STICKY PRICES AND COSTLY CREDIT

We develop a theory of money and credit as competing payment instruments, then put it to work in applications. Agents use cash and credit because the former (latter) is subject to the inflation tax (transaction costs). Frictions that make the choice of payment method interesting also imply equilibrium price dispersion. We derive closed-form solutions for money demand, and show how to simultaneously account for the price-change facts, cash–credit shares in micro data, and money-interest correlations in macro data. The effects of inflation on welfare, price dispersion and markups are discussed, as are nonstationary equilibria with dynamics in the price distribution.     

A dual-process model of how incorporating audio-visual sensory cues in video advertising promotes active attention

Capturing consumers’ attention to video advertising is a key marketing challenge. Using real video advertising viewed by a sample of consumers matching the US population on age and gender, the authors examined attention to audio-visual and visual sensory cues identifying the brand using a biometric measure, phasic heart rate. The findings show differences in attention type depending on which senses are stimulated by the sensory cue. This research uncovers a mechanism (internal processing) for how consumers process multisensory cues (audio-visual) in video advertising and confirms visual sensory cues can elicit automatic attention through the orienting response. In addition to the dual-coding explanation for the superiority of audio-visual sensory cues, the present research suggests a second reason: that audio-visual sensory cues can elicit additional internal processing of the brand name, resulting in active attention and better storage of the brand in memory. This has implications for the limited capacity model of motivated mediated message processing, as well as for marketers relating to the type of content recommended to follow an audio-visual or visual sensory cue in video advertising.     

Land use conflict in Kajiado District, Kenya

This study explores land use conflict in S.E. Kajiado District, Kenya. The conflict reflects ongoing competition over access to scarce land and water resources between herding, farming and wildlife, that has been conspicuous for over 30 years and is intensifying. While the complexity of the dynamic interactions and land use conflicts can be described, and significant driving forces identified, future outcomes are uncertain. The existing land use pattern represents the contemporary imprint of these interactions and it sets the basis for the future. Understanding the conditions that have created the present should, therefore, assist in devising future development strategies.     

Response to “The Subprime Crisis and African Americans” by Sandra Phillips

Lucy Reuben’s Response to “The Subprime Crisis and African Americans” by Sandra Phillips includes an overview of the linkages between historical housing disparities and the adverse wealth gap from which the African American community suffers. Reuben discusses how the subprime mortgage crisis has reduced both African American homeownership and African American access to wealth-building for entrepreneurial development. Finally, Reuben offers policy recommendations related to expanding financial literacy and strengthening regulatory oversight.     

幸福哪里找

目前尚不完全清楚，为何我们距离死亡越近越感到幸福。我猜，这主要是由于雄心和预期的压力慢慢减轻。我们不再追逐那些我们永远不会拥有的东西．     

An experimental examination of the house money effect in a multi-period setting

There is evidence that risk-taking behavior is influenced by prior monetary gains and losses. When endowed with house money, people become more risk taking. This paper is the first to report a house money effect in a dynamic, financial setting. Using an experimental method, we compare market outcomes across sessions that differ in the level of cash endowment (low and high). Our experimental results provide support for a house money effect. Traders’ bids, price predictions, and market prices are influenced by the amount of money that is provided prior to trading. However, dynamic behavior is difficult to interpret due to conflicting influences. JEL Classification C91 · C92 · D80 The views expressed here are those of the authors and not necessarily those of the Federal Reserve Bank of Atlanta or the Federal Reserve System.     

Visitors’ memories of wildlife tourism: Implications for the design of powerful interpretive experiences

One of the aims of wildlife tourism is to educate visitors about the threats facing wildlife in general, and the actions needed to protect the environment and maintain biodiversity. To identify effective strategies to achieve this aim, this paper examines participants’ memories of their wildlife tourism experiences and explores processes through which such experiences can lead to long-term changes in conservation behaviour. Findings are based on 240 visitors’ extended open-ended responses to a follow-up web survey administered approximately four months after a visit to one of four marine-based wildlife tourism venues in Southeast Queensland. Qualitative analysis revealed four levels of visitor response to the experience, implying a process involving what visitors actually saw and heard (sensory impressions), what they felt (emotional affinity), thought (reflective response), and finally what they did about it (behavioural response). Recommendations are provided for ways tourism managers and wildlife interpreters can maintain and strengthen these dimensions of memorable experiences in order to enhance visitor satisfaction and encourage visitors’ long-term adoption of environmentally sustainable practices.     

人在职场身不由己？

有一个有关撒谎、死亡、逃避工作和愤怒的老妇人的故事。故事的主角名叫史蒂芬·爱尔兰，他为爱尔兰国家队踢足球，但却在几周前错过了一场重要的比赛，因为他深爱的外婆刚刚过世。     

大讨厌鬼理论

首席执行官们未必生来就令人讨厌，但随着自己越来越成功，他们越来越让人厌烦。像政客一样，他们害怕说出任何可能对自己不利的话。因此，他们学会了如何令人厌烦。     

不成功怎么办

生活只是偶尔扔给我们一次讨厌的团队建设活动，而最理性的反应是：第一，想一些策略避免今后遇到同类情况；第二，回想其它任何自己擅长的事，以弥补自尊心所受到的伤害。