Setting prices in mixed logit model designs

We investigate different procedures to set prices in designs for choice-based conjoint analysis using the mixed logit model which captures latent consumer heterogeneity. Besides discrete attributes, we include a linear price term in the deterministic utility function thereby treating price as continuous variable. We consider two different price intervals and several price sets which contain either two or three prices. We compare these alternatives to set prices by simulating choices for different constellations on the basis of the mixed logit model. Furthermore, we generate ten designs simultaneously instead of just one. Using these simulated choices, we estimate the parameters of the mixed logit model in the next step. To reduce the needed sample size and computation time caused by accounting for latent consumer heterogeneity, we apply Halton draws and set a minimum potential design for prior draws. ANOVA with root mean squared error between estimated and true price coefficient values of individual consumers as dependent variable shows that using more extreme prices as interval bounds and one intermediate price positioned to the right of the interval performs best.     

Corporate social responsibility: The disclosure–performance gap

As increased stakeholder pressure requires companies to be transparent about their CSR practices, it is essential to know how reliable corporate disclosure mechanisms are, testing the gap between corporate social responsibility claims and actual practice. This study benchmarks corporate social responsibility policies and practices of ten international hotel groups of particular importance to the European leisure market. We found that corporate systems are not necessarily reflective of actual operations, environmental performance is eco-savings driven, labour policies aim to comply with local legislation, socio-economic policies are inward looking with little acceptance of impacts on the destination, and customer engagement is limited. Generally larger hotel groups have more comprehensive policies but also greater gaps in implementation, while the smaller hotel groups focus only on environmental management and deliver what they promised. As the first survey of its kind in tourism, both the methodology and the findings have implications for further research.     

Smart Meter-Angebote: Eine empirische Untersuchung von Kundenpräferenzen

The implementation of smart meters in German households by 2032 is a major step in the transition towards an intelligent and connected energy system. Despite of federal legislation providing a structured plan for the nationwide smart meter rollout including basic product requirements, actors within the energy market have the opportunity to take an active part in shaping the market through appealing product offers and hence to create competitive advantage. This study identifies relevant features of smart meters from literature und business practice, and measures customer’s preferences for these features. Results indicate predominantly positive customer evaluations of smart meter features, amongst which the availability of consumption data, the installation price and rental charges as well as time variable tariffs contribute most to overall utility of smart meters. Finally, findings suggest targeting customers by defining strategies to address privacy concerns, to educate about saving potentials as well as to create differentiated pricing schemes.     

Prediction markets for foresight

To navigate turbulent business environments, organizations have to develop foresight capacities that enable them to anticipate probable futures, respond rapidly to emerging changes, and support future oriented action. However, there are remaining barriers that impede a wider implementation of foresight. In particular, the necessities to deal with the future, anticipate change, enhance participation and reduce costs and complexity call for new methods to improve current foresight activities. In this paper, we introduce prediction markets to the field of foresight. Prediction markets are a structured approach to collect and aggregate information from groups and have recently gained attention in forecasting. Prediction markets go beyond simple forecasting and can contribute to foresight by providing advantages in terms of continuous and real-time information aggregation, motivation of participation and information revelation as well as cost-efficiency and scalability. We suggest four promising fields of application for prediction markets to enhance foresight: (1) continuous forecasting and environmental scanning, (2) combining with deliberative approaches, (3) continuous idea generation and (4) expert identification. We conclude by considering prediction markets as a nascent and promising method for foresight and advocate for further research.     

Inclusion or Dualization? The Political Economy of Employment Relations in Italian and Greek Telecommunications

Recent literature argues that trade unions in restructuring service industries have responded to the challenges of the post‐industrial era by accepting different forms of labour market dualization. This article examines two case studies from Italy and Greece, in which unions adopted divergent responses to intensified market pressures unleashed by the liberalization of national telecommunications markets. In the Italian case, collective bargaining was successfully centralized, resulting in the inclusion of traditional labour market ‘outsiders’. In contrast, bargaining centralization failed in Greek telecommunications, leading to intensified dualization. These different paths of institutional change are explained as resulting from differences in ideological cleavages among unions and distinct legacies in employers’ associations.