The Effects of Charm Listing Prices on House Transaction Prices

As is the case for many different goods and services, it is common practice in many real estate markets for sellers to offer properties for sale at listing prices just below some round number price ( e.g. , $99,900 instead of $100,000). The academic marketing literature refers to this practice as "charm" pricing and suggests that this strategy is an attempt by sellers to take advantage of buyers' cognitive processes in which charm prices affect buyers' perceptions about the seller or the item being offered for sale. Although numerous papers in the housing economics literature have addressed the impact of the magnitude of listing price on observed house transaction prices, no prior published study has considered the impact of the design of listing prices in housing markets. This paper presents an empirical investigation of the effects of charm pricing on house transaction prices using sample data. The results provide some evidence that houses listed at certain charm prices sell for significantly greater transaction prices than those listed at round number prices.     

Risky business: The role of risk in voluntary turnover decisions

One aspect of turnover decision-making that turnover models have not adequately considered is the risk associated with quitting one's job and the potential that research on risky decision-making has for advancing understanding of turnover. We define risk and present turnover as a risky decision; review previous applications of risk in turnover theory; review literature on decision-making under risk as it applies to turnover; integrate these literatures and provide propositions. Our analysis suggests that individual differences, frames of reference, the decision context, and social influences affect perceptions of the risk associated with quitting as well as the willingness to take risks in this particular situation. The implications of turnover risk perceptions and turnover risk propensity for turnover theory and research are discussed.     

Market Consolidation and Productivity Growth in U.S. Wireline Telecommunications: Stochastic Frontier Analysis vs. Malmquist Index

This study analyzes the merger effects for 25 Incumbent Local Exchange Carriers over the period 1996–2005 using stochastic frontier analysis with a time-varying inefficiency model. We further conduct a comparison of results between the stochastic frontier analysis and the Malmquist index method. The empirical results indicate that the sample of telecommunications firms has experienced deterioration in average productivity growth following mergers. Significantly, both approaches suggest that firms that do not merge underperform in terms of average productivity growth.     

Labor and training issues in advanced technology industrial development

The United States, together with other advanced industrial societies is having to address the skill and training requirements which stem from occupational change as a result of technological innovation. This article examines the major labor questions for policy-makers in the USA now and in the near future.     

AN APPRAISAL OF CONTRACT FARMING

This article reviews the circumstances under which contract farming, as one form of vertical integration, is necessary to secure rapid and efficient co-ordination and adaptability within systems of food production/marketing/distribution. A review of American experience and attitudes indicates that contracting in the U.S.A. has been successful in matching farm production to the needs of consumers more quickly and economically than otherwise would have been possible. Contract terms have generally been ‘fair’ to United States farmers, partly as a result of a strong co-operative system, including a large number of bargaining co-operatives, but also as a result of strong competition between American agri-businesses. American experience and conclusions can be transposed to British circumstances. However, there should be greater publicity and analysis of contract terms, as well as more complete information on the financial performance of the agri-business operations of conglomerates and other multi-product businesses.     

Portfolio adjustment in open economies: A comparison of alternative specifications

Zusammenfassung Portfolio-Anpassung in einer offenen Volkswirtschaft. Ein Vergleich alternativer Spezifizierungen. — Dieser Aufsatz vergleicht zwei Spezifikationen eines Modells einer kleinen offenen Volkswirtschaft: Erstens eine Bestandsgr?Βen-Version, in der die Haushalte die gewünschten Verm?genswerte sofort nachfragen und zweitens eine Stromgr?Βen-Version, in der die Nachfrage eine allm?hliche Anpassung an den langfristig gewünschten Bestand an Verm?genswerten bewirkt. Die beiden Varianten werden bei festen und flexiblen Wechselkursen verglichen, beide jeweils unter der Annahme vollst?ndiger oder fehlender Kapitalmobilit?t. Sie zeigen unterschiedliche Anpassungsverl?ufe bei festen Wechselkursen, wenn das heimische Geldangebot endogen ist, und besonders, wenn es keine Kapitalmobilit?t gibt (wenn das heimische Angebot an Wertpapieren nicht endogen ist).

---

Résumé L’ajustement de portefeuille dans des économies ouvertes: une comparaison de spécifications alternatives. — Cet article compare deux spécifications d’un modèle d’une petite économie ouverte: (1) une version de stock, dans laquelle les ménages entrent dans les marchés d’actif avec des demandes de stock immédiates d’actif et (2) une version de flux, dans laquelle ils entrent dans les marchés d’actif avec des demandes de flux reflétant un ajustement vers des demandes de stock à long terme d’actif. Les deux versions sont comparées sous des taux de change fixes et fléxibles chacune couplée avec une mobilité de capital parfaite ou pas une mobilité. Elles se conduisent d’une manière différente sous des taux de change fixes (si l’offre d’argent locale est endogène) et sont très per?antes s’il n’y a pas une mobilité de capital (si l’offre locale d’emprunts n’est pas endogène).

---

Resumen Ajustes de portafolio en economías abiertas. Una comparaci?n de especificaciones alternativas. — Este artículo compara dos especificaciones de un modelo de una economía abierta pequena: (1) una version de stock, en la cual los presupuestos familiares entran en el mercado de activos con una demanda inmediata por activos y (2) una version de flujo, en la cual ellos entran al mercado de activos con demandas de flujo que reflejan un ajuste gradual a las demandas de stock por activos de largo plazo. Las dos versiones se comparan bajo tasas de cambio fijas y flexibles, cada una con movilidad perfecta de capital o no. Ellas se comportan en forma diferente bajo tasas de cambio fijas (cuando la oferta de dinero local es endógena) y son muy penetrantes cuando no hay movilidad de capital (cuando la oferta local de bonos no es endógena).

     

Einzelbesprechungen

Ohne Zusammenfassung