Convergence across American and Korean young adults: socialisation variables indicate the verdict is still out

A study was undertaken to examine consumer socialisation variables among Korean and American young adults. Many studies have been undertaken that focus on American consumers and the consumer socialisation process, but very few cross-cultural studies exist on this topic. However, efforts are increasing to suggest that consumers are converging on a global scale and research is needed to adequately assess the reality of these claims. Specifically the research explored Korean and American consumers’ media use patterns and the believed importance of different agents (media and interpersonal) for consumption-related information. The study also examined the relative importance of social structural variables on consumers’ perceived influences of key socialisation agents. Results indicate that American and Korean consumers are quite similar in how they allocate their time across media. Both groups spent the most time with television and the internet. However, differences were evident in the perceived importance of information sources, as well as the influence of socialisation agents when making purchase decisions. These differences do call into question the ability of standardised advertising campaigns and the ability to present one strategy to a unified global target market. Implications for advertisers and consumer researchers are provided.     

The quality of service desired by public transport users

This article describes the methodology used to study the quality of service desired by users of a public transport system. The desired quality is different from the perceived quality because it does not represent the daily experiences of the users, but rather what they desire, hope for or expect from their public transport system. This is why it is important to study the desired quality, knowledge of which gives local authorities the background information for personalised marketing policies based on the user’s requirements rather than their daily perceptions. The methodology goes through several stages, such as the use of focus groups to choose the most important variables for the users, the design and use of unlabelled stated preferences surveys and the calibration of discrete choice models. All of these help determine the weight of the most relevant variables. The analysis is carried out with different categories of users and potential users (those people not currently using public transport).Waiting time, cleanliness and comfort are shown to be the public transport variables that users most valued, but the degree to which they are valued varies according to the category of user. Variables such as driver kindness, bus occupancy and journey time are generally given less weight. The first two vary little by user category, but some variability appears for journey time.For potential users the more important variables when defining expected quality from public transport are waiting time, journey time and above all, level of occupancy. They consider the other variables to be of little importance when defining an efficient public transport service.In order to improve service quality and attract more passengers to public transport in general, the application of this methodology provides the authorities and operating companies with useful information to plan personalised marketing policies specifically directed at different categories of users and potential users of public transport.     

Falling Wage Shares in Europe and the United States: How Important is Aggregation Bias?

This paper sheds light on the importance of aggregation bias in the analysis of wage shares developments over time and across countries. We focus on five European countries and the United States and show that the trend decline in the aggregate wage share observed in these countries over much of the 1980s and 1990s partly reflects changes in the sectoral composition of the economy. The application of a fixed-weight aggregation method changes the profile of the observed wage share in a significant way: in particular there is no longer sign of an overshooting of the wage share levels of the early-1970s. Error-correction wage equations based on the adjusted wage shares generally have a better regression fit and show long-run elasticities of real wages to unemployment that vary less across countries and are substantially lower than those obtained with observed shares.     

Effect of Risk Aversion on the Incentive to Share Information

To the current state of knowledge the explanation of stock market behavior raises difficult theoretical problems. In this paper a critical review of the theoretical research on the issue is made. The traditional adaptive characterization of rationality is criticized, and it is proposed that a new theoretical framework, namely the projectual characterization of rationality, might be the right perspective from which to look at the thing. The empirical implications of this new approach, and its implications in terms of testable propositions are at the moment poorly understood, however; some suggestions for future research, both theoretical and empirical, are provided. [G14]     

Consequences of Economic Partnership Agreements between East and Southern African Countries and the EU for Inter- and Intra-regional Integration

Abstract

The European Union is currently negotiating Economic Partnership Agreements (EPAs) with six African, Caribbean and Pacific country groupings, aiming at establishing mutual free trade. This paper empirically assesses the impact of the EPAs on trade flows and government revenues for 22 East and Southern African countries and discusses implications for intra-regional integration. The results indicate that while moderate trade effects can be expected, relatively large budget effects are likely to occur in a number of these countries, exposing them to considerable structural and financial adjustment requirements. In addition, EPAs would strengthen the need to consolidate overlapping intra-regional integration schemes.     

Innovation management techniques and development degree of innovation process in service organizations

Service markets are becoming global, open and competitive. Knowledge is more available, technology more complex and service life‐cycles are shortening. In order to satisfy this challenge, more innovation management tools are required to get better and more successful new or improved products and services. This paper analyzes the relationship between the use of innovation management tools (IMT) and the degree of development of innovation process through the application of a five phase innovation model (TEMAGUIDE). This is undertaken in a group of service organizations from three sectors: trade, healthcare and education. The sequence of the innovation process development is defined between activities and use of innovation tools. Results show that activities and practices are more developed than use of innovation management tools, and also show that leading innovation organizations have a higher use of IMT.     

Economic freedom in the long run: evidence from OECD countries (1850–2007)

This article presents historical indices for the main dimensions of economic freedom and an aggregate index for the developed countries of today, specifically pre‐1994 OECD members. Economic liberty expanded over the last century‐and‐a‐half, reaching more than two‐thirds of its possible maximum. However, its evolution has been far from linear. After a substantial improvement from the mid‐nineteenth century, the First World War brought a major setback. The postwar recovery up to 1929 was followed by a dramatic decline in the 1930s. Significant progress took place during the 1950s but fell short of the pre‐First World War peak. After a period of stagnation, steady expansion since the early 1980s has resulted in the highest levels of economic liberty of the last two centuries. Each of the main dimensions of economic freedom exhibited a distinctive trend and its contribution to the aggregate index varied over time. Overall, improved property rights provided the main contribution to the long‐run advancement of economic liberty.     

政府公共服务的企业化改革

传统政府治理中的一个误区是忽视服务提供和服务主体之间的区别，进而错误地认为如果政府放弃了服务生产者的功能，它自然就放弃了服务提供者的角色。政府的自信甚至自负导致公共物品垄断性的直接生产模式，它所伴随的高成本，低效率，质量不尽人意和回应性的缺乏，不仅损坏了公众对政府的信任，而且无端耗费了公共资源，导致普遍的低效。     

The surprising benefits of a parallel universe

Suppose that the successful completion of a project requires performing n tasks, each of which has a probability of success p. The paper establishes under what conditions it may be profitable to engage in parallel multi‐tasking, i.e. tackling each task by following two independent routes. It is found that for ?n>1 parallel multi‐tasking is profitable for a wide range of parameters when costs are linear and is always profitable for convex costs. Copyright © 2008 John Wiley & Sons, Ltd.     

HEATH–JARROW–MORTON INTEREST RATE DYNAMICS AND APPROXIMATELY CONSISTENT FORWARD RATE CURVES

We study a finite-dimensional approach to the Heath–Jarrow–Morton model for interest rate and introduce a notion of approximate consistency for a family of functions in a deterministic and stochastic framework. This amounts to asking the decrease of the minimum distance in least squares sense. We start from a general linearly parameterized set of functions and extend the theory to a nonlinear Nelson–Siegel family. Necessary and sufficient condition to have approximately consistency are given as well as a criterion of stability for the approximation.