Social entrepreneurship as an essentially contested concept: Opening a new avenue for systematic future research

Social entrepreneurship has emerged as an active area of practice and research within the last three decades. Nevertheless, in spite of its growing popularity, scholars and practitioners are far from reaching a consensus as to what social entrepreneurship actually means. This has resulted in a number of different definitions and approaches within the field of social entrepreneurship. The purpose of this article is to shed light on the ongoing contestation of social entrepreneurship and to offer a novel conceptual understanding of the concept that can facilitate the development of systematic and structured future research. To this end, we analyze social entrepreneurship on the basis of the theory of essentially contested concepts, which was proposed by Walter Bryce Gallie in 1956. Building upon this theory, this article shows that social entrepreneurship can be regarded as an essentially contested concept and that a universal definition that would be accepted among contestant parties is hardly possible. Responding to this recognition, the article proposes the conceptualization of social entrepreneurship as a cluster concept, which can serve as a conceptual tool to help advancing social entrepreneurship as a coherent field of research despite its contested nature.     

Game theoretic derivations of competitive strategies in conjoint analysis

While conjoint analysis has been applied in a wide variety of different contexts in Marketing, most applications fail to explicitly consider retaliatory reactions from competitors. In this paper, a methodological extension is developed for conjoint analysis by explicitly modeling competition in a game theoretic context. The Nash equilibrium concept is employed to model competitive reactions to produce design, and its implications for reactive product strategies are discussed. The optimal product design problem for each firm is formulated as a nonlinear integer programming problem, which is solved via a specialized branch and bound method combined with a heuristic. In order to compute a Nash equilibrium, a sequential iterative procedure is proposed. The proposed procedure is illustrated under several scenarios of competition using previously published conjoint data.This research has been supported by the Henry Rutgers Research Fellowship, Rutgers University.     

Sorting it out: pile sorting as a mixed methodology for exploring barriers to cancer screening

We discuss a mixed methodology for analyzing pile sorting data. We created a list of 14 barriers to colon cancer screening and recruited 18, 13, and 14 participants from three American Indian (AI) communities to perform pile sorting. Quantitative data were analyzed by cluster analysis and multidimensional scaling. Differences across sites were compared using permutation bootstrapping. Qualitative data collected during sorting were compiled by AI staff members who determined names for the clusters found in quantitative analysis. Results showed five clusters of barriers in each site although barriers in the clusters varied slightly across sites. Simulation demonstrated type I error rates around the nominal 0.05 level whereas power depended on the numbers of clusters, and between and within cluster variability.     

Supplier–supplier relationships in buyer–supplier–supplier triads: Implications for supplier performance

A growing number of studies and evidence from industries suggest that, besides managing the relationship with its suppliers, a buyer needs to proactively manage the relationships between those suppliers. In a buyer–supplier–supplier relationship triad, the buyer, as the contracting entity, influences the suppliers’ behaviors and the relationship between them. By considering the relationships in such a triad, we are able to gain a richer and more realistic perspective of buyer–supplier relationships. In this study, our goal is to examine supplier–supplier relationships in buyer–supplier–supplier triads, focusing on how such relationships impact the supplier performance. We frame the supplier–supplier relationship as co-opetition—one in which competing suppliers work together to meet the buyer's requirements. We investigate the role of the buyer on such relationships, and how the buyer and co-opetitive supplier–supplier relationships affect supplier performance. We find mixed empirical support for our hypotheses. However, we are able to demonstrate the dynamics of supplier–supplier co-opetition in the buyer–supplier–supplier triad. We point out the need for further studies in this area.     

