Relative prices and the demand for money

This paper examines the validity of the conventional specification of money demand with particular reference to the issue of relative prices. It is shown that the conventional money demand function is based on the assumption of weak separability of money from commodities, which forms the basis for the absence of relative prices in money demand. Empirical and presumptive evidence suggests that weak separability is not tenable, implying that relative prices are important in money demand. The inclusion of commodity prices in money demand significantly affects the interest and income elasticity estimates. Finally, it is noted that the aggregate consumption function excluding commodity prices also has no theoretical and empirical base.     

Economic modeling for the US of the cost-efficiency and associated expanded treatment access of conversion to biosimilar pegfilgrastim-bmez from reference pegfilgrastim

Abstract

Aims: For this economic analysis, we aimed to model: (1) the cost-efficiency of prophylaxis with biosimilar pegfilgrastim-bmez for chemotherapy-induced (febrile) neutropenia (CIN/FN) compared to reference pegfilgrastim, and (2) the expanded access to CIN/FN prophylaxis and anti-neoplastic treatment that could be achieved with biosimilar cost-savings on a budget-neutral basis.

Methods: In a hypothetical panel of 20,000 cancer patients receiving CIN/FN prophylaxis and using the average sales price (ASP) for the second quarter of 2019 for reference pegfilgrastim, we: conducted an ex ante simulation from the payer perspective of the cost-savings of 10–100% conversion from reference to biosimilar pegfilgrastim-bmez using drug price discounting ranging from 10–35%; estimated the budget-neutral expanded access to biosimilar pegfilgrastim-bmez enabled by these cost-savings; and estimated the budget-neutral expanded access to anti-neoplastic treatment with pembrolizumab. The simulations were replicated using fourth quarter 2019 wholesale acquisition cost (WAC) for reference pegfilgrastim and biosimilar pegfilgrastim-bmez in a post facto analysis.

Results: In ASP simulations, cost-savings of using pegfilgrastim-bmez over reference pegfilgrastim in a 20,000 patient panel range from $1.3?M (at 15% price discount) to $3?M (35%) at 10% conversion rate and from $6.4?M to $14.9?M, respectively, at 50% conversion. These savings could provide prophylaxis with pegfilgrastim-bmez to an additional 352 (15% discount) to 1,076 patients (35%) at 10% conversion or 1,764–5,384, respectively, at 50% conversion. Alternatively, savings could be reallocated for anti-neoplastic treatment with pembrolizumab to 3 (15% discount) to 9 (35%) patients at 10% conversion or 19–45, respectively, at 50% conversion. When utilizing WAC, cost-savings range from $4.6?M (10% conversion) to $23.1?M (50%) which could provide pegfilgrastim-bmez to an additional 1,174 (10% conversion) to 5,873 patients (50%).

Conclusions: Prophylaxis with biosimilar pegfilgrastim-bmez increases the value of cancer care by generating significant cost-savings that could be reallocated to provide expanded access to CIN/FN prevention and anti-neoplastic therapy on a budget-neutral basis.     

Foreign versus domestic institutional investors in emerging markets: Who contributes more to firm-specific information flow?

Using a large sample of firms listed on the Korea Stock Exchange over 1998–2007, this study investigates whether and how trading by foreign and domestic institu...     

Motivations and Use Context in Mobile Tourism Shopping: Applying Contingency and Task–Technology Fit Theories

Mobile tourism shopping is an emerging market, but there is little theoretically based research on the topic. This study investigates the impact of motivations (value, enjoyment, time saving and mobility) on consumer satisfaction by applying contingency and task–technology fit theories in the mobile tourism shopping context. The results show that value and enjoyment have significant effects on satisfaction. Use context is found to have a full mediating role between time saving and satisfaction as well as between mobility and satisfaction. This study offers theoretical and practical contributions to the tourism literature and mobile tourism industry. Copyright © 2013 John Wiley & Sons, Ltd.     

Examining the influencing factors of intention to share accommodations in online hospitality exchange networks

ABSTRACT

CouchSurfing is a free social-network-based online hospitality exchange network, aptly representing a new sharing economy phenomenon. Based on social capital theory and previous literature, this study attempts to answer why hosts help strangers without any expected economic benefit within online hospitality exchange networks. An empirical study based on a Web survey conducted with CouchSurfing hosts reveals that the most identified antecedents (enjoy helping, shared narratives, desire to make friends, and reciprocity) are significantly related to hosts’ intention to share accommodations. Interestingly, the overshadowing effect of trust in CouchSurfing on the intention to share accommodations is also found.     

Examining the impact of experiential value on emotions,self-connective attachment,and brand loyalty in Korean family restaurants

ABSTRACT

This study examines how experiential value as perceived by customers of Korean family restaurants influences consumption emotions, self-connective attachment to the restaurant brand, and, ultimately, brand loyalty. Having conducted a comprehensive literature review, the study proposes and estimates a model that specifies the interrelationships among four dimensions of experiential value (i.e., atmosphere, escapism, customer return on investment, and service excellence), and latent variables of positive and negative emotions, self-connective attachment, and brand loyalty. Analysis with structural equation modeling was conducted with data collected from customers of family restaurants in South Korea. The results show that dimensions of experiential value influence either positive or negative emotions. The emotion variables, together with self-connective attachment, also mediate the relationships between perceived value of dining experience and brand loyalty.     

Construction and validation of a scale to measure tourist motivation to consume local food

Although the importance of the role of local food in tourism has begun to form an academic debate in the last decade, little effort has been invested in understanding what tourist motivations influence consumption of local food and beverages in a tourist destination and to develop a measurement scale for those motivations. Thus, this study adopted the comprehensive procedures of measurement scale development recommended by prior studies. The scale development procedure yielded a five factor measurement scale with acceptable levels of reliability and validity. Five underlying motivational dimensions of local food consumption were labelled: cultural experience; interpersonal relation; excitement; sensory appeal; and health concern. The outcomes and applications of the developed scale are discussed both in terms of theoretical and managerial implications.     

The managed heart: The structural analysis of the stressor–strain relationship and customer orientation among emotional labor workers in Korean hotels

This study examined the structural relationships among three different dimensions of workplace stressors (customer-related stressor, CRS; work environment-related stressor, WERS; job-related stressor, JRS), negative affectivity (NA), emotional exhaustion (EE), and the negative effect of that strain on customer orientation (CO) in the context of the emotional labor (EL) of frontline employees in the hotel industry. Data were collected from self-administrated questionnaires distributed among frontline employees in room and F&B divisions in Korean deluxe tourist hotels, where EL is intense. The results of the structural equation analysis indicated a positive association between all three workplace stressors and NA and between NA and EE. There was also a relationship in the opposite direction with EE and CO, as hypothesized. The moderating effect of organizational level on the workplace stressors–NA relationships was also confirmed. In addition, in an alternative model, we found that NA partially mediates the relationship between JRS and EE; whereas, NA fully mediates the relationships between CRS/WERS and EE. Practical implications are discussed in detail and limitations of the study and future research directions are also suggested.