leader political skill (LPS) and follower morale and tested these relationships using data obtained from casino dealers in Korea. Social astuteness, interpersonal influence, networking ability, and apparent sincerity are the indicators of LPS, while follower morale is composed of job satisfaction and affective organizational commitment. The results from structural equation modeling suggest that the research model we have proposed is viable. Broadly speaking, FPLMX is a partial mediator between LPS and follower morale.     

The Aggregate Demand Curve and Its Proper Interpretation

Textbook authors, in their presentations of aggregate demand–aggregate supply, are admonished to set their houses in order. The writers suggest the continued usefulness of the traditional “Keynesian cross” model as a pedagogical device and present a version that they allege to be superior to the popular AD–AS models found in many contemporary texts.     

Price and quality components of imports of food products into the UK

This paper analyses the principal factors responsible for the growth in the value of imports of the UK food sector, during the period 1985-90. On the basis of estimates of translog multilateral price indices it assesses the relative contribution of changes in the quality of imported products and factors other than quality to growth in import values of food products. The main conclusion is that growth in quality appears to be the principal reason for the growth in unit values of imports and the trade deficit incurred by the food manufacturing sector.     

A STRUCTURAL RISK‐NEUTRAL MODEL FOR PRICING AND HEDGING POWER DERIVATIVES

We develop a structural risk‐neutral model for energy market modifying along several directions the approach introduced in Aïd et al. In particular, a scarcity function is introduced to allow important deviations of the spot price from the marginal fuel price, producing price spikes. We focus on pricing and hedging electricity derivatives. The hedging instruments are forward contracts on fuels and electricity. The presence of production capacities and electricity demand makes such a market incomplete. We follow a local risk minimization approach to price and hedge energy derivatives. Despite the richness of information included in the spot model, we obtain closed‐form formulae for futures prices and semiexplicit formulae for spread options and European options on electricity forward contracts. An analysis of the electricity price risk premium is provided showing the contribution of demand and capacity to the futures prices. We show that when far from delivery, electricity futures behave like a basket of futures on fuels.