Bias Reduction in Dynamic Panel Data Models by Common Recursive Mean Adjustment*

The within‐group estimator (same as the least squares dummy variable estimator) of the dominant root in dynamic panel regression is known to be biased downwards. This article studies recursive mean adjustment (RMA) as a strategy to reduce this bias for AR(p) processes that may exhibit cross‐sectional dependence. Asymptotic properties for N,T→∞ jointly are developed. When ( log ²T)(N/T)→ζ, where ζ is a non‐zero constant, the estimator exhibits nearly negligible inconsistency. Simulation experiments demonstrate that the RMA estimator performs well in terms of reducing bias, variance and mean square error both when error terms are cross‐sectionally independent and when they are not. RMA dominates comparable estimators when T is small and/or when the underlying process is persistent.     

Dividend‐Rollover Effect and the Ad Hoc Black‐Scholes Model

One of the most widely used option‐valuation models among practitioners is the ad hoc Black‐Scholes (AHBS) model. The main contribution of this study is methodological. We carefully consider three dividend strategies (No dividend, Implied‐forward dividend, and Actual dividend) for the AHBS model to investigate their effect on pricing errors. We suggest a new dividend strategy, implied‐forward dividend, which incorporates expectational information on dividends embedded in option prices. We demonstrate that our implied‐forward dividend strategy produces more consistent estimates between in‐sample market and model option prices. More importantly our new implied‐forward dividend strategy makes more accurate out‐of‐sample forecasts for one‐day or one‐week ahead prices. Second, we document that both a “Return‐volatility” Smile and a “Return‐pricing Error” Smile exist. From these return characteristics, we make two conclusions: (1) the return dependency of implied volatility is an important explanatory variable and should be controlled to reduce the pricing error of an AHBS model, and (2) it is important for the hedging horizon to be based on return size, that is, the larger the contemporaneous return, the more frequent an option issuer must rebalance the option's hedge. © 2012 Wiley Periodicals, Inc. Jrl Fut Mark 32:742‐772, 2012     

The effects of product attributes and service quality of transportation card solutions on service user’s continuance and word-of-mouth intention

Service Business - Product attributes are an inherent quality considered as an essential factor for consumers’ purchasing intention for product. Despite the increase of consumer interest in...     

A forecast simulation analysis of the next‐generation DVD market based on consumer preference data

Just as standards wars over formats had characterized VCRs upon introduction to the market, the next‐generation DVD standards war between Blu‐Ray and HD‐DVD lasted 6 years before Blu‐Ray won the contest. Beginning with stated preference data drawn from a structured conjoint survey conducted before Blu‐Ray became the de facto standard of the next‐generation DVD format, we estimate consumer preferences on digital video players. A Bayesian mixed‐logit model is used and market share simulations are conducted under various scenarios based on the estimated parameters from Bayesian mixed‐logit model to surmise the future South Korean digital video‐player market. Results indicate that consumers feel that network size and title availability are more important than hardware‐related facets of the product, such as definition and storage capacity. The level of title availability and price of the Blu‐Ray player for Blu‐Ray's dominance over DVD will dramatically vary by the penetration rate of DVD players.     

Hyperbolic Discounting and Consumer Patience: The Case of Korea

ABSTRACT

In this article, we test whether the consumption pattern in Korea exhibits a time-inconsistent discounting behavior compared to the conventional exponential discounting. We derive the quasi-hyperbolic Euler equation and estimate it using the generalized method of moments (GMM). The estimation results show that Korean consumers exhibit a time-inconsistent quasi-hyperbolic discounting behavior in general, but the pattern of inconsistency in consumption behavior, in particular the degree of impatience, depends on the estimation period, in particular whether it includes financial crisis periods in 1997–98 and 2008–11.     

Patent pools,litigation, and innovation

This article analyzes patent pools and their effects on litigation incentives, overall royalty rates, and social welfare when patent rights are probabilistic and can be invalidated in court. With probabilistic patents, the license fees reflect the strength of the patents. We show that patent pools of complementary patents can be used to discourage infringement by depriving potential licensees of the ability to selectively challenge patents and making them committed to a proposition of all‐or‐nothing in patent litigation. If patents are sufficiently weak, patent pools with complementary patents reduce social welfare as they charge higher licensing fees and chill subsequent innovation incentives.