Approaches to managing co-production for the co-creation of value in a museum setting: when authenticity matters

ABSTRACT

This qualitatively-based empirical research explored the strategies used by two museums to manage their roles in co-production as well as how they manage, motivate and guide visitors through the process of co-production. We also gained insights into how visitors responded to these strategies. Our findings suggest that the two museums employ different strategies to co-produce the consumption experience and that their strategies were linked to the nature of authenticity that is apparent in the museums. Strategies included explicitly controlling the visitor experience through empowering visitors to design their own visitor experience. The success of these strategies relied on the two museums recognising the situational variables of the context of consumption and adopting appropriate strategies that enabled them and the visitors to leverage the value of the visitor experience. The findings from this study suggest that further research should be undertaken on how authenticity might be integrated into a service-dominant logic paradigm and service strategies aimed at enhancing the co-creation of value.     

Sovereign bond yield spreads: A time-varying coefficient approach

We study the determinants of sovereign bond yield spreads across 10 EMU countries between Q1/1999 and Q1/2010. We apply a semiparametric time-varying coefficient model to identify, to what extent an observed change in the yield spread is due to a shift in macroeconomic fundamentals or due to altering risk pricing. We find that at the beginning of EMU, the government debt level and the general investors’ risk aversion had a significant impact on interest differentials. In the subsequent years, however, financial markets paid less attention to the fiscal position of a country and the safe haven status of Germany diminished in importance. By the end of 2006, two years before the fall of Lehman Brothers, financial markets began to grant Germany safe haven status again. One year later, when financial turmoil began, the market reaction to fiscal loosening increased considerably. The altering in risk pricing over time period confirms the need of time-varying coefficient models in this context.     

Forecasting the fragility of the banking and insurance sectors

Linkages between banks and insurance companies are important when forecasting the fragility of the banking and insurance sectors. We propose a novel empirical framework that allows us to estimate unobserved linkages in panel data sets that contain observed regressors. We find that taking unobserved common factors into account reduces the root mean square forecasts error of firm specific forecasts by up to 9%, of system forecasts by up to 14%, and by up to 39% for systemic forecasts of more distressed firms relative to a model based on observed variables only. Estimates of the factor loadings suggest that the correlation of financial institutions has been relatively stable over the forecast period.     

Research Note: Addressing Tourism Public Policy Issues through Attitude Segmentation of Host Communities

Resident attitudes are important in identifying the impact of tourism within communities and in determining local policy, planning and management responses for the development of tourism. Additionally, tourism policies established are vital for the marketing of cities, regions and countries. This paper examines tourism public policy, with particular reference to the importance of addressing host community interests and involving host communities in public policy decision making. It outlines a segmentation study undertaken on New Zealand residents' views on tourism and how these segments can be applied to tourism policy making.     

Breach of Contract and the New Remedy of Account of Profits

This paper outlines the general loss–based damages rule when a breach of contract is established, in light of the competing policy objectives of enhancing contract rights v efficient breach. The economic premises behind the theory of efficient breach are briefly discussed. The paper then summarizes the legal background to the House of Lords decision Attorney–General v Blake and Another [2000] 3 WLR 625 where it was ruled that in exceptional cases the plaintiff who has suffered no loss as a result of the breach may recover the resultant profits that the defendant has gained. The court was reluctant to specify fixed rules as to when the discretion should be exercised. The article concludes that the remedy was specifically devised for Blake's case and will have extremely limited application.     

Comparing sustainable consumption patterns across product sectors

In this paper, we present findings from two qualitative studies where we explored sustainable consumption practices through examining consumers' information search and decision-making processes for recent purchases of five categories of goods/services: fast moving consumer goods (such as foodstuffs and household products), white goods (such as fridges and washing machines), small electrical products (such as TVs and computers), green energy tariffs (such as electricity from renewable sources) and tourism (such as flights). This research has provided us with a set of rich data which explores the nature and extent of sustainable consumption practices across different product sectors. A comparative analysis has allowed us to draw out patterns of consumer behaviour for different product and service types. Our findings suggest that even the same green consumer will not use the same information sources or decision-making criteria, consider the same options or focus on the same industry actors, for products in different sectors. However, we have identified some degree of consistency in purchases within sectors. We present these sector-specific patterns of consumer behaviour and highlight differences in the criteria utilized and the research norms in each sector.