Price and interest rate dynamics induced by multiperiod contracts

This paper suggests a mechanism by which nominal price rigidities can create a transmission mechanism for monetary shocks through relative price distortions in an economy with both spot and contract markets. The globally unique equilibrium time path of interest rates and prices following an impulse shock to the money supply is characterized. The model predicts that prices and interest rates cycle around the new steady state, with real interest rates initially falling and prices overshooting in the case of a positive shock. The volatility of spot prices and interest rates exceeds that of contract prices.     

Quiet enjoyment in the National Parks of England and Wales: public understanding of the term and its influence on attitudes towards recreational activities

In response to concerns raised since the National Parks and Access to the Countryside Act 1949 established the National Parks, the National Parks Review Panel (1991) recommended that the term ‘quiet enjoyment’ be included in the Environment Bill to clarify the wording of the second purpose for National Parks. During parliamentary debate the term was removed, and some have subsequently claimed that this weakened the Environment Act 1995. This article describes the outcomes of a survey to establish the nature of public understanding of the terms ‘quiet enjoyment’ and ‘quiet recreation’ and to identify the nature of incidents perceived as interfering with ‘quiet enjoyment’ and ‘quiet recreation’. The results indicate that the terms ‘quiet enjoyment’ and ‘quiet recreation’ hold different meanings for the public, with ‘quiet enjoyment’ being a broader and more emotive concept than ‘quiet recreation’. However, despite differences in meaning of the two terms, similar factors were reported as interfering with both ‘quiet enjoyment’ and ‘quiet recreation’. Respondents were also asked about the perceived acceptability of a range of activities within National Parks, and about their own involvement in those activities. Links were found between perceived compatibility of recreational activities with the terms ‘quiet enjoyment/quiet recreation’ and their acceptance in National Parks. Those surveyed viewed some restrictions on activities as necessary.     

Risky recreation: an exploration of factors influencing the likelihood of participation and the effects of experience

The purpose of this research was to systematically examine factors that may influence participation in risky recreational activities. Because more people participate in risky leisure activities, it is important to acquire a more in-depth understanding of the factors influencing their behaviours. We examine these issues in the context of a survey concerned with participation in the sport of mountain biking. Results revealed that experience influenced risk perceptions, expected affective outcomes, and the attractiveness or appeal of the activity. In addition, expected affective outcomes moderated the influence of experience on appeal. The likelihood of participation in a high-risk consumption activity was determined by affective outcome expectancies, appeal of the activity, risk perceptions, and prior experience. The results also indicated that the activity's appeal moderated the influence of perceived risk on the individual's likelihood of participation.     

To distribute leadership or not? A lesson from the islands

There is a dearth of literature in the area of tourism leadership. This article identifies the theoretical aspects of distributed leadership which features collective responsibility and collective flexibility, and argues how it might be advantageous for tourism firms in general. A longitudinal qualitative case study is used to consider different forms of distributed leadership and their impact upon organisational outcomes. The analysis is presented in terms of the presence or absence of distributed leadership within the case organisation. Evidence is provided of where this style of leadership would support success, but also identifies why it has been so hard to recognise this and then maintain and support it over time. It is argued that it may prove advantageous for tourism firms to actively consider whether distributed leadership would potentially offer increased organisational performance.     

The attributes of a cruise ship that influence the decision making of cruisers and potential cruisers

A never ending challenge for the cruise industry is to convert potential cruisers to cruisers. Grounded in Attribute Knowledge Theory and studies on novelty seeking, this study addressed this challenge by examining the different attributes of a cruise ship that influence the decision making of cruisers and potential cruisers. Using a sample of cruisers and potential cruisers with similar socio-demographics, this study found that they perceive seven dimensions of onboard attributes, but attach different importance to some of them. These results, consistent with the theoretical prediction, provide evidence that the cruise industry should develop different marketing strategies for cruisers and potential cruisers.     

Group Processes and Performance and Their Effects on Individuals' Ethical Frameworks

This paper explores the influence of group context on the ethical predispositions of group members. Results indicate that groups exert a powerful influence on individuals' ethical frameworks, and that the patterns of these influences differ depending on the type of ethical framework involved. Individuals' ethical utilitarianism was affected by both leadership style and group cohesiveness. Ethical formalism was most affected by the leadership style in the group.     

Catching a wave: an Australian case study on building competence in search of competitive advantage

There has been significant debate on the need to develop internal labour markets that are robust enough to assist organisations secure comparative competitive advantage in an increasingly volatile and dynamic environment. Several strategies have been proposed to assist in this endeavour, the most recent of which has been to focus on competency. Australian industrial policy has heavily endorsed and supported the competency initiative since 1986, in a wave of workplace reform endeavours. The assertion that sustainable competitive advantage can be secured through developing, amongst other things, a highly skilled, adaptable and responsive internal labour market was embraced by the organisation in this case study. This article is about their experiences in that pursuit and what these experiences might suggest for the value of a competency framework as the basis to organisational learning and human resource development.     

Estimating the costs of non-fatal consumer product injuries in the United States

This paper describes a data-driven injury cost model (ICM) developed to estimate the costs associated with non-fatal consumer product injuries. The modeling effort combines information by diagnosis from the US Consumer Product Safety Commission’s National Electronic Injury Surveillance System (NEISS) and 17 other large data sets. The ICM contains four aggregated cost components: (1) medical costs, (2) work losses, (3) quality of life and pain and suffering costs, and (4) product liability insurance administration and litigation costs. The ICM estimates societal costs, which are broader than costs to any individual group, such as victims, insurers, or product manufacturers. Costs associated with consumer product injuries are estimated to be approximately $500 billion in 1996, accounting for nearly one-third of the total annual injury costs. We examine injury costs in several ways, including by major product category, by sex and age of victims, by body part injured, by injury diagnosis, and by highest level of medical treatment received. We also rank the 10 leading consumer products that account for injury costs overall and within different age groups. Products such as stairs and floors are among the top 10 for all age groups. Other products, however, are more closely tied to injuries at particular stages of life (e.g., infant/toddler, child, young adult, elderly). These cost estimates are useful in assessing which products and types of injuries impose the greatest costs on society and for identifying areas for focused injury prevention efforts.