Should all Choices Count? Using the Cut-Offs Approach to Edit Responses in a Choice Experiment

Should we give equal weight to all responses in a choice experiment? Previous Choice Modelling papers have considered the issue of the internal consistency of choices—such as the extent to which strictly-dominated options are chosen. In this paper, a different focus is employed, namely the extent to which people choose options which violate their stated upper or lower limits for the acceptable levels for individual attributes. Since hypothetical over-statement of WTP has been a focus in stated preference studies, we concentrate on violations of stated upper limits of WTP, and explore the effects of “editing” such choices using a variable censoring rule and alternative approaches to re-classifying choices. The empirical case study is a choice experiment on eco-tourists in Rwanda. Our main conclusion is that the suggested approach offers a useful way of imposing consistency on choices, and that editing choices in this manner has an appreciable impact on estimated willingness to pay. However, issues remain with regard to explaining why people apparently violate their stated maximum willingness to pay.     

Choice Modelling Approaches: A Superior Alternative for Environmental Valuatioin?

In this paper, we examine some popular 'choice modelling' approaches to environmental valuation, which can be considered as alternatives to more familiar valuation techniques based on stated preferences such as the contingent valuation method. A number of choice modelling methods are consistent with consumer theory, and its focus on an attribute‐based theory of value permits a superior representation of many environmental management contexts. However, choice modelling surveys can place a severe cognitive burden upon respondents and induce satisficing rather than maximising behavioural patterns. In this framework, we seek to identify the best available choice modelling alternative and investigate its potential to 'solve' some of the major biases associated with standard contingent valuation. We then discuss its use in the light of policy appraisal needs within the EU. An application to the demand for rock climbing in Scotland is provided as an illustration.     

Beyond necessity versus opportunity entrepreneurship: some lessons from English deprived urban neighbourhoods

When discussing the motivations of entrepreneurs, it has become commonplace to represent them dichotomously as either necessity or opportunity driven. This paper evaluates critically this dualistic depiction of entrepreneurs’ motives through an examination of the rationales of entrepreneurs and potential entrepreneurs living in a deprived urban neighbourhood of an English city, a group of entrepreneurs who have been conventionally depicted as largely driven by necessity into entrepreneurship in the absence of alternative means of livelihood. Reporting the results of a face-to-face questionnaire conducted in 2008 with 459 respondents and a further 18 follow-up in-depth interviews, the finding is that forcing individual entrepreneurs’ motives into one or other of these categories grossly over-simplifies their rationales which in lived practice are not only a mixture of both opportunity and necessity but also temporally fluid shifting most often from more necessity- to more opportunity-oriented rationales. The outcome is to reveal that the opportunity versus necessity dichotomy, which uses the perceptions of an entrepreneur’s originating condition as the defining feature of their motivations, is a misleading way of categorising types of entrepreneurship not only because motivations change over time but also because entrepreneurs are frequently driven by both necessity as well as opportunity factors. The result is a call to move beyond the conventional either/or depiction of opportunity versus necessity entrepreneurship and towards a richer, more nuanced and dynamic appreciation of entrepreneurs’ motivations.     

Forecasting the volatility of S&P depositary receipts using GARCH-type models under intraday range-based and return-based proxy measures

We employ four various GARCH-type models, incorporating the skewed generalized t (SGT) errors into those returns innovations exhibiting fat-tails, leptokurtosis and skewness to forecast both volatility and value-at-risk (VaR) for Standard & Poor's Depositary Receipts (SPDRs) from 2002 to 2008. Empirical results indicate that the asymmetric EGARCH model is the most preferable according to purely statistical loss functions. However, the mean mixed error criterion suggests that the EGARCH model facilitates option buyers for improving their trading position performance, while option sellers tend to favor the IGARCH/EGARCH model at shorter/longer trading horizon. For VaR calculations, although these GARCH-type models are likely to over-predict SPDRs' volatility, they are, nevertheless, capable of providing adequate VaR forecasts. Thus, a GARCH genre of model with SGT errors remains a useful technique for measuring and managing potential losses on SPDRs under a turbulent market scenario.     

Social Capital and Social Influence on the Board of Directors

It is often assumed that directors with human capital such as prior management experience or independence from the company are the most influential board members. By contrast, in a survey of all the board members in 14 companies we found that ties to others in a network of strong ties among those who meet outside of board meetings were more important predictors of social influence than human capital or ties across boards. These ties within the board represent the social capital of members in the form of prior relationships with other directors, ties to others on the board, and membership in cliques within the board's network of ties. These results support a social capital perspective on influence that emphasizes relationships with others on the board as important factors in the social dynamics of board decision-making.     

The forgotten employees? The experiences of expatriate staff returning to the UK

This article reports on the experiences of a group of expatriate UK managers and professionals who have recently returned to the UK from foreign assignments. A brief review of the literature in this field is presented and the findings of a questionnaire survey of 124 ‘returnees’. The data show that many expatriates face difficulties upon their return in terms of their career prospects, psychological well-being and general adaptation to life back home. The paper goes on to suggest ways in which these transitions can be managed more effectively by organizations and individual employees. It concludes by proposing directions for future research.     

Beyond survival: the implementation of new forms of work organization in the UK and German steel industries

This paper outlines and analyses the major changes in work-force organization that have been introduced by British and German steel producers in the past decade, against a backcloth of retrenchment in the industry, new product development and technological change. Including multiskilling, a reduction in demarcation and team–working, these changes have had a major effect upon the composition of the work–force and the nature of work undertaken at the shopfloor level.

While these changes have had a common broad trajectory, they have been introduced at a different pace and in different forms. The contrasts are provided not only at the international level, but between plants in the same countries. The paper further outlines the response of trade unions to these changes and the implications for industrial relations at the shopfloor level.