Selling digital services abroad: How do extrinsic attributes influence foreign consumers’ purchase intentions?

This article investigates, through the country-of-origin effect and value-in-use lenses, how the implementation of digital services creates opportunities for cultural industries to expand internationally. We argue that intrinsic attributes of cultural content such as the capacity to entertain are difficult to parameterize because they are somewhat experiential and subjective. This means that extrinsic cues are essential to foreign consumers when making a decision to purchase digital services. We specifically evaluate the influence of Britishness, cultural distance, exoticness, brand image, and flag-brand congruence on the purchase intentions of consumers in foreign markets. This study employs a unique consumer dataset with information on the internationalization of British cultural digital services. The depth and breadth of the survey data collected through collaboration with a UK media industry partner with a globally recognised brand is significantly richer than data used in previous studies. In particular, the study exploits a survey with 5,200 usable data points from consumers residing in fourteen geographically dispersed countries. Findings support theoretical predictions that Britishness, cultural distance, exoticness, brand image and flag-brand congruence are positively linked to the purchasing decisions. Theoretical and managerial implications are discussed.     

Researchers’ willingness to engage in knowledge and technology transfer activities: an exploration of the underlying motivations

Increasingly, universities have become conscious of their important role as centres of knowledge generation and diffusion. Accordingly, they have put in place policies, methods and resources to increase knowledge and technology transfer (KTT) activities. However, succeeding in this endeavour is not that easy. An active involvement of researchers is fundamental. Literature examining researchers’ attitude towards KTT activities is limited, offering a partial view on the subject. This study aims at bringing new light to this issue. First, we identify those factors that influence researchers’ willingness to engage in KTT activities. From a comprehensive literature review, we distinguish between intrinsic motivations, extrinsic motivations and university support and services as critical elements. A scale is developed and validated. Second, the scale is applied to the case of R&D contracts. The sample consists of 249 researchers from one of the biggest Spanish universities. Results suggest that the proposed scale has a good fit, indicating that it can be considered as a good instrument for measuring researchers’ willingness to get involved in KTT activities. Policy implications and directions for future research are provided.     

Multi-agent technologies in economics

This paper summarizes some of the trends in the use of multi-agent technologies in economics. Multiple agent systems, fuzzy sets and neural networks are critical tools used to investigate the emerging economics research agenda related to data mining, dynamic markets stock selection and bank stress testing. This paper reviews the contributions of four such examples.     

A generalized approach to optimal hedging with option contracts

In this paper, we develop a theoretical model in which a firm hedges a spot position using options in the presence of both quantity (production) and basis risks. Our optimal hedge ratio is fairly general, in that the dependence structure is modeled through a copula function representing the quantiles of the hedged position, and hence any quantile risk measure can be employed. We study the sensitivity of the exercise price which minimizes the risk of the hedged portfolio to the relevant parameters, and we find that the subjective risk aversion of the firm does not play any role. The only trade-off is between the effectiveness and cost of the hedging strategy.     

Exploring modern bank penetration: Evidence from early twentieth-century Netherlands

We analyse the estate composition of the richest 30 per cent of people who died in the Netherlands in 1921 to find that households used a broad range of institutions to meet their financial demands. Goods and services were either paid in cash or settled periodically with suppliers. Despite the strong growth of commercial banking in the previous decades, households still made extensive use of peer-to-peer loans, with or without the added security of notarial contracts. Banks only possessed a competitive edge in savings accounts for small surpluses and current accounts, the latter used most frequently by business owners born after 1870. Distance to the nearest bank office did not matter for these people, but wealthy urbanites were more inclined to use banks than their counterparts in the countryside.     

Effects of future pension benefits on pre-retirement labor supply: Evidence from Chile

In this paper, I estimate the effect of future pension benefits on pre-retirement labor supply for a representative sample of Chilean workers. Using nonlinear patterns in pension benefit formulas and a reform that permanently changed non-contributory pensions, I estimate the effect of pension accrual and expected pension wealth on labor force and contributory-sector participation, labor earnings, and hours worked. I find that the effect is concentrated on the impact of pension accrual on the probability to contribute to the pension system. The effect is heterogeneous and is concentrated among middle-aged workers, low-skilled workers, and workers with higher financial literacy.     

Tourism Demand Forecasting with Neural Network Models: Different Ways of Treating Information

This paper aims to compare the performance of three different artificial neural network techniques for tourist demand forecasting: a multi‐layer perceptron, a radial basis function and an Elman network. We find that multi‐layer perceptron and radial basis function models outperform Elman networks. We repeated the experiment assuming different topologies regarding the number of lags used for concatenation so as to evaluate the effect of the memory on the forecasting results. We find that for higher memories, the forecasting performance obtained for longer horizons improves, suggesting the importance of increasing the dimensionality for long‐term forecasting. Copyright © 2014 John Wiley & Sons, Ltd.