A simultaneous model for regional labor supply, incorporating labor force participation, commuting and migration

Simultaneous relations between various components of the regional supply of labor and the situation on the regional labor market are developed. There is a distinction between migration, participation and commuting. Conventional research only devotes attention towards the partial relation between one of these components and the regional labor market situation. However, many decisions people make, involve a simultaneous approach towards participation, commuting and migration. This approach is operationalized at a macro-level by constructing a simultaneous supply model. For the specifications we go back to standard literature. In each of the equations, apart from variables that are specific for the particular function, special attention is given to the interrelation between the three supply variables. An overall simultaneity is described by a fourth endogenous variable: unemployment; this variable is explained by employment, participation, netmigration and netcommuting. A combined time-series/cross-section-analysis is used to estimate the model.

Surprisingly it appears that in comparison with OLS parameter- and t-values of the supply-equations are not affected by the use of simultaneous estimation techniques. Only for the unemployment-equation there are significant changes.     

An alternative to Marshall: Economic history and applied economics at the early LSE

Conclusion The LSE in its early years did not produce a “school of economics” in the sense that Marshall's Cambridge constituted a “school.” English historical economics was too diffuse, too lacking in strong leadership, too untheoretical, and too committed to economic history as a discipline to create such a “school.” The special contribution of the LSE in the pre-war period was certainly not in theory, since one of the chief reasons for it being an alternative to Marshall's school of orthodoxy was that it paid relatively little attention to economic theory during this period. Rather, its alternative economics was its central conception that the economist'sraison d'etre was to solve pressing contemporary problems for which orthodox theory seemed to offer little guidance. Thus its teachers and curriculum, assembled by Hewins and the Webbs, emphasized applied subjects and economic history.     

The dynamic impact of innovative capability and inter-firm network on firm valuation: A longitudinal study of biotechnology start-ups

Prior research suggests that a high technology start-up's innovative capability and inter-firm network influence its performance and consequently, firm valuation. Few studies consider their joint influence and even fewer consider the temporal change of those effects on firm valuation. In this study, we propose that firm age, a key organizational variable, represents both the development of organizational routines from a start-up's perspective and the accumulation of accessible information from an investor's viewpoint. As such, an investor's evaluation of a high technology start-up's innovative capability and inter-firm network evolves with firm age. Using panel data of 170 biotechnology start-ups, our results suggest that the relative value of network status declines while the impact of innovative capability increases with firm age. Interestingly, there is a growing complementary effect of innovative capability and network heterogeneity on firm valuation. The implications of these findings for entrepreneurial practice and theories of firm capabilities and inter-firm network are discussed.     

An emerging tourism planning paradigm? A comparative analysis between town and tourism planning

This article examines the roots and the evolution of tourism and town planning theory and practice. It discusses how both fields have interacted with each other, and provides some clues about the way in which tourism and town planning theory and practice are likely to evolve in the future. It is argued that tourism planning theory is still looking for its own identity and ways of evolving in the future. Copyright © 2001 John Wiley & Sons, Ltd.     

Breaking the frame: an analysis of strategic cognition and decision making under uncertainty

This paper reports the findings of two experimental investigations into the efficacy of a causal cognitive mapping procedure as a means for overcoming cognitive biases arising from the framing of strategic decision problems. In Study 1, final year management studies undergraduate students were presented with an elaborated strategic decision scenario, under one of four experimental conditions: positively vs. negatively framed decision scenarios, with prechoice vs. postchoice mapping task orders (i.e., participants were required to engage in cognitive mapping before or after making a decision). As predicted, participants in the postchoice mapping conditions succumbed to the framing bias whereas those in the prechoice mapping conditions did not. Study 2 replicated and extended these findings in a field setting, on a sample of senior managers, using a decision scenario that closely mirrored a strategic dilemma currently facing their organization. Taken together, the findings of these studies indicate that the framing bias is likely to be an important factor in strategic decision making, and suggest that cognitive mapping provides an effective means of limiting the damage accruing from this bias. Copyright © 1999 John Wiley & Sons, Ltd.     

Co-movement in Stock Prices in Emerging Economies: The Case of the Caricom Region

The Grand Anse Declaration of 1989 recognised the need for financial integration within the emerging economies that comprise the CARICOM region, as a way of furthering the wider process of economic integration and, indeed, economic development in that region. Using co-movement as a measure of financial integration, this paper investigates the co-movement in stock prices among the Barbados, the Jamaica and the Trinidad and Tobago Stock Exchanges, the three major exchanges within the CARICOM region. It also examines how integrated these exchanges are with the New York Stock Exchange. The GARCH-Copula methodology and, to a lesser extent, estimated correlation coefficients, are used to attain this objective. There appears to be co-movement in stock prices and returns within the CARICOM stock markets and significant dependence structures between the returns of the three CARICOM stock markets. However, there is considerably less evidence of integration between the CARICOM markets and the New York Stock Exchange.     

Towards an understanding of international city break travel

This paper explores city break tourism and, in particular, the distinctive characteristics of this form of travel. The city break is examined and compared with other types of trips. The research follows a sequential mixed methods approach involving both a visitor survey and in‐depth interviews. The findings show the international city break trip to have a number of distinctive characteristics. These are summarised into five main areas (5 Ds) — duration, distance, date flexibility, discretionary nature and destination travel party. These distinguishing features provide a useful insight into one of the most important yet least examined travel segments in tourism research. Copyright © 2009 John Wiley & Sons, Ltd.