Hoarding behavior among consumers: Conceptualization and marketing implications

In the western world, and in the United States in particular, there has been an abundance of food, materials and fuel over the past several decades. However, many futurists suggest this condition will soon change and a wide range of scarcities will result. Conditions in underdeveloped countries suggest one probable reaction to shortages in hoarding. In light of the predicted shortages this paper (1) develops definition and conceptualization of what constitutes hoarding, and (2) examines the influence hoarding activities have on channel decisions. An overriding purpose of the paper is to generate interest and research into the topic before conditions necessitate that concern.     

Natural resource accounting in theory and practice: A critical assessment

In this paper an extensive review of the theoretical and applied literature on natural resource accounting (NRA) is provided. The review begins by explaining the economic theory that underpins NRA, contrasting welfare and sustainability as policy goals, and presenting various distinct conceptions of national income. The state of play regarding official revisions to the system of national accounts (SNA) with respect to natural resources and the environment is presented and controversial areas are highlighted. Finally, the economic literature on proposed revisions, and applied studies that have proceeded using these methods, is summarised and critiqued. We argue that much of the literature proceeds with weak conceptual foundations, and that typical case studies produce results that are ambiguous in interpretation. Moreover, we highlight fundamental tensions between economic theory and national accounting methodology, and conclude that one outcome of this has been the insufficient attention paid by economists to the revisions to the SNA; instead devoting time and effort to 'freelance' NRA case studies utilising sometimes ad hoc methods from the economic literature.     

GOVERNMENT VERSUS PRIVATE QUALITY ASSURANCE FOR AUSTRALIAN FOOD EXPORTS

Most foodstuffs have quality attributes that are difficult to determine prior to purchase. Thus quality assurance is an inherent problem in food exporting. Private quality assurance can succeed if exporters can credibly signal that they have much to lose from cessation of purchases. If exporters do not provide credible quality signals, and foreign importers judge food quality according to country of origin, honest exporters can suffer negative spillovers from others' cheating under either government or private quality assurance. For both economic and political reasons, the best choice between government and private quality assurance will differ between foods and importing countries.     

CARE/CEASA Roundtable on Managing Uncertainty and Risk

Two distinguished Morgan Stanley “alumni” discuss how their management of risk and uncertainty has not only preserved but increased the profitability of their businesses. In both cases—one involving a commodities trading operation and the other a long‐short hedge fund—the key has been to find cost‐effective ways to “cut off the left tails” of the distribution by avoiding naked long or short positions and creating option‐like payoffs with limited downside. In the case of the hedge fund, the combination of longs and shorts with the use of other risk‐reducing strategies has enabled the fund's managers to produce twice the market's returns with only half the volatility (and only one losing year) during the 18‐year life of the fund. In the case of the commodities trading operation, the strategy is described as combining ownership of physical assets with the use of option pricing models to create what amount to “long gamma positions in the asset” that “produce payoffs regardless of whether the asset goes up or down in value.”     

Assessing the impact of cost optimization based on infrastructure modelling on CO2 emissions

Traditionally, logistics design is driven by a need to reduce costs and improve customer service. Recently, the environmental concerns from transport have been increasingly discussed. The traffic levels and associated energy consumption are influenced by supply chain structure, modal split and vehicle utilization. This paper aims to assess the impact of the traditional cost optimization approach to strategic modelling on overall logistics costs and CO₂ emissions by taking into account the supply chain structure (number of depots) and different freight vehicle utilization ratios (90%, 75% and 60%). The simulation model, based on a European case study from the automotive industry, considers strategic and operational level decisions simultaneously. The analysis shows that the optimum design based on costs does not necessary equate to an optimum solution for CO₂ emissions, therefore there is a need to address economical and environmental objectives explicitly as part of the logistics design.     

我与《走向世界》的缘分

2001年美好的秋日时节,正是我在中国教授英语第一个学期的时候.当时,我在中国伟大的书法家王羲之的故乡临沂市的双月园学校工作.很幸运的是,通过别人的介绍,我认识了<走向世界>杂志的副总编(现总编)纪涛先生.纪涛先生很喜欢我拍摄的照片,于是,要我给<走向世界>写些东西.此后,我撰写的<中国人的笑脸>一文很快在<走向世界>2002年第1期上刊登了.……     

Book Reviews

The first review discusses a book on major innovative breakthroughs. The book educationally summarizes fourteen histories of important new products and services, draws general conclusions from these cases, but seems to lack predictive lessons that can assure future dramatic new products. The second and third reviews cover books devoted to cross-functional teams and teamwork. Both books provide helpful guidance in dealing with the practical aspects of making such teams function well in new product development projects. The fourth book describes a rather mechanical lock-step approach to concurrent engineering or total quality development, which is considered its synonym. Specific components are discussed in detail. These include technological development, concept phase, design phase, and production preparation. Although the book ignores the role of marketing, it should prove useful to those interested in the detailed reviews of mechanical engineering procedures such as "The House of Q uality," engineering concept selection, and Taguchi methods of process design analysis. The reviews conclude with brief notes about three other books.