Mean squared error efficient estimators of the variance components

Summary Pseudo Bayesian estimators for the variance components based on Jeffrey’s Rule are derived for the mixed balanced incomplete block design and are compared with the usual analysis of variance estimators in terms of mean squared error (MSE) efficiency. Numerical results show that Pseudo-Bayesian estimators are more efficient in numerical results.     

Bank Income Diversification,Asset Correlation and Systemic Risk

This paper explores whether the asset correlations among the non-interest activities of banks are the key causes for enhancing the bank diversification-systemic risk nexus. Our empirical evidence indicates that banks' income diversification significantly raises systemic risk. After removing those banks with high asset correlations, the effect of individual banks' diversification on banking systemic risk turns insignificant or even inverse. The results show that high asset correlations among banks could introduce bank failures, thereby leading to higher systemic risk in the financial sector.     

Economic Effect of Zoning Regulations on Korea's Small and Medium‐Sized Retailers*

In this paper, we investigated the economic effects of zoning regulations on the retail industry in Korea. We estimated the changes in the number of sales for retail stores using a panel regression analysis for stores in traditional markets. This analysis was conducted to examine the benefit of zoning regulations on retail stores. Our results show that the zoning regulations (called Traditional Commercial Activity Protection Zones) have contributed to an improvement in the actual business performance of small independent retailers. We found that the amount of sales for each store clearly increased on average in the areas designated as Traditional Commercial Activity Protection Zones where there was no market entry of mega supermarket chains (called SSM in Korea). We also present evidence that the effects of this policy differ geographically: the effects were stronger for small and medium cities than for large metropolitan cities. These results suggest that zoning regulations enacted by the government to protect traditional markets and small retailers should also consider regional differences when assessing policy effectiveness.     

Effects of consumer cohorts and age on meat expenditures in the United States

Meat demand is likely influenced by the birth cohort and age of the individual. In this study, we examine the demand for beef, pork, poultry, and other meat in the United States using the 1984–2012 Consumer Expenditure Survey and the almost ideal demand system with the incorporation of age, period, and cohort (APC) effects. We find that the model with APC effects performs better than the models without APC effects. The results indicate that cohorts born in earlier time periods are expected to purchase significantly less poultry compared to cohorts born in later time periods, when they are measured at the same age. Over the life cycle, purchase of poultry is expected to increase with age while the opposite is true for red meat. We also find that the own-price elasticity for beef is highest among the products examined, while the own-price elasticity for other meat is lowest and the inclusion of APC effects increases the absolute value of the own-price elasticities for beef, pork, and poultry, but reduces the own-price elasticity for other meat. Our forecasts indicate that the aggregate poultry purchase will continue to increase until 2022, while the aggregate purchase of red meat will slightly increase until 2017, but will either decrease or stay at same level from year 2017 to 2022.     

Enhancing customers’ brand loyalty via branded hotel apps

Many hotels have launched their own branded mobile applications to develop relationships with customers. Yet, research examining the benefits of branded hotel apps on brand loyalty is scant. The current research investigates the role of branded hotel apps on brand loyalty through customer engagement and brand trust in the hotel industry, based on uses and gratifications theory. Results identified cognitive and social benefits of the branded hotel apps positively influenced customer engagement and brand trust. Hedonic benefits positively influenced customer engagement and they indirectly influenced brand trust through customer engagement. Both customer engagement and brand trust positively influenced brand loyalty. Moreover, mediation effects of customer engagement and brand trust were identified. Results highlight how branded hotel apps serve as a facilitator of brand loyalty, providing theoretical and managerial implications.     

Progression,Stability, or Decline? Sociological Mechanisms Underlying Change in Specialization Among Birdwatchers

Using a panel of American birdwatchers collected in 1997 and 2002, we tested the extent to which birdwatchers progressed over a five-year period. The impact different career contingencies and life course events had on predicting change in birdwatchers' behavior, skill, and commitment was also examined. Findings indicated that although progression characterized some birdwatchers' participation, involvement by others was better characterized by stability or decline, which was true for each of the indicators used to measure specialization. Career contingencies and life course changes had only a moderate influence on predicting change in the specialization indicators over time. Support from family members and retirement were the best predictors of change in specialization.     

Estimating the Economic Impact of Convention and Exhibition Businesses,Using a Regional Input–Output Model: A Case Study of the Daejeon Convention Center in South Korea

Past research on the economic impact of convention and exhibition businesses has neglected disaggregated expenditures of these consumer groups. The primary reason for this neglect is that estimating the economic impacts of these businesses is complicated and requires comprehensive surveys of various consumer groups. Thus, this study estimated expenditures based on surveys to different consumers such as convention and exhibition visitors, convention and exhibition organizers, and exhibitors. This study also employed a regional input–output (I–O) model and then matched the types of expenditure patterns with the I–O table. Survey results show that exhibition visitors spent the largest amount (US$153 million), followed by convention attendees (US$48 million), convention organizers (US$47 million), exhibition organizers (US$3.3 million), and exhibitors (US$2.8 million). The results of the I–O model indicate that the Daejeon Convention Center generated US$488 million of output impact, US$102 million of income impact, US$233 million of value added impact, and 10,211 jobs.     

Analysis of Korean millennials’ travel expenditure patterns: an almost ideal demand system approach

ABSTRACT

Generational cohorts can differ in their consumption patterns and preferred travel behavior. As the millennial generation represents an important economic force and influences new consumption trends, this study utilizes nationwide data and almost ideal demand system (AIDS) approach to examine expenditure patterns of Korean travelers during holidays. In this process, the joint effects of travel-related characteristics are also examined. The results of the AIDS estimation on data from 871 domestic travelers reveal significantly different travel expenditure patterns for cohorts. The findings contribute to furthering the understanding of how different generational cohorts allocate their travel budgets to respective travel expenditure categories.