A dictatorial domain for monotone social choice functions

We give a dictatorial domain for monotone and unanimous social choice functions.     

Market orientation of small ethnic minority-owned hospitality firms

This paper seeks to evaluate the influence of changing co-ethnic consumer habits and the nature of competition on the market orientation of ethnic minority-owned hospitality firms in the UK. The paper reports and analyses the findings of 40 face-to-face interviews with Turkish small business owners. The findings of the study indicate that ethnic minority owned small firms operate within a strong socio-cultural environment. Not only co-ethnic customers and competitors but also both mainstream customers and competitors have a bearing on the market orientation of firms. Their market orientation is the result of the interplay between the changes in ethnic and mainstream business environments.     

Factors affecting farmers market produce prices in Missouri

Produce marketers who participate as farmers market vendors or otherwise directly market their goods should understand not only the location-related characteristics that affect consumer selection of local, fresh produce but also the product attributes that consumers prefer to find in local products. Understanding attribute-price relationships will allow marketers to better plan for value-added marketing opportunities. Using a hedonic pricing model, this study analyzed the influence that product attribute levels have on prices for seven types of produce: sweet corn, tomatoes, cantaloupe, cucumbers, green beans, bell peppers, and zucchini. Based on data collected from Missouri farmers markets, multiple attributes affect produce price variation. In the dataset, one of the strongest effects was exerted by sale location. The importance of this finding is that prices can be collected in a single location and extrapolated to other farmers market locations, which implies reduced search and reporting costs in collecting representative farmers market produce prices. Additionally, a higher weight may increase prices for some types of produce but decrease prices of others after a certain point. Farmers market vendors, as well as other direct marketers, can use attribute pricing information to identify the quality attributes that consumers prefer.     

Minimizing the lifetime ruin under borrowing and short-selling constraints

In this paper, the optimal investment strategies for minimizing the probability of lifetime ruin under borrowing and short-selling constraints are found. The investment portfolio consists of multiple risky investments and a riskless investment. The investor withdraws money from the portfolio at a constant rate proportional to the portfolio value. In order to find the results, an auxiliary market is constructed, and the techniques of stochastic optimal control are used. Via this method, we show how the application of stochastic optimal control is possible for minimizing the probability of lifetime ruin problem defined under an auxiliary market.     

Determinants of ethnic minority entrepreneurial growth in the catering sector

This paper seeks to evaluate the variables which influence the growth of the Turkish-speaking ethnic minority businesses in the catering sector, in London, UK. The paper reports and analyses the findings of 111 face-to-face structured interviews with Turkish Cypriot, Kurdish and Turkish restaurant business owners. Findings suggest that fluency in English, recruitment through formal recruitment channels, and the high proportion of co-ethnic labour force makes a positive impact on business growth. The paper concludes that these determinants of growth are crucial for the ethnic minority catering entrepreneurs to gain a competitive edge in this customer focused, labour intensive sector.     

Politics and tourism interface: The Case of Cyprus

The Cyprus tourism industry has had to be sensitive to the political problems between Turkish and Greek Cypriots. Federation is considered to be a partial solution to the problems. This paper evaluates the influence of politics and nationalism on the tourism planning and development under a possible federal constitution. The views of Turkish and Greek Cypriot participants from private and public organizations are studied through semistructured interviews. The findings suggest that any future planning and development is likely to be a complex undertaking, as the two societies tend to have different sets of objectives and expectations.     

Understanding the Components of Bank Failure Resolution Costs

In this paper, we demonstrate how the resolution costs associated with over 1,000 bank failures from 1986 to 2007 are distributed across the method of resolution, bank size, regulatory periods, and the existence of fraud. In addition, we document the time spent in the resolution by the resolution method and legislative period. Finally, we show how various classes of claimants against the failed banks bear the costs of the failure.     

The intrapreneur role of the development directors in an international hotel group

This article fills a gap in the research undertaken into the role of intrapreneurs in the international expansion process of an organisation. The intrapreneurial role of development directors (DDs) in implementing franchising decisions in an international hotel group was investigated. In-depth interviews, observations and document analysis were used as the data collection techniques. Findings suggest that human factors play an important role in the expansion process and, in a culturally diverse context, franchising is very much the concern of the development directors who provide the attributes of intrapreneurs, both in the organisation and externally in the market.     

Permanent and transitory shocks on real and nominal exchange rates in Turkey during the post-1980 period

With the adoption of export-led growth and a liberal exchange rate regime in a post-1980, high-inflation country like Turkey, it becomes important to measure the relative importance of permanent and temporary shocks on real and nominal exchange rates (RER and NER, respectively) and the decomposition of the RER into these two components. This task was undertaken by using a structural vector autoregressive approach which entailed restricting the long-run response of the RER only to real shocks. Both the bilateral and the effective rates were considered. For the post-1980 period, several discoveries were made. First, except for Italy, real shocks were dominant in explaining the fluctuation in the RER. Second, the changes in the price ratio determined the permanent component in the RER, again, with the exception of Italy. Third, it takes three to four years for both the RER and the NER responses to reach their permanent levels.