Outdoor recreation expenditures and the effects of spatial structure

Abstract

Visitor expenditure models have been the focus of substantial attention in outdoor recreation research because of their significance in estimating local economic impacts. At the disaggregate level models have usually included simple measures of distance decay and variables representing the attributes of households and supply features. Scholars have ignored the differential effects that the spatial structure of opportunities might have upon expenditures. This paper presents an analysis of the effects of spatial structure upon visitor expenditures for outdoor recreation in Oklahoma. Analyses are presented which identify and differentiate the relative effects of spatial structure upon visitor expenditures and the alternative forms of spatial diversification behavior consistent with such expenditure patterns.     

The Foreclosure–House Price Nexus: A Panel VAR Model for U.S. States, 1981–2009

Despite housing's economic importance, little has been written on how foreclosures and home prices interact in a framework that includes macroeconomic and housing variables such as employment, permits or sales. Panel VAR results for quarterly state‐level data indicate that price–foreclosure linkages run both ways. Foreclosures negatively impact home prices. The negative impact of prices on foreclosures, however, is much larger. These results suggest the low‐frequency association observed between foreclosures and prices is mostly driven by the endogenous adjustment of foreclosures to prices via the strategic choices of homeowners and lenders, rather than through the effects of foreclosures on home prices.     

III. Some causes and consequences of dependence and independence in the stock market

The fact that there are times when market movement is random and times when it is not is interpreted in terms of the hypothesis that the price of a stock is an aggregate opinion — the resultant of the opinions and decisions of a community of investors. Price, like any other opinion, will be most vulnerable to social and other sources of influence during times of uncertainty, an aggregate psychological state which can generate the kind of statistical dependence characteristic of non-random walks. Ramifications of this hypothesis are explored in a variety of stock market behaviors, such as the effect of tips, the impact of runs on trading volume during rising and falling markets, and the like.     

Schedule evaluation in unstable manufacturing environments

This paper provides a new approach to validate the feasibility of schedules of multiple-step mixed-model unstable manufacturing environments with different changeover times. Traditionally, continuous lines in a manufacturing process run the same sequence in order to minimize WIP inventory and lead time. Nevertheless, multiple reasons such as different product mixes or setup times can lead managers to run different sequences in continuous lines. Unfortunately, lack of reliability of supply and demand in these environments makes it difficult to manage product inventories and often leads to starvation due to the discoordination between the schedules of both lines. This approach is based on a new type of visual representation of schedules and an estimate the probability of starvation. It assumes stochastic supply and demand and a predefined schedule sequence based on batches of different sizes.     

Dynamics and Long-run Structure in U.S. Meat Demand

Empirical analysis, based on a general dynamic Almost Ideal Demand System, shows the commonly used autoregressive and partial adjustment processes are restrictive to meat demand data. This study derives a linear specification in levels form to investigate dynamics in a general framework. Merging a long-run steady state structure with short-run dynamics results in consistent and robust long-run demand elasticities Une analyse empirique, basée sur un systéme dynamique général de demande quasi optimale, montre que les mécanismes courants d'ajustement autorégressif et d'ajustement partiel ont un effect restrictif sur l'évaluation des données de la demande de viande. Les auteurs proposent une spécifcation linéaire par niveaux pour examiner la dynamique du cadre général. La combinaison d'une structure stable de longue durée avec une dynamique de courte période a produit des élasticités cohérentes et solides de la demande à long terme     

The moderating influence of strategic orientation on the strategy formation capability–performance relationship

An effective strategy formation capability is a complex organizational resource—a dynamic capability that should lead to superior performance. Strategy scholars have examined the strategy formation capability from many perspectives. However, no study has examined a comprehensive model of strategy formation in the context of the firm's strategic orientation. We develop and examine such a model. The results show that strategic orientation moderates the relationship between different elements of the strategy formation capability and performance. Copyright © 2006 John Wiley & Sons, Ltd.     

Fuzzy Numbers in the Credit Rating of Enterprise Financial Condition

Most of the parameters used to describe the credit rating are in linguistic terms, which are vague and difficult to put into precise numerical values. Fuzzy set theory, which was developed to handle this kind of vagueness, is used to represent and to aggregate the various linguistic data usually used in commercial banks. To illustrate the approach, numerical examples are solved and compared with existing approaches.