Cognition, Persuasion and Decision Making in Older Consumers

Older adults constitute a rapidly growing demographic segment, but relatively little is known about them within consumer contexts: how they process information, respond to persuasive messages, and make decisions. We discuss extant findings from consumer behavior and related disciplines (e.g., cognitive psychology, neuroscience, social psychology, gerontology) as they pertain to the effects of aging on consumer memory, persuasion and decision The first two authors co-chaired the workshop at the Choice Symposium and made major and equal contributions to this article. The remaining authors were participants in the workshop. They also contributed to this article and are listed in alphabetical order. We wish to thank the editor and Cathy Cole for their helpful comments on the paper. The article, including a more complete list of references, was shortened to meet the page-length constraints of the special issue. The longer version is available upon request from the senior authors.     

A Note on Some Properties of STUR Processes*

This note presents some properties of the stochastic unit‐root processes developed in Granger and Swanson [Journal of Econometrics (1997) Vol. 80, pp. 35–62] and Leybourne, McCabe and Tremayne [Journal of Business & Economic Statistics (1996) Vol. 14, pp. 435–446] that have not been or only implicitly discussed in the literature.     

Is volatility risk priced in the KOSPI 200 index options market?

The negative volatility risk premium is understood as a result for a hedging demand against market declines. Although this negative volatility risk premium is observed in most index options markets, there are some doubts about its presence in the KOSPI 200 index options market. The majority of KOSPI 200 index option holders do not possess any position in the underlying market; the composition of trading groups of the KOSPI 200 index options significantly differs from that of its underlying index; in this circumstance, the presence of a hedging demand is questionable. This study shows that volatility risk does not require a premium in the KOSPI 200 index options market. Rather, jump fears influence KOSPI 200 options. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:797–825, 2009     

Public Disclosures in the Presence of Suppliers and Competitors

Firms’ reluctance at times to publicly disclose financial information is often attributed to concern that the information may be used against them by self‐interested outside parties. These outside parties may interact with the firm in the horizontal realm (e.g., retail competitors) or in the vertical arena (e.g., wholesale suppliers). This article is built on the premise that fully understanding the strategic consequences of disclosure requires joint consideration of horizontal and vertical relationships. When both rivals and suppliers are accounted for, we demonstrate that (i) lower intra‐industry correlation in product demand favors disclosure, with the precise correlation‐cutoff dependent on the firm's use of input suppliers; and (ii) the more a firm relies on input suppliers with pricing power, the less attractive is disclosure.     

Occupational Composition Within Multinational Firms: Evidence From Korean Employer-Employee Matched Data

Using Korean employer-employee matched data, we investigate the difference in occupational structure between domestic and multinational firms in manufacturing sectors. The main result shows that the occupational composition of the multinational firms is more skewed toward high-skills and service occupations than domestic firms. Furthermore, we find the heterogeneous labour structure among multinational firms upon types and locations of foreign affiliates. The multinationals that are establishing production plants or locating their affiliates in emerging countries tend to be composed of relatively smaller share of high-skills and service occupations than those with foreign R&D centres or business branch or with affiliates located in advanced countries.     

Tourists' perceived value and behavioral intentions based on the choice attributes of wellness tourism

This study was carried out to examine the wellness that tourists wanted to fulfill through wellness tourism and identify the relationship between tourists' perceived value and their future behavioral intentions. To perform this study, residents aged 20 or older living in Seoul who are interested in wellness tourism were surveyed, and a total of 401 valid responses were used for analyses. The findings suggest that particular attributes of wellness tourism had a positive relationship with ‘emotional value’ except ‘physical wellness’. Also, a positive relationship was observed between utilitarian value, epistemic value, and all particular attributes of wellness tourism.     

International Fiscal-Financial Spillovers:the Effect of Fiscal Shocks on Cross-Border Bank Lending

Open Economies Review - This paper sheds new light on the degree of international fiscal-financial spillovers by investigating the effect of domestic fiscal policies on cross-border bank lending....     

The impacts of weather on tourist satisfaction and revisit intention: a study of South Korean domestic tourism

This study explores the impacts of weather on tourist satisfaction and intention to revisit sites utilizing a survey of 1736 domestic tourists in South Korea. This study adds tourists’ perceived quality of weather to a path model that anticipates revisit intention and was originally based on the perceived quality of physical attributes and service, as well as tourist satisfaction. The results of this study show that the perceived quality of weather affects tourist satisfaction and revisit intention directly and indirectly, and that it correlates with the perceived quality of physical attributes and service. It was determined that the impact of weather perception on tourist satisfaction and revisit intention is higher in rainy weather conditions. The results of the study show that to sustain tourist satisfaction and revisit intention, efforts to moderate the negative impacts of uncomfortable weather conditions are required, especially in rainy weather